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S.Korean stocks edge up to end at record high, Fed meeting in focus
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
** Both the Korean won and the benchmark bond yield fell. ** Foreigners were net sellers of 24.8 billion won ($22.21 million) worth of shares on the main board. ** In money and debt markets, June futures on three-year treasury bonds fell 0.03 point to 110.87. ** The most liquid 3-year Korean treasury bond yield fell by 0.8 basis point to 1.268%. ($1 = 1,116.6500 won) (Reporting by Joori Roh, additional reporting by Jihoon Lee; editing by Uttaresh.V)
Persons: , Seo Sang, 1,116.6500, Joori Roh, Jihoon Lee Organizations: U.S, Korean, Samsung Electronics, SK Hynix, LG Chem, Federal, Market, Mirae Asset Securities Locations: Korea, SEOUL, Korean, U.S, Federal, United States, China
S.Korea stocks flat as investors await cues from Fed meeting
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
The Korean won and the benchmark bond yield weakened. ** The benchmark KOSPI was flat at 3,248.14, as of 0214 GMT. ** The won was quoted at 1,116.0 per dollar on the onshore settlement platform , 0.47% lower than its previous close at 1,110.8. ** In offshore trading, the won was quoted at 1,115.9 per dollar, unchanged from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,115.3. ** The most liquid three-year Korean treasury bond yield fell by 1.5 basis points to 1.261%, while the benchmark 10-year yield fell by 0.6 basis points to 2.095%.
Persons: jitters, Han Ji, 1,115.8100, Joori Roh, Sherry Jacob, Phillips Organizations: U.S, Federal, Korean, Samsung Electronics, SK Hynix, LG Chem, Federal Open Market, Kiwoom Securities Locations: Korea, SEOUL, Korean, U.S, United States
REUTERS/Athit PerawongmethaA series of coronavirus outbreaks in Thai factories is raising concerns that the export sector could be hit hard, threatening to further undermine an economy as it struggles to recover from the pandemic's crippling blow to the crucial tourism industry. “If it continues the damage will increase so factories have to be fully vaccinated,” he said. Instant noodle maker, Thai President Foods Pcl (TFMAMA.BK) closed a factory that produces rice vermicelli and rice noodle. BUBBLE-AND-SEAL IMPACTThe government has been trying to contain the outbreak with a "bubble and seal" policy, which takes effect in when 10% of factory workers are infected. A government official defended the bubble and seal policy, saying it allows businesses to continue operations and limits the outbreak.
Persons: Kriengkrai Thiennukul, , , Suthasinee Kaewleklai, Suthasinee, Taweesap Siraprapasiri Organizations: REUTERS, Electronics, of Thai Industries, Reuters, Thai President Foods Pcl, Workers, Migrant Workers Rights Network, Industry Ministry, Thomson Locations: Bangkok, Thailand
British telecoms group Vodafone (VOD.L) has chosen Samsung Electronics (005930.KS) to supply its 5G network equipment in Britain, the pair said on Monday, a breakthrough for the South Korean company in Europe's telecoms gear market. European mobile operators are increasingly considering Samsung to replace China's Huawei (HWT.UL) as a supplier, with executives from Spain's Telefonica (TEF.MC) and France's Orange (ORAN.PA) previously telling Reuters they had held talks with the firm. Britain has already ordered all Huawei equipment to be removed from its 5G network by the end of 2027, echoing a U.S. campaign against Huawei, citing national security risks. Samsung is banking on Europe to maintain growth in its network equipment business, a senior executive told Reuters earlier this month, as 5G rollouts widen. The European telecoms equipment market is dominated by Nokia (NOKIA.HE), Ericsson (ERICb.ST) and Huawei, but Samsung has entered the picture after it unexpectedly landed a $6 billion deal with U.S. giant Verizon in September.
Persons: Richard Webb, Rakuten Organizations: Vodafone, Samsung Electronics, South Korean, Samsung, Huawei, Spain's Telefonica, Reuters, Ericsson, Nokia, U.S, Verizon, RAN, Dish Network, Telefonica, Thomson Locations: Britain, U.S, Europe
Some AmazonBasics items are being reviewed by federal safety regulators, CNN reported Monday. The products include a battery charger, surge protectors, and a microwave. Customers have reported that some AmazonBasics items are prone to catching fire, exploding, or melting. A US regulator is investigating the safety of several Amazon-branded products, CNN reported Monday. One customer told CNN that his surge protector began spewing flames and started a fire in his home in 2018.
Persons: Read, housefire Organizations: CNN, US Consumer Product Safety Commission, Amazon, Google, Facebook
The won strengthened, while the benchmark bond yield rose. ** The benchmark index ended the week up 0.29%, extending the buying spree to a fourth straight week. ** The won ended at 1,110.8 per dollar on the onshore settlement platform, 0.45% higher than its previous close at 1,115.8. ** It rose 0.51% on a weekly basis, bouncing back from a 0.09% decline a week earlier. ** The most liquid 3-year Korean treasury bond yield rose by 1.3 basis points to 1.295%, while the benchmark 10-year yield rose by 2.5 basis points to 2.110%.
Persons: LG Chem, , Seo Sang, 1,110.7900, Joori Roh, Jihoon Lee, Rashmi Aich Organizations: Korean, U.S, U.S . Federal Reserve, Samsung Electronics, SK Hynix, LG, CPI, Mirae Asset Securities, Federal Reserve Locations: Korea, SEOUL, Korean, Wall
Germany Shuts Door on Patent Trolls
  + stars: | 2021-06-11 | by ( Ruth Bender | ) www.wsj.com + 0.00   time to read: +4 min
Until now, patent owners were able to almost instantly obtain temporary bans from courts on the sale of products accused of patent infringement. If a court upholds the patent claims while rejecting an injunction, it would still have to order the alleged infringer to pay reasonable compensation to the patent holder. Proponents of the reform say the new law will give judges more leeway to push back against companies seeking to abuse Germany’s patent law for profit. Critics have accused them of preying on big corporations in German courts. “We see a clear weakening of patent law and this can also bear risks in an innovation-driving country like Germany,” said Beat Weibel, head of intellectual property at industrial engineering company Siemens AG , one of the leading patent owners in Europe.
Persons: Christine Lambrecht, Tyler Blint, Critics, infringers, Ludwig von Reiche, , Weibel, Ruth Bender Organizations: Apple Inc, Samsung Electronics Co, Inc, SAP, Deutsche Telekom AG, Volkswagen AG, Google, Samsung, Nvidia Corp, News, Nvidia, Bayer AG, BASF, Siemens AG Locations: BERLIN, Germany, U.S, European, Europe
* KOSPI rises, foreigners net sellers * Korean won strengthens against U.S. dollar * South Korea benchmark bond yield falls SEOUL, June 11 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares rose on Friday, tracking overnight Wall Street gains as inflationary concerns ease. The won strengthened, while the benchmark bond yield fell. ** The benchmark KOSPI rose 10.35 points, or 0.32%, to 3,234.99 as of 02:27 GMT. For the week, the index is set to log the first decline in a month. ** The most liquid 3-year Korean treasury bond yield rose by 2.3 basis points to 1.305%, while the benchmark 10-year yield fell by 1.1 basis points to 2.074%.
Persons: BOK, Lee Won, Cynthia Kim, Jihoon Lee, Rashmi Aich Organizations: Korean, U.S, of Korea, Bookook Securities, Samsung Electronics, SK Hynix, LG Locations: Korea, SEOUL, Korean
3D printed Facebook and Twitter logos are placed on a computer motherboard in this illustration taken Jan. 21, 2021. Twitter, Amazon, Facebook, WhatsApp and India's Ministry of Electronics and Information Technology did not respond to requests for comment. To attract small businesses through WhatsApp, Facebook last year invested $5.7 billion in Reliance Industries Ltd's (RELI.NS) media and telecommunications arm, Jio Platforms. A border confrontation with China prompted it to effectively ban Chinese social media apps, including TikTok and WeChat. WhatsApp has gone to court rather than comply with a new law requiring social media firms to trace the origin of dangerous or criminal posts on their platforms.
Persons: Dado Ruvic, Narendra Modi, Amazon, WhatsApp, Ravi Shankar Prasad, Prasad Organizations: REUTERS, U.S, Twitter Inc, Twitter, Inc, Facebook Inc, Facebook, Police, Amazon, India's Ministry of Electronics, Information Technology, Reliance Industries, Google, Mastercard Inc, Competition Commission, Thomson Locations: India, China, U.S, Statista, WhatsApp, America, That's
Virtual keyboard apps removed from Chinese app stores
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Aly SongChinese app stores removed several apps developed by companies including Sogou (SOGO.N) and Iflytek (002230.SZ) amid increased scrutiny of the technology sector and data protection. As of Friday afternoon, the so-called input method apps, which serve as virtual keyboards, could not be downloaded on Chinese Apple (AAPL.O) iOS store and Android app stores operated by Chinese smartphone makers such as Huawei. Iflytek said in a statement that the app was removed due to violations of personal data collection rules, and it already completed the "rectification" and was currently waiting for approval from the regulators. In April, China issued draft guidelines seeking to limit the scope of mobile apps' collection of personal data. read moreApps in China have been temporarily removed by regulators for mishandling user data or improper content, with existing users unaffected.
Persons: Aly, Iflytek, Sougou didn't Organizations: Appliance, Electronics, REUTERS, Apple, Huawei, Thomson Locations: Shanghai, China
REUTERS/Brendan McDermid/File PhotoBack-to-school sales at U.S. department stores are expected to jump about 25% from last year, as parents splurge on apparel, supplies and electronics for the new academic year when many kids return to classrooms, an industry report showed on Thursday. Sales at department stores this back-to-school season, which runs mid-July through early-September, are forecast to surge 25.3% from a year earlier, and 9.5% over 2019, according to Mastercard Inc SpendingPulse data. Total retail sales, excluding auto and gas, are projected to rise 5.5%. The pandemic pushed department stores, such as Macy's (M.N) and Kohl's (KSS.N), to sell largely online and streamline their businesses at a time they were already facing intense competition and a shift in consumer preference. On Wednesday, The National Retail Federation raised its growth forecast for 2021 U.S. retail sales as the economy reopens faster than predicted.
Persons: Brendan McDermid, Mastercard Steve Sadove Organizations: REUTERS, U.S, Mastercard Inc, Mastercard, Apparel, Electronics, National Retail Federation, Thomson Locations: New York, P.S, Brooklyn , New York, U.S
The won traded flat, while the benchmark bond yield fell. ** The benchmark KOSPI ended 8.46 points, or 0.26%, higher at 3,224.64, bouncing back from a near 1% fall on Wednesday. ** The won ended at 1,115.8 per dollar on the onshore settlement platform, 0.04% lower than its previous close at 1,115.4. ** In money and debt markets, June futures on three-year treasury bonds fell 0.11 points to 110.89. ** The most liquid 3-year Korean treasury bond yield rose by 15.4 basis points to 1.291%, while the benchmark 10-year yield fell by 1.5 basis points to 2.089%.
Persons: , Na Jeong, 1,115.2800, Joori Roh, Ramakrishnan Organizations: U.S, Samsung Electronics, SK Hynix, Foreigners, Labor, Federal, Market, Cape Investment & Securities Locations: Korea, SEOUL, Korean, U.S
S.Korea stocks rebound ahead of U.S. inflation data
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
* KOSPI rises, foreigners net sellers * Korean won strengthens against U.S. dollar * South Korea benchmark bond yield falls SEOUL, June 10 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares rebounded on Thursday as investors waited for clearer signals on inflation ahead of U.S. data due later in the day. The won strengthened, while the benchmark bond yield fell. ** The benchmark KOSPI rose 8.45 points, or 0.26%, to 3,224.63 as of 0157 GMT, bouncing back from a near 1% fall on Wednesday. ** The U.S. Labor Department's consumer price index report due later on Thursday will give more cues on inflation and the Federal Reserve's steer on monetary policy. ** The most liquid 3-year Korean treasury bond yield rose by 11.3 basis points to 1.250%, while the benchmark 10-year yield fell by 1.9 basis points to 2.085%.
Persons: Choi Yoo, 1,114.3300, Joori Roh, Jihoon Lee, Ramakrishnan Organizations: Korean, U.S, Samsung Electronics, SK Hynix, Labor, Investors, Reserve, Shinhan Investment Corp Locations: Korea, SEOUL, Korean, U.S
S.Korea considers vaccinating workers at major companies
  + stars: | 2021-06-10 | by ( Heekyong Yang | ) www.reuters.com sentiment -0.99   time to read: +2 min
A health worker gets a dose of the Pfizer-BioNTech coronavirus disease (COVID-19) vaccine at a COVID-19 vaccination center in Seoul, South Korea, March 10, 2021. Samsung Electronics, SK Hynix and LG Electronics said they had received the letter. Samsung and SK Hynix are the world's top two memory chip makers. Prime Minister Kim Boo-kyum said South Korea wanted to re-open travel with countries including Singapore, Taiwan, Thailand and Guam, allowing people to visit without needing to quarantine. South Korea has inoculated about 10 million people, or 19.6% of its 52 million people, and plans to vaccinate 70% by the third quarter.
Persons: Kim Hong, Kim Boo, kyum Organizations: Pfizer, REUTERS, Samsung Electronics Co, SK Hynix Inc, LG Electronics Inc, Business, Korea Disease Control, Prevention Agency, Samsung Electronics, SK Hynix, LG Electronics, Samsung, South, Thomson Locations: Seoul, South Korea, Ji South Korea, KS, Korea, Singapore, Taiwan, Thailand, Guam
But there's another threat to the industry that experts worry may have even more drastic consequences: the climate crisis. If Taiwan is hit hard, the situation could become much worse, given the island's importance in contributing to global chips supply. Constrained supplyThe global semiconductor industry is under a lot of pressure right now. The Taiwan Semiconductor Manufacturing Company, based in the northwestern Taiwanese city of Hsinchu, currently produces the world's most advanced computer chips. So this year has provided a good opportunity to test the sustainability of our semiconductor industry," Hsu said.
Persons: Mark Williams, TSMC, Jefferey Chiu, Chiu, , Alan Priestley, James Lee, Lee, Yuan Electronics, King Yuan, Williams, Hsu Huang, Hsu, — Will Ripley, Hanna Ziady, Clare Duffy, Jill Disis Organizations: CNN Business, Capital Economics, Manufacturers, National Taiwan University, Hsinchu Science Park, Semiconductor, Apple, Qualcomm, Nvidia, Gartner, Bloomberg, National Chengchi University, Central News Agency, Taiwan Semiconductor Manufacturing Company, Academia Sinica Locations: Taipei, Taiwan, Asia, Hsinchu, United States, China, New York, Taiwanese
Vigna will join Ferrari on Sept. 1, and will replace Acting CEO John Elkann, who will stay on as chairman. A subnuclear physics graduate of the University of Pisa, Vigna has been with STMicroelectronics since 1995. Among his credits, Vigna helped developed the gyro system that allows smartphones to change their displays when turned sideways. The late Sergio Marchionne, then chief executive of Fiat Chrysler Automobiles, stepped in to guide Ferrari’s spin-off and October 2015 initial public offering. Even conventionally powered Ferrari products will continue to use more electronics for their infotainment systems, advanced safety gear and drivetrain controls.
Persons: Benedetto Vigna, Ferrari, John Elkann, , ’ Ferrari, ” Jefferies, Philippe Houchois, Vigna, , Luca Di Montezemolo, Sergio Marchionne, Marchionne, Louis Camilleri, Elkann, Lamborghini, Pietro Solidoro Organizations: Ferrari, University of Pisa, Fiat Chrysler Automobiles, Fiat Chrysler, France’s PSA Group, Formula, Bestinver Locations: Covid,
S.Korean stocks end nearly 1% lower on tech slump; U.S. inflation eyed
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
** The won weakened and the benchmark bond yield fell. ** The benchmark KOSPI ended 31.65 points, or 0.97%, lower at 3,216.18, marking the third decline in five sessions. ** In offshore trading, the won was quoted at 1,115.1 per dollar, up 0.2%, while in non-deliverable forward trading, its one-month contract was quoted at 1,114.8. ** The most-liquid 3-year Korean treasury bond yield fell by 3.1 basis points to 1.143%, while the benchmark 10-year yield fell by 1.4 basis points to 2.102%. ($1 = 1,114.4300 won) (Reporting by Joori Roh, additional reporting by Jihoon Lee; editing by Uttaresh.V)
Persons: KOSPI, , Lee Kyoung, 1,114.4300, Joori Roh, Jihoon Lee Organizations: U.S, European Central Bank, Samsung Electronics, SK Hynix, LG, Daishin Securities Locations: SEOUL, Korean
S.Korea stocks dip on tech slump; U.S. inflation data in focus
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
The won and the benchmark bond yield weakened. ** The benchmark KOSPI was down 8.11 points, or 0.25%, at 3,239.72, as of 0149 GMT. ** Market participants look to Thursday's U.S. consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve's timetable for tightening its monetary policy. ** The won was quoted at 1,116.3 per dollar on the onshore settlement platform , 0.19% lower than its previous close at 1,114.2. ** The most liquid 3-year Korean treasury bond yield fell by 2.3 basis points to 1.151%, while the benchmark 10-year yield fell by 1.1 basis points to 2.105%.
Persons: 1,115.4500, Joori Roh, Sherry Jacob, Phillips Organizations: U.S, European Central Bank, Samsung Electronics, SK Hynix, LG Locations: Korea, SEOUL, Korean
Factbox: Who is the new Ferrari CEO?
  + stars: | 2021-06-09 | by ( ) www.reuters.com + 1.00   time to read: +2 min
The logo of Ferrari is pictured during the first press day of the Paris auto show, in Paris, France, October 2, 2018. This sensor technology is now used in all mobile phones as well as for ADAS (advanced driver-assistance systems) navigation and active safety in cars. In 2013 he won both the MEMS Industry Group's Executive of the Year Award and the European SEMI Award. * He joined the MEMS & Sensor Industry Group board in June 2019. Since February 2020, Vigna has been a member of Electronics Cluster Advisory Board (CAB) for the Agency for Science, Technology and Research (A*STAR) of Singapore.
Persons: Benoit Tessier, Benedetto Vigna, Vigna Organizations: REUTERS, Ferrari, University of Pisa, ST, Apple, European, Sensor Industry Group, Electronics, Advisory, Agency for Science, Technology, Research, Thomson Locations: Paris, France, Singapore
Samsung bets on Europe 5G orders to grow network equipment business
  + stars: | 2021-06-08 | by ( Joyce Lee | ) www.reuters.com + 0.00   time to read: +2 min
SEOUL (Reuters) - Samsung Electronics is banking on Europe to maintain growth momentum in its network equipment business, a senior executive said, as 5G rollout widens and industry leader Huawei Technologies of China focuses on its domestic market. 1 in memory chips and smartphones, in 5G network equipment it ranks fifth behind Huawei, Ericsson, Nokia and ZTE, with a 10-15% market share in the first quarter of 2021, according to market research firm Dell’Oro Group. The network equipment business is small currently for Samsung, which had a revenue of 236.8 trillion won ($212.50 billion) for 2020. Samsung said since the 5G network rollouts began in 2019 in various countries, it has seen the number of new clients for its 5G equipments and systems rise by 35% a year on average. Samsung’s goal is to become top-three in the network equipment business from seventh now, Kim said, but did not give a timeframe, citing the industry’s long incubation time.
Persons: Kim Hong, Ji, Woojune Kim, Kim, , 1,114.3600 Organizations: Samsung Electronics, Huawei Technologies, REUTERS, South Korean, Huawei, Ericsson, Nokia, Dell’Oro, Samsung, U.S, Verizon, Japan’s NTT Docomo, Reuters, Deutsche Telekom, Play Communications, RAN, 5G RAN Locations: SEOUL, Europe, China, Seoul, South Korea, Czech Republic, Poland, India, Australia, Southeast Asia
S.Korean stocks end lower, investors look to U.S. inflation data
  + stars: | 2021-06-08 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
* KOSPI falls, foreigners net sellers* Korean won weakens against U.S. dollar* South Korea benchmark bond yield falls* For the midday report, please clickSEOUL, June 8 (Reuters) - Round-up of South Korean financial markets:** South Korean shares closed lower on Tuesday, dragged down by technology stocks, while investors awaited key U.S. inflation data due later this week. The won weakened, while the benchmark bond yield also fell. ** “Investors remain cautious ahead of the U.S. inflation data release (later this week) and the U.S. Federal Reserve policy meeting next week,” said Na Jeong-hwan, an analyst at Cape Investment & Securities. ** The won ended at 1,114.2 per dollar on the onshore settlement platform, 0.12% lower than its previous close at 1,112.9. ** The most liquid 3-year Korean treasury bond yield fell by 2.7 basis points to 1.174%, while the benchmark 10-year yield fell by 4.0 basis point to 2.116%.
Persons: , Na Jeong, 1,113.7100, Joori Roh, Jihoon Lee, Subhranshu Sahu, Ramakrishnan Organizations: U.S, Samsung Electronics, SK Hynix, LG, Samsung Biologics Co, Gilead Sciences Inc, U.S . Federal Reserve, Cape Investment & Securities Locations: Korea, SEOUL, Korean
S.Korean stocks trade flat on caution ahead of U.S. inflation data
  + stars: | 2021-06-08 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
** The Korean won edged up, while the benchmark bond yield fell. ** The won was quoted at 1,112.1 per dollar on the onshore settlement platform , up 0.07%. ** In offshore trading, the won was quoted at 1,112.2 per dollar, down 0.1%, while in non-deliverable forward trading, its one-month contract was quoted at 1,111.8. ** In money and debt markets, June futures on three-year treasury bonds rose 0.05 point to 110.84. ** The most liquid 3-year Korean treasury bond yield fell by 1.1 basis points to 1.190%.
Persons: 1,112.8700, Joori Roh Organizations: U.S, Korean, Samsung Electronics, SK Hynix, LG Chem, Samsung Biologics Co, Gilead Science Inc Locations: Korea, SEOUL, Korean
Taiwan mayor says too early to say if tech hub safe from COVID spike
  + stars: | 2021-06-08 | by ( Roger Tung | ) www.reuters.com + 0.00   time to read: +3 min
A logo of Taiwan Semiconductor Manufacturing Co (TSMC) is seen at its headquarters in Hsinchu, Taiwan August 31, 2018. REUTERS/Tyrone SiuIt is still too early to say whether the major chip companies that operate in Taiwan's tech hub of Hsinchu will be safe from the latest increase in COVID-19 infections, its mayor said, though chip giant TSMC said it had seen no impact so far. He said it was "too early to say" whether the city's tech firms were totally safe. "Regarding the rise in infections in Miaoli, we have not seen any impact so far, and we are monitoring the situation closely," the company said. Companies affected included chip packaging and testing firm Greatek Electronics Inc (2441.TW) and telecom equipment maker Accton Technology Corp (2345.TW).
Persons: Tyrone Siu, Yuan Electronics, Miaoli, Tsai Ing, Lin Chih, chien, Lin, TSMC, King Yuan Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Integrated Technology, Taiwan Semiconductor Manufacturing Co, Hsinchu, Reuters, Democratic Progressive Party, Companies, Greatek Electronics, Accton Technology Corp, Thomson Locations: Hsinchu, Taiwan, COVID, Miaoli, Hsinchu Science Park, Taichung, Tainan
GlobalFoundries seeks ruling in IBM contract dispute
  + stars: | 2021-06-08 | by ( Stephen Nellis | ) www.reuters.com sentiment -1.00   time to read: +1 min
IBM has accused GlobalFoundries, which is owned by Abu Dhabi's state-owned fund Mubadala, of failing to continue making chips for IBM, according to a filing by GlobalFoundries with the state court in New York. GlobalFoundries purchased IBM's semiconductor plants in 2014 when IBM decided to exit the business of manufacturing its own chips. "Other than threatening to sue unless it capitulated to its demands, IBM has yet to provide any substantive explanation as to its claims," GlobalFoundries wrote in the suit. IBM said in a statement it believes GlobalFoundries did not fulfill its obligations under the contract. "IBM contributed $1.5B to Global Foundries to supply the next generation of chips, and Global Foundries utterly abandoned IBM as soon as the final payment was received and sold off assets from the deal for its own enrichment," IBM said.
Persons: Brendan McDermid, GlobalFoundries, Abu Dhabi's, chipmaker Organizations: IBM, New York Stock Exchange, REUTERS, Monday, Business Machines Corp, U.S ., GlobalFoundries, Samsung Electronics Co, Global, Thomson Locations: New York, U.S
The 10-year U.S. Treasury note rose 0.1 basis points to yield 1.5704%, at the bottom of a two-month range. Germany’s 10-year Bund yield was last up 0.2 basis points at -0.195, near one-month lows hit after Friday’s U.S. unemployment report. MSCI’s all-country world equity index rose 0.09% to 716.94. The benchmark for global equity markets is heavily weighted to the U.S. tech behemoths, half of which rose and the others fell. The European automobiles and parts index rose 0.9% to reach its highest since March 2015, extending a 5.3% rally from last week.
Persons: Brent, Christopher Smart, Smart, Joe Biden, Ed Moya, “ We’re, ” Moya, , MSCI’s Organizations: Organization of, Petroleum, U.S . Treasury, European Central Bank, Treasury, European, Microsoft Corp, Facebook, Apple Inc, Dow Jones, Nasdaq, London Metal Exchange, ECB, West Texas Intermediate, Brent, Nikkei, Electronics Locations: United States, European Union, New York, Europe, China, U.S, Asia, Pacific, Japan, Taiwan
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