■ENERGY
E.ON to buy US subsidiary
E.ON, the biggest German power company, announced early yesterday the sale of its US subsidiary for about US$7.6 billion to US energy supplier PPL to boost its cash reserves. The group said in a statement it considered the price “very attractive,” adding that the transaction was conditional on approval by the US competition authorities. E.ON US includes two electricity and gas suppliers in Kentucky, Louisville Gas and Electric Co and Kentucky Utilities Co, which employ a total of more than 3,000 people and supply more than 1.2 million clients.
■CHEMICALS
BASF profit nearly triples
German chemical company BASF SE yesterday said it remained profitable for a second straight quarter, nearly tripling its net profit in the first three months of the year. The company, whose interests include plastics, chemicals, oil and gas and agriculture, reported a net profit of 1.03 billion euros (US$1.4 billion) for the January-March period, compared with 375 million euros a year earlier. Revenue rose 26.5 percent to 15.4 billion euros compared with 12.2 billion euros a year ago.
■CONGLOMERATES
Unilever Q1 profit up 33%
Unilever NV yesterday reported a 33 percent rise in first-quarter net profit, crediting good sales volume growth despite lower selling prices and stronger margins because of cost-cutting. The maker of Lipton tea, Dove soap and Ben & Jerry’s ice cream said net profit reached 973 million euros, versus 731 million euros in the same period a year ago. Sales rose 6.7 percent to 10.1 billion euros. CEO Paul Polman said in a statement that margins were helped by lower commodity costs and lower overhead costs.
■STEEL
ArcelorMittal in the black
ArcelorMittal SA, the world’s largest steelmaker, said yesterday it swung to a profit of US$679 million in the first quarter compared with a loss a year earlier and predicted the recovery would pick up throughout the year. The Luxembourg-based company’s first-quarter sales were US$18.6 billion, up from US$15.1 billion a year earlier, and earnings before interest, tax, depreciation and amortization (EBITDA) were US$1.89 billion. It forecast EBITDA of between US$2.8 billion and US$3.2 billion in the second quarter.
■CONGLOMERATES
Siemens net profit up 48%
German conglomerate Siemens AG yesterday reported that net profit for the second quarter increased 48 percent and said it was raising its outlook for the year. The firm that makes everything from trams to turbines said net profit rose to 1.49 billion euros in the January-March period compared with 1.01 billion euros a year earlier, led by its health care, industry and energy sectors. Revenues, however, slipped 4 percent to 18.2 billion euros from 18.9 billion euros a year earlier, a dip Siemens blamed on single digit declines in its energy and industry sectors.
■CHEMICALS
Bayer Q1 profit surged 63%
German chemical and pharmaceutical company Bayer AG yesterday said that first-quarter net profit rose 63 percent as sales increased more than 5 percent. The company expects 15 percent growth in its earnings per share this year. The firm, famous for its Bayer aspirin, reported a net profit of 693 million euros in the January-March period, compared with 425 million euros a year earlier. Revenue increased 5.3 percent to 8.3 billion euros in the quarter, compared with 7.8 billion euros last year.
MILESTONE: The foreign minister called the signing ‘a major step forward in US-Taiwan relations,’ while the Presidential Office said it was a symbol of the nations’ shared values US President Donald Trump on Tuesday signed into law the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the state department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct a review “not less than every five years.” It must then submit an updated report based on its findings “not later
A trial run of the north concourse of Taiwan Taoyuan International Airport’s new Terminal 3 is to commence today, the Ministry of Transportation and Communications said yesterday. The eight additional boarding gates would allow for more aircraft parking spaces that are expected to boost the airport’s capacity by 5.8 million passengers annually, Deputy Minister of Transportation and Communications Lin Kuo-shian (林國顯) said. The concourse, designed by a team led by British architect Richard Rogers, provides a refreshing space, Lin said, adding that travelers would enjoy the tall and transparent design that allows sunshine to stream into the concourse through glass curtain walls. The
The Presidential Office today thanked the US for enacting the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law, signed by US President Donald Trump yesterday, is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct such a review "not less than every five years." It must then submit an updated
Taiwanese prosecutors charged Tokyo Electron Ltd for failing to prevent staff from allegedly stealing Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) trade secrets, escalating a dispute involving two Asian linchpins of a chip industry increasingly vital to national and economic security. Prosecutors indicted the Japanese company on four counts of contravening the Trade Secrets Act (營業秘密法) and the National Security Act (國家安全法), they said in a statement yesterday. They’re asking a local court to rule in favor of their request for Tokyo Electron pay a fine of up to NT$120 million (US$3.8 million) for failing in its duty to prevent the alleged
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