■ENERGY
Exxon finalizes gas deal
US-based energy giant Exxon Mobil said yesterday it had finalized financing and sales agreements for its US$15 billion gas project in Papua New Guinea and was ready to begin construction. “First deliveries are scheduled to begin in 2014, following a construction period of about four years,” Exxon said in a statement. The massive liquefied natural gas project, potentially the largest ever such deal for the impoverished Pacific country, will supply four major customers in Taiwan, Japan and China and is estimated to have a 30-year life.
■RECYCLING
Taiwan, PRC cooperating
Taiwan and China will cooperate to recycle the soaring volume of electronic waste in China, an official with the Industrial Development Bureau said yesterday. China’s program to promote sales of “home appliances in the countryside” is expected to trigger a buying spree of electronic gadgets to replace older items around the country, which will lead to increasing demand to recycle the discarded appliances, said Chu Hsin-hua (朱興華), head of the bureau’s Sustainable Development Division. The bureau estimated that the Chinese market for electronic waste recycling services would expand to between NT$400 billion (US$12.6 billion) and NT$500 billion a year, about 10 times the size of Taiwan’s market and one that’s big enough to be worth fighting for, Chu said.
■WINE
French in Taiwan honored
Dominique Levy, chairman of the Association of French in Taiwan, was honored by the French government on Friday for his efforts to promote French wine in Taiwan. Levy was presented with the insignia of Officier du Merite Agricole, an award for agricultural merit, by Patrick Bonneville, director of the French Institute in Taipei, on behalf of the French minister of agriculture. Levy, who has lived in Taipei for 28 years, has successfully introduced quality French wine to Taiwanese gourmets through his knowledge of French wine and his familiarity with Taiwan.
■AUTOMOBILES
UK to provide loan for GM
Britain said on Friday it would provide a £270 million (US$409.6 million) loan guarantee to General Motors (GM) Europe to help secure the company’s operations in Britain and the rest of Europe. “We need Vauxhall to thrive as part of Britain’s automotive manufacturing base, and following our negotiations with GM Europe I am confident it will do so,” Business Secretary Peter Mandelson said in a statement. Vauxhall is the UK operation of General Motors and has two plants in England, one north of London at Luton, and the other in Ellesmere Port in the northwest. They employ 4,700 people.
■SECURITIES
KKR plans NYSE listing
KKR & Co LP, the parent of private equity firm Kohlberg Kravis Roberts, said on Friday that it planned to list its shares on the New York Stock Exchange (NYSE). KKR originally sought a public listing in the US in July 2007, hoping to raise up to US$1.25 billion, after competitor Blackstone Group LP raised US$4.1 billion in an initial public offering. KKR shelved that plan because of the financial crisis. Instead, KKR merged with its European arm, now known as KKR Guernsey, and the combined company traded on the Euronext Amsterdam beginning last October. When KKR begins trading on the NYSE, KKR Guernsey will be dissolved and cease to trade in Amsterdam.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
Printed circuit board (PCB) maker Global Brands Manufacture Ltd (精成科技) is to fully acquire Japanese peer Lincstech Co for about NT$8.4 billion (US$256.9 million) as the company aims to add high-end PCBs to its PC-centric product lineups. The company also expects the deal to help expand its manufacturing sites in Southeast Asia, as local firms diversify to mitigate geopolitical risks. “The acquisition will mean an important step for the company to further expand its presence in Southeast Asia and globally,” Global Brands Manufacture chief financial officer Weng Chia-yu (翁家玉) said at a news conference in Taipei yesterday. The company has set up manufacturing
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW. Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price, industry experts say. It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world. The high-end segment of the market registered a sales drop
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