Month: October 2020

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China, the first country to ground Boeing Co’s 737 MAX following two fatal crashes, has not set a timetable for the plane’s return to service, the head of its aviation regulator said on Thursday. The Civil Aviation Administration of China (CAAC) has set three principles for the jet to return to service in China, Feng Zhenglin, director at the agency, told reporters in a press conference. …read more […]

(Bloomberg) — Huawei Technologies Co. quietly spent months racing to stockpile critical radio chips ahead of Trump administration sanctions, ensuring it can keep supplying Chinese carriers in their $170 billion rollout of 5G technology through at least 2021.Partner Taiwan Semiconductor Manufacturing Co. began ramping up output in late 2019 of Huawei’s 7-nanometer Tiangang communications chips, the most crucial element in 5G base stations, people familiar with the matter said. The Taiwanese contract manufacturer eventually shipped more than 2 million units at Huawei’s behest ahead of the sanctions cutoff last month, one of the people said, asking not be identified discussing …read more […]

(Bloomberg) — Deutsche Bank AG is in advanced talks to sell a technology services unit to Tata Consultancy Services Ltd., Asia’s biggest software exporter by market value, people with knowledge of the matter said.The discussions about Bonn-based Postbank Systems AG are expected to result in a deal with the Indian company by the end of the year, the people said, asking not to be identified discussing the private information.The pandemic is accelerating moves by global banks and financial services firms to shed their captive technology centers. Tata Consultancy’s potential takeover of Postbank’s 1,400 employees in the South Asian nation will …read more […]

(Bloomberg) — Polyus PJSC, Russia’s largest gold producer, said its untapped Sukhoi Log deposit in Siberia holds the world’s biggest reserves.An audit showed Sukhoi Log has 40 million ounces of proven reserves as measured by international JORC standards, with an average gold content of 2.3 grams per ton, Chief Executive Officer Pavel Grachev said. That means the field — accounting for more than a quarter of Russian gold reserves — is bigger than Seabridge Gold Inc.’s KSM Project in Canada and Donlin Gold in Alaska.“The estimate of the reserves is an important milestone in development of the field,” Grachev said …read more […]

Lam Research Corp. reported stronger-than-expected 3Q results as revenues jumped 47% to $3.18 billion year-over-year and surpassed analysts’ expectations of $3.11 billion. The company’s top-line mainly benefited from increased demand for memory chips across personal computers, storage and networking categories driven by COVID-19 pandemic-led remote working and online learning trend.Lam’s (LRCX) 1Q adjusted EPS spiked 78.3% to $5.67 year-on-year and beat Street estimates of $5.19. “Lam generated outstanding results in the September quarter with record revenues and earnings per share,” said Lam’s CEO Tim Archer. “Our strong operational execution is enabling the Company to meet our customers’ critical needs, providing …read more […]

Xilinx reported better-than-expected 2Q results and provided an upbeat sales outlook for 3Q, helped by the chipmaker’s data center and aerospace & defense businesses. Shares gained 2% in the extended trading session on Wednesday.Xilinx’s (XLNX) 2Q adjusted EPS of $0.82 beat Street estimates of $0.77. The company’s quarterly revenue of $767 million also came higher than the Wall Street forecast of $756.7 million and was above the mid-point of its guidance range of $730-$780 million. Still, the top and bottom lines fell 8% and 13%, respectively, on a year-over-year basis.”We are pleased with our fiscal second quarter performance, which came …read more […]

(Bloomberg) — U.S. and European equity futures retreated with Asian shares, and the dollar edged higher, after a top American intelligence official said that Russia and Iran have attempted to interfere in next month’s presidential election.S&P 500 contracts dropped, and shares in Hong Kong and Sydney saw modest losses. Treasury yields dipped, though remained above the 0.8% level. Earlier, U.S. shares closed lower after a volatile session amid signs that a U.S. stimulus package is unlikely to become law before the election. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin made progress in their latest talks and will speak …read more […]

(Bloomberg) — Alibaba Group Holding Ltd. has agreed to subscribe to more than a fifth of Ant Group’s imminent initial public offering, propping up its part-owned fintech giant’s potentially $35 billion debut.Asia’s largest corporation will buy 730 million of about 1.67 billion Shanghai-listed A shares as part of a placement to strategic investors, the e-commerce giant said in a stock exchange filing. Including the Hong Kong tranche of its IPO, Ant intends to sell a total of 3.3 billion shares. In addition, the financial services giant plans to issue about 1.16 billion Hong Kong-listed or H shares to Alibaba, part …read more […]

(Bloomberg) — Jack Ma’s Ant Group Co. is asking buyers of what could be the world’s biggest-ever initial public offering to commit to the deal just days before the U.S. presidential election.The Chinese fintech giant will price the Shanghai portion of its dual listing on Oct. 27 and allow subscriptions on Oct. 29, it said in a prospectus published on Wednesday. The deadline for payments will be Nov. 2. Ant hasn’t yet spelled out dates for the Hong Kong leg of the IPO, but they’re expected to be similar.While the company’s share sale is among the most hotly anticipated deals …read more […]

Exxon Mobil Corp is “very close” to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday. The job cuts are part of a plan unveiled this spring to redesign how Exxon works and to increase competitiveness, CEO Darren Woods said in an email to its nearly 75,000-person workforce. Exxon has exceeded a target of reducing operating expenses by $1 billion and capital budget spending by $10 billion, he wrote. …read more […]

(Bloomberg) — McAfee Corp. and its shareholders raised $740 million in an initial public offering priced within a targeted range as the cybersecurity software provider returns to the stock market.The company and some of its investors sold 37 million shares for $20 apiece Wednesday, according to a statement. McAfee had marketed 31 million shares for $19 to $22, while its shareholders offered 6 million shares.McAfee is valued in the IPO at about $8.6 billion based on the outstanding shares listed in its prospectus.The company, based in San Jose, California, was acquired by Intel Corp. in a 2010 deal. In 2016, …read more […]

(Bloomberg) — McAfee Corp. and its shareholders raised $740 million in an initial public offering priced within a targeted range as the cybersecurity software provider returns to the stock market.The company and some of its investors sold 37 million shares for $20 apiece Wednesday, according to a statement. McAfee had marketed 31 million shares for $19 to $22, while its shareholders offered 6 million shares.McAfee is valued in the IPO at about $8.6 billion based on the outstanding shares listed in its prospectus.The company, based in San Jose, California, was acquired by Intel Corp. in a 2010 deal. In 2016, …read more […]

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(Bloomberg) — Alibaba Group Holding Ltd. has agreed to subscribe to more than a fifth of Ant Group’s imminent initial public offering, propping up its part-owned fintech giant’s potentially $35 billion debut.Asia’s largest corporation will buy 730 million of about 1.67 billion Shanghai-listed A shares as part of a placement to strategic investors, the e-commerce giant said in a stock exchange filing. Including the Hong Kong tranche of its IPO, Ant intends to sell a total of 3.3 billion shares. In addition, the financial services giant plans to issue about 1.16 billion Hong Kong-listed or H shares to Alibaba, part …read more […]