Industrial News

Infineon Technologies (IFXGn.DE) has announced significant restructuring after a challenging Q3, missing revenue and profit expectations. The German chipmaker will cut 1,400 jobs and relocate another 1,400 positions to lower-cost countries. CEO Jochen Hanebeck cited slow market recovery and high inventory levels as key issues. For Q3, Infineon reported €3.702 billion in revenue, below the €3.8 billion forecast and down 9% YoY. Net profit was €403 million, missing the €447 million consensus. Consequently, the company downgraded its annual revenue forecast to ~€15 billion, its third revision this year. Despite these setbacks, Infineon's segment result, a preferred profitability measure, exceeded expectations [...]

Ayala Corp. and Japan’s biggest bank MUFG invest in Mynt, GCash parent company. Globe Fintech Innovations, Inc. (“Mynt”), the parent company of the Philippines’ number one finance super app and largest digital cashless ecosystem, GCash, has successfully secured fresh strategic investments from Ayala Corporation (“Ayala”), one of the largest and most enduring conglomerates in the Philippines, and Mitsubishi UFJ Financial Group (“MUFG”), Japan’s largest banking group and one of the largest financial institutions globally. This latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021. As of 2023, [...]

Intel plans to lay off more than 15% of its workforce by the end of the year, the company announced today, meaning roughly 15,000 employees or more (potentially up to 17,475 based on recent Intel headcount numbers of 116,500) — a vast restructuring that comes amid troubling financial results this quarter. The layoffs rank among the most severe in Intel's 56-year history. The news came during an earnings call for the semiconductor giant, which also announced that it has encountered yield issues with its Meteor Lake processors, problems that negatively impacted the bottom line. The company lost $1.6 billion in [...]

SINGAPORE, Aug 1 (Reuters) - Ayala Corp (AC.PS), the Philippines' oldest conglomerate, is exploring selling a minority stake in Ayala Healthcare Holdings (AC Health) in a potential deal that could value its healthcare arm at up to $500 million, two people said. Ayala has hired Bank of America to explore the sale of the minority stake AC Health to strategic investors or partners that will help further expand the business of the healthcare arm, the people added. The people, who have knowledge of the matter, declined to be named as the deliberations were private. The exact minority stake size to be [...]

THE FIVE-HECTARE Austrian-American largest tennis ball manufacturing hub, Head Sports Philippines Inc., soon to rise in Anflo Industrial Estates in Panabo, aims to generate a thousand job opportunities in Davao del Norte. During a business forum on July 19, Ricardo Lagdameo, Damosa Land Inc.’s president and industrial park developer, said 40% of the world’s demand for tennis balls will be supplied by the hub. “They are finishing up their facility, which should be done in about 1-2 months, I think they’ll be producing by I hope this year or earlier part of next year,” Lagdameo said. Lagdameo noted that once [...]

MANILA, Philippines— The government and private sector rolled out a new system to facilitate duty-free and tax-free temporary admission of nonperishable goods used for exhibits and professional activities to other countries, with the understanding that these goods will be returned to the Philippines. The Bureau of Customs (BOC) and the Philippine Chamber of Commerce and Industry (PCCI) on Monday launched ATA Carnet, also known as “passport for goods,” which streamlines the clearance for goods and eliminates the need for bonds as a guarantee that the goods will return to the country. It thus seeks to allow businesses and professionals to [...]

The Ayala Group, led by bilyonaryo Jaime Augusto Zobel de Ayala, is shaking up the top management of its electronics subsidiary, Integrated Micro-Electronics Inc. (IMI). Starting next month, IMI Chief Commercial Officer (CCO) Mary Ann S. Natividad will transition to the role of advisor to the CEO and chairman, Alberto M. de Larrazabal, as part of the company’s “management reorganization.” Natividad, 57, has been CCO since 2020 and previously served as Global Head of Sales. IMI also approved the “discontinuance of employment” of its technology business head Nicholas John Davey, a British national, and chief procurement officer Ernest Ang, a [...]

Automotive semiconductor industry has shown strong growth since 2021 as the industry bounced back from pandemic-related shortages. However, there are signs of a slowdown in the market, as quarterly revenues of top three suppliers reflect trend. Semiconductor Intelligence estimates the automotive semiconductor market was $67 billion in 2023, up 12% from 2022. The top 12 suppliers accounted for over three-quarters of the market. Infineon Technologies was the largest automotive semiconductor supplier, at $9.2 billion or 13.7% of the market. NXP Semiconductors was second at 11.2% and STMicroelectronics was third at 10.6%. These top three companies accounted for over one-third of [...]

MANILA, Philippines — The Board of Investments (BOI) has approved over P13 billion worth of projects that meet the increased investment capital threshold for approval by investment promotion agencies (IPAs). In a statement, the BOI said it approved six projects, with an investment capital between P1 billion and P15 billion, from Feb. 2 to June 11, of this year. These projects represent a total investment of P13.38 billion. To recall, the Fiscal Incentives Review Board (FIRB) issued a resolution last Feb.2,  which increased the investment capital threshold of projects seeking incentives to be approved by IPAs like the BOI to [...]

NXP Semiconductors will form a 40-60 joint-venture with Vanguard International Semiconductor to build a new 300mm semiconductor wafer manufacturing facility in Singapore with an initial investment of $7.8 billion. The name of the JV will be VisionPower Semiconductor Manufacturing Company and its fab will support 130nm to 40nm mixed-signal, power management and analog products, targeting the automotive, industrial, consumer and mobile end markets. TSMC will transfer the process technologies. The JV will begin construction of the initial phase of the wafer fab in the second half of 2024. Its initial production will be available to customers during 2027. The JV will operate [...]