Companies
German chipmaker Infineon closes fiscal year with record quarter
BERLIN, Nov. 10 (Xinhua) — Revenues of Infineon increased to around 3 billion euros (3.5 billion U.S. dollars) in the company’s fourth quarter (Q4) of fiscal year 2021, growing 10 percent on the preceding quarter and even 21 percent on the previous year, the company announced on Wednesday. Operating profit of Infineon in Q4 which ended in September rose to 478 million euros, after 347 million euros in the previous quarter, according to the German chipmaker. “Infineon has closed the 2021 fiscal year with an outstanding fourth quarter,” said CEO Reinhard Ploss. For the first time, the company reported revenues of more than 11 billion euros for a full fiscal year. Growth was driven by seasonally strong upturn in demand in the segment power and sensor systems (PSS), according to the German chipmaker. The automotive (ATV) and connected secure systems (CSS) segments also recorded higher revenues. China accounted for 38 percent of the company’s revenues, making it the biggest single market for Infineon, while the Europe, Middle East and Africa (EMEA) region generated 25 percent of total revenues. Infineon is expecting revenues to continue to climb to more than 12 billion euros in the coming fiscal year. “In light of the continued high demand for semiconductors needed for the energy-efficient, connected world, we expect the 2022 fiscal year to be a strong one,” said Ploss. (1 euro = 1.16 U.S. dollars)
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
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Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
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