Company news in brief

JPMorgan board raises CEO Dimon's pay to US$31.5 million JPMorgan Chase & Co Chief Executive Officer Jamie Dimon got a half-million-dollar raise for 2019, bringing his total compensation for the year to US$31.5 million, the company said in a filing on Thursday. That was a 1.6% increase from the US$31 million he received for 2018. The bank said it was based on its strong performance last year and "over the long term," according to the filing. The bank said its board of directors considered the bank's business results, risk controls and conduct, client, customer and stakeholder focus and teamwork and leadership when determining Dimon's pay. Under Dimon, JPMorgan reported net income of US$36.4 billion for 2019, up from US$32.5 billion a year earlier, and a return on tangible common equity of 19%, up from 17% in 2018. – Nampa/Reuters Colgate to buy U.S. vegan toothpaste maker Colgate-Palmolive Co said on Thursday it would buy Hello Products LLC, a company which bills itself as a maker of eco-friendly and animal cruelty-free toothpastes, in a push to tap into a growing base of environmentally conscious consumers. Hello Products, founded in 2009, sells various lines of vegan toothpastes and mouthwashes, some which are infused with hemp seed oil - another benefit for Colgate as demand for products based on cannabis derivatives grows. Millenial and Gen Z consumers are growing increasingly picky of their everyday products as they look at the environmental impact of the manufacturing process, forcing companies to take steps to reduce their carbon footprint and seek new plant-based sourcing options. Colgate launched its first "vegan-certified" toothpaste earlier this month. –Nampa/Reuters Intel sees 2020 revenue above estimates Thursday cemented the market view that a prolonged slowdown in the chip industry is starting to lift after forecasting full-year revenue and profit above analysts' estimates driven by cloud computing demand. The company's sales in its closely watched data center business jumped 19%, helping it beat fourth-quarter profit and revenue estimates and sending its shares up 7% in extended trading. Chief Financial Officer George Davis said in an interview that sales to cloud computing providers were up 48% year-over-year in the fourth quarter, a trend that also drove the company's forecasts. Intel said its transition to a newer generation of chipmaking technology was progressing better than it expected and that it would boost its capacity to make chips for personal computers, in a sign that the manufacturing woes that plagued the chipmakers over the past year were starting to ease. - Nampa/ReutersBroadcom to supply wireless components to Apple Chipmaker Broadcom Inc said on Thursday it has entered into two multi-year agreements with Apple Inc for the supply of wireless components used in its products. The agreements, "2020 SOWs", are in addition to the existing ones for supplying radio frequency components and modules to the iPhone maker and together could generate as much as US$15 billion in revenue for Broadcom.- Nampa/Reuters ZF wins U.S. approval to buy Wabco on condition of asset divestiture German auto parts maker ZF Friedrichshafen AG won U.S. antitrust approval for its US$7 billion deal to buy U.S. rival Wabco, the Justice Department said on Thursday. To win approval, the government required the companies to sell Wabco's steering components business, R.H. Sheppard Co Inc, since ZF and Wabco are the only North American suppliers of steering gears for large commercial vehicles. Wabco had acquired Sheppard in 2017. The deal also won approval from the European Union on Thursday. – Nampa/ReutersXerox nominates new HP board after buyout rebuffs Xerox Holdings Corp said on Thursday it plans to nominate 11 independent candidates to HP Inc's board, seeking to take control of the personal computer maker after several rejections of its US$33.5 billion buyout offer. The U.S. printer maker made the cash-and-stock offer to HP, a company more than three times its size, in November. HP's board rejected the offer saying it significantly undervalued the company. – Nampa/ReutersUnaoil paid US$6 mln in bribes for Iraqi oil contracts, London court hears Monaco-based oil and gas consultancy Unaoil paid US$6 million in bribes to secure Iraqi oil contracts after the fall of Saddam Hussein, a London court heard on Thursday. In the trial, which has just begun, two former Unaoil managers and an ex-sales chief of Dutch-based energy services company SBM are accused of conspiring to bribe top Iraqi officials to secure lucrative projects. The high-profile case revolves around how Iraq sought to more than double oil production after the overthrow of Hussein in 2003. It wanted to install three floating buoys in the Persian Gulf, connected with two, vast pipelines to storage tanks near oilfields so that tankers could load oil offshore. – Nampa/Reuters UK chocolate group Hotel Chocolat sees strong revenue growth British chocolate firm Hotel Chocolat Group reported Thursday a strong revenue growth for the second half of 2019. The total group revenue grew by 14 percent during the 26 weeks ending 29 December 2019, compared with the same period in 2018, said the company's trading statement. Meanwhile, total revenue for the 13-week period rose by 11 percent compared to the previous year. The statement also showed that during the 26-week period, the group opened nine new locations in Britain, two in the United States and three new joint-venture locations in Japan. – Nampa/Xinhua

Company news in brief

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