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Apple supplier Goertek to buy Luen Fung Commercial's units for $1.3 billion

Apple supplier Goertek to buy Luen Fung Commercial's units for $1.3 billion

CNA5 days ago
BEIJING :Apple supplier Goertek Inc said on Tuesday it plans to buy two units of Hong Kong's Luen Fung Commercial Holdings for about combined HK$10.4 billion ($1.32 billion).
The acquisition of Mega Precision Technology and Channel Well Industrial would help Goertek strengthen competitiveness in the field of precision structural components, the company said in a Shenzhen stock exchange filing.
($1 = 7.8499 Hong Kong dollars)

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Singapore must build nuclear energy capabilities: Tan See Leng
Singapore must build nuclear energy capabilities: Tan See Leng

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Singapore must build nuclear energy capabilities: Tan See Leng

Singapore has to build its capabilities in nuclear energy even though it has not made a decision on its use, as countries in the region have publicly signalled their intent to build such facilities. Dr Tan See Leng, Singapore's Minister-in-charge of Energy and Science & Technology, said in an interview on July 21 that the country needs to acquire technical expertise in this area to ensure its safety. "Our neighbours, the Philippines, Indonesia, have publicly signalled that they intend to build nuclear plants. So, regardless of whether we have made the decision, our neighbours have made the decision," he said in his first interview in the new portfolio. Dr Tan was previously overseeing energy issues as Second Minister for Trade and Industry. Five Asean countries - Vietnam, Indonesia, the Philippines, Malaysia and Thailand - have said they are either studying the feasibility of advanced nuclear technology to meet their growing energy needs, or already have plans to build new reactors in the coming decades. As Singapore continues to evaluate the viability of nuclear energy for the country, local talents have to be trained so they can determine whether advanced nuclear technologies are safe and suitable for the Republic when these come onto the market, Dr Tan said. On July 11, the Singapore Nuclear Research and Safety Institute was launched with an aim to train 100 nuclear experts by 2030 - up from the 50 today. Singapore also renewed the Third Country Training Programme Memorandum of Understanding with the International Atomic Energy Agency (IAEA) on July 25. Under the agreement, Singapore will develop training programmes with the UN nuclear watchdog to support developing IAEA member states with fellowships, scientific visits and training courses. Topics covered will include human health, industrial radiography, environmental radioactivity monitoring and analysis, and accelerator science. Singapore's approach to nuclear energy has changed over the years, as new technologies come online. In 2012, the Republic had initially considered atomic power nuclear technologies of that time unsuitable for deployment in the small city-state. Dr Tan noted that conventional nuclear plants are large, and require exclusive buffer zones. "Categorically, let me tell you that they will not be suitable for us," he said. But nuclear technologies have evolved since. Small modular reactors (SMRs) are thought to be more suitable for land-scarce, population-dense Singapore, as they have a lower power capacity, enhanced safety standards and require much smaller buffer zones, compared with conventional reactors. Dr Tan said: "We have not excluded that... because there is a lot of promise for some of the advanced modular reactors - the physics, the engineering, the technical feasibility, all point to the fact that they are possible, but it is just that commercially, they are still not viable yet." He also stressed that ensuring the safety of nuclear technologies is of "paramount importance" to the Government. While Dr Tan acknowledged that Singaporeans may still have certain perceptions about nuclear energy, he said the country still needs to press ahead in this area given the interest from some of its neighbours. Singapore has bilateral agreements with the United States and France to pursue cooperation on nuclear energy, which could better help in the country's evaluation of the viability. In July 2024, the Republic inked the 123 Agreement on Nuclear Cooperation with the US, which will allow Singapore to learn more about nuclear technologies and scientific research from American organisations. For example, local research institutes could work with US national laboratories and technology companies to perform safety simulations and modelling of SMRs. In May, Singapore and France signed agreements on nuclear energy to facilitate cooperation on safety, workforce development, research, environmental protection, the protection of public health, and emergency preparedness and response, among others. Dr Tan said that these partnerships will enable Singapore to learn more about the regulatory approvals, safety protocols, operations and engineering designs, among other things. The US tariffs are not likely to affect these agreements, he said. Dr Tan said that the learnings from the partnerships will help Singapore eventually make the assessment on whether to "jump in, or just stay at the capacity- and capability-building level". He added that Singapore is also open to exploring partnerships with other countries that have nuclear expertise, such as the United Arab Emirates, China and South Korea.

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