Monthly Archive: March 2021

Goosen Chonglong, leader of Fujifilm

Foxfilm holdings announced Wednesday that its chairman and CEO, gusen Chonglong, will retire in June.

Goosen Chonglong, leader of Fujifilm

Gusen, 81, joined Fuji in 1963 and was appointed CEO in 2003. During his tenure, he led Fuji film to complete the transition from film business to healthcare business, which made Fuji film survive in the digital age and avoided the bankruptcy fate of Kodak, the American competitor. He will be the chief consultant of Fuji film after retirement.

 

Novel coronavirus pneumonia was becoming more apparent in Fuji’s COVID-19 health care industry during the Fuji period. The company’s antiviral drug is being used to treat new crown pneumonia.

Lifting of Swiss regulators

Julius Baer, Switzerland’s established private bank, said on Wednesday that FINMA, the Swiss market regulator, had lifted last year’s ban on big acquisitions.

 

Last year, the Swiss financial market authority (FINMA) found that Baosheng Group obviously did not meet the standards in combating money laundering between 2009 and early 2018. These anti money laundering deficiencies are related to suspected corruption cases by PDVSA and FIFA, which led to the initiation of enforcement procedures by FINMA. The bank is barred from making large and complex acquisitions until it meets compliance standards again.

 

“Baosheng welcomes the lifting of the ban on complex acquisitions as we have made significant progress in strengthening risk management throughout the company, especially in preventing money laundering,” Baosheng Group said on Wednesday.

Malaysia lowers its economic growth forecast for this year

Malaysia’s central bank on Wednesday lowered its economic growth forecast for this year and promised to maintain loose monetary policy as the country recovers from the new crown pandemic.

Malaysia lowers its economic growth forecast for this year

In its annual economic and monetary evaluation report, the bank said it now expects GDP to grow by 6-7.5% this year, compared with the previous forecast of 6.5-7.5%.

 

In January, novel coronavirus pneumonia cases were surging, and Malaysia was forced to re launch travel restrictions, which brought pressure to the economic recovery. With the infection rate falling, the government has relaxed these measures, and the country’s vaccination will enter the second phase next month.

 

“Even if the economy recovers from the pandemic, we are not completely out of the woods,” nor shamsiah Yunus, governor of Malaysia’s central bank, said in his annual report. Given this uncertainty in the strength of the economic recovery, the focus of our monetary policy in 2021 will remain loose to support a solid and sustained recovery

Musk to SpaceX launch base

Elon Musk, CEO of Tesla (635.62, 24.33, 3.98%), announced on Tuesday that he would donate $30 million to the area where the SpaceX factory and rocket launch base are located in Texas.

Musk to SpaceX launch base

In a social media post, musk said he would donate $20 million to a school in Cameron County, Texas, and $10 million to Brownsville, Texas, to transform the city center. Details will be released next week.

 

SpaceX’s rocket launch site is located in the village of BOCO chica, near Brownsville.

 

Musk also encouraged people to move to Brownsville to work for SpaceX, saying the company is expanding rapidly and needs engineers, technicians, builders and all kinds of necessary support staff.

 

Musk had previously said that he intended to expand his business in Texas and vowed on March 2 to create “Starbase in Texas”, a proposal that attracted the attention of local officials.

Chip factory production is close to full recovery

A spokesman for Samsung Electronics (208.25, 0.00, 0.00%) said on Tuesday that as of last week, output at its Austin, Texas, chip plant was close to normal.

 

The plant has been shut down for more than a month due to the cold wave in the United States on February 16, which is the first time in Samsung’s history that its production line has been shut down for more than a month, with an estimated loss of 400 billion won (about $355 million).

 

Samsung Austin factory mainly produces it equipment semiconductor products and communication semiconductor products based on 14-65nm process, such as mobile AP, high-performance solid state hard disk (SSD) controller, display driver IC, etc.

Turkey’s central bank shakes again

According to a presidential order released in Turkey’s official gazette on Tuesday, Murat Cetinkaya, the country’s deputy governor of the central bank, has been removed from office and replaced by Mustafa Duman.

 

According to the resume released by the Turkish central bank, Duman has held senior positions in Morgan Stanley (77.88, -2.10, -2.63%) securities companies and worked in the financial, risk management and audit departments in his banking career.

 

The order did not provide any further details of the reasons for the removal of chettincaya. After the news, Turkey’s lira fell to 8.29 against the US dollar.

 

Earlier this month, Turkish President Erdogan ordered the removal of Naxi Agbar, the former governor of the Turkish central bank, and appointed sahap kavioglu as the new president, who supported Erdogan’s view that high interest rates would lead to high inflation (131.27, -1.72, -1.29%).

 

The move triggered market turmoil and concerns that Turkey could return to unconventional economic policies, including capital controls to protect its currency.

 

However, erdo’s chief economic adviser said Turkey did not consider any capital controls.

Moody’s fined 3.7 million euros by EU

The European market regulator said on Tuesday it had fined Moody’s, a credit rating firm, 3.7 million euros for violations, including undisclosed conflicts of interest.

Moody's fined 3.7 million euros by EU

The European Securities and Markets Authority (Esma) said all violations were due to the company’s negligence, adding that the fine was targeted at Moody’s five entities in France, Germany, Italy, Spain and the UK.

 

Moody’s did not have adequate internal policies and procedures to deal with shareholder conflicts of interest, the agency said. These violations occurred between 2013 and 2017.

 

A Moody’s spokesman said: “Esma found that Moody’s investor services did not deliberately violate EU regulations and had no impact on the quality of any ratings

Battery business moves to China

Sk innovation, a battery subsidiary of SK group in South Korea, said on Tuesday that if the president of the United States does not overturn a ruling by the United States International Trade Commission (ITC) by April 11, it will consider all options, including the withdrawal of battery business from the United States.

Battery business moves to China

“The company has been consulting experts on how to withdraw our battery business from the United States,” said a sk innovation spokesman

 

“We are considering the option of moving our battery production in the United States to Europe or China, which will cost us tens of billions of won,” she said

 

Sk innovation has warned that Biden would be forced to stop building a $2.6 billion battery plant in Georgia if he did not use the 60 day presidential review period to overturn the decision.

 

Earlier this month, the U.

 

According to the opinion, there are serious destruction behaviors within sk. Sk senior management has instructed subordinates at all levels to destroy evidence, and collecting and destroying information has become the common practice of SK and is defaulted.

 

ITC also holds that LG’s claim that SK infringes on LG’s 22 trade secrets is tenable. Considering SK’s manpower and technical level, it is difficult for SK to independently develop relevant battery technology within 10 years. Therefore, the 22 Trade Secrets of LG will be the object of legal relief, and SK will be prohibited from exporting batteries and modules to the United States in the next 10 years. Sk has asked for a one-year ban on exports.

 

In addition, ITC has decided to suspend the import ban on Ford and Volkswagen for four and two years, so that the two companies will find other battery partners to replace SK during the period.

 

Last week SK filed a motion with the U.S. International Trade Commission to ask it not to enforce February’s ruling, calling the orders “catastrophic.”.

Dario: US stock bubble

Dario, founder of the world’s largest hedge fund Jinqiao water, warned in an interview recently that the scale of the US stock bubble has reached half the level of the historical market crash triggered by the 2000 Internet bubble and the Great Depression of 1929.

 

He warned that some of the best performing stocks benefited from price focused speculative trading, attributing the recent market volatility to the shift of investors to “meat and potatoes” stocks, which did not benefit from the epidemic trading as some technology companies did.

 

He explained that the important factor supporting the current valuation of stocks is high liquidity and low interest rate environment, and investors’ behavior is also one of the reasons for the formation of the US stock bubble. The tendency of investors to value past performance is leading to excessive expansion of the market, especially in the field of technology stocks, which are close to half of some historical bubbles in the past. Investors should be cautious about the low returns of US stocks in the future.

 

Dario also said that the arrival of many new things brought about changes, but investors tended to make inferences based on the past but did not pay much attention to prices. When this happened, a certain degree of bubbles began to emerge.

 

Dalio said:“

 

According to our yardstick, the bubble has not reached the level of 2000 and 1929, but it seems to be on the way now. ” Therefore, from the perspective of value, it can be predicted that the return of the stock market will shrink relative to other assets.

 

When asked what factors might lead to the eventual breakdown of the bubble, Mr Da Leo said that the Fed’s policy is the biggest driver of concern, and that as the low interest rate environment continues, Fed officials are facing difficulties. On the one hand, interest rates can be raised, which may lead to a sharp drop in the stock market and hinder economic growth; on the other hand, the authorities can maintain low interest rates by purchasing government bonds, which will lead to further inflation.

Chip shortage or aggravation

Japan’s Renesas electronics chip factory fire caused more damage than previously expected, the company now estimates that the fire affected 17 machines, rather than the original count of 11.

 

It is reported that two thirds of the chips produced by the factory are used by the automobile industry, which may aggravate the chip supply crisis faced by global automobile enterprises.

 

On March 19 local time, a fire broke out in the factory of Renesas electronics in Nako City, Ibaraki Prefecture, Japan, which led to a greater crisis for auto companies that had stopped production or reduced production due to the shortage of semiconductor chips.

 

Renesas electronics said in a statement on March 21 that it is estimated that it will take about one month for NACO factory to restart production. If the damaged equipment cannot be replaced within one month, it means that the restart production time will be further delayed.