Earnings season. JD.com, Hapag-Lloyd, Compagnie Financière Richemont, Campbell Soup, Fortum, ADP Group, CNP Assurances and Reply are among companies reporting their results today.
TSMC in Arizona. Taiwan Semiconductor will build a state-of-the-art plant in the United States for a $12 billion investment. Located in Arizona, the site is expected to be completed by next year. Production should begin in 2024. TSMC, one of Apple's main suppliers, promises around 1600 direct jobs and many more in return. The precise location of the plant and the public support obtained has not been disclosed.
The Abbott test was criticized. The FDA warns about the reliability of Abbott's Covid-19 tests, after a study published by a university, which highlights a high number of false negatives. In response, the American laboratory is going to modify for the second time the instructions for use of its test, made popular by a press conference of Donald Trump, who had presented it in March to illustrate the reactivity of the American pharmaceutical industry.
New shareholders for Openreach? BT Group could open the capital of Openreach to outside investors, the Financial Times has learned, in a multi-billion pound deal. Macquarie's infrastructure division and a sovereign wealth fund would be interested. Openreach could be worth £20bn... twice the current capitalization of its parent company.
In other news. General Motors will downsize its stand-alone vehicle subsidiary. The boss of PNC Financial explains that the sale of his shares in BlackRock is intended to give his group a solid financial position in case the American economy goes off the rails. BMW reappoints Norbert Reithofer as chairman of the supervisory board. The floor of the NYSE (Intercontinental Exchange) will reopen for some brokers on May 26, according to the Wall Street Journal. Apple has bought the company specialized in virtual reality streaming NextVR. The struggling British company Virgin Atlantic is reportedly in discussions with Deutsche Bank and other financial institutions to raise more than $900 million. Singapore's sovereign wealth fund Temasek is joining Facebook's Libra project. Delta Air Lines will withdraw its 18 B777s from operation. Solvay is accelerating its efficiency plans within Composite Materials. Compagnie Financière Richemont reports a contraction in its quarterly results and talks of limited visibility for the year.