Chow Tai Fook Enterprises to pay $3 billion for Australia’s Alinta Energy
Chow Tai Fook Enterprises, the investment vehicle behind Hong Kong’s Cheng family, is buying Australian energy group Alinta Energy in an AUS $4 billion ($3.079 billion) deal.
While Chow Tai Fook Enterprises already has significant investments in real estate and resorts in Australia, the purchase of Alinta signifies its first steps into the energy sector.
The Chow Tai Fook Enterprises’ deal is the latest sign of foreign interest in the country’s infrastructure—just last month Elon Musk pledged to fix South Australia's energy crisis within 100 days or do it for free.
The family controlled group is led by Chinese billionaire Cheng Yu-tung, who in 2016 was named the fifth-richest person in Hong Kong with an estimated net worth of $16.6 billion, by Forbes.
Volkswagen targets Bay Area in $2 billion electric-vehicle infrastructure deal
Californian cities San Francisco and San Jose are in line to receive hundreds of high-speed electric vehicle charging stations thanks to Volkswagen’s $2 billion emissions settlement.
The German automaker announced it would disperse the funds this week—Volkswagen was penalised last June after it sold half a million 2.0-litre diesel vehicles with software designed to cheat emissions tests.
In Europe, the European Commission has launched legal action against seven nations including Germany and the UK for failing to clamp down on the emissions cheating.
Volkswagen was originally established in 1937 by the German Labour Front and is today controlled by the third-generation of the Piech and Porsche families.
The German carmaker reported 2015 first-half revenues of €109 billion ($120 billion).
Nintendo doubles production on Switch console
Japanese videogame maker Nintendo, owned by the sixth generation of the Yamauchi family, is to double the production of its new console, the Nintendo Switch, from 8 million units to 16 million in 2016.
Strong early reviews and the widely praised launch game Zelda: Breath of the Wild helped the Kyoto-based firm, founded in 1889, exceed demand—the console is now its fastest selling system in its history.
The only official indication of Switch sales to date is that Nintendo planned to ship 2 million units this month following its launch on 3 March, though a Wall Street Journal source claims the true number may be 2.5 million or more.
Nintendo has looked to reinvent itself in recent years, negotiating significant obstacles including the death of third-generation president Hiroshi Yamauchi in 2013, the ensuing dilution of the family’s ownership stake due to succession tax, and the poor performance of its Wii U console.
Shares at Nintendo are now up more than 67% from a year ago, following the success of its flagship mobile title Pokémon GO and the success of its new console.