Progress is being made on the memorandum of understanding even though some outstanding issues still have to be resolved, said the people who asked not to be named because the information isn’t public. Ways to assess potential Fiat liabilities that have come to light since a broad outline of the accord was unveiled Oct. 31 are still under discussion, they said, adding that more than 100 managers are participating.

Representatives for Fiat and PSA declined to comment. The companies had said they aimed to sign a deal before the end of the year.

Following the unveiling of the merger plan, rival General Motors hit Fiat with a blockbuster racketeering lawsuit alleging a bribery and corruption scheme. Fiat has called the accusations “meritless.”

In a separate development, Italian tax authorities claimed Fiat underestimated the value of its American business by 5.1 billion euros ($5.7 billion) following its phased acquisition several years ago. Fiat has said it “strongly” disagrees with the case, which could potentially lead to a levy of as much $1.5 billion.

A merger of Fiat Chrysler and PSA, the No. 2 for car sales in Europe, would create a regional powerhouse to challenge Volkswagen. Under the plan, the new company based in the Netherlands would be headed by PSA Chief Executive Officer Carlos Tavares, while Fiat Chrysler Chairman John Elkann would keep his role as chairman.

The combination would leave Tavares, who turned around PSA and the loss-making Opel brand it acquired, to figure out how to improve Fiat’s struggling operations in Europe. Fiat’s deep Italian roots, along with the French government’s 12% stake in PSA, may make any plans to slim down the new entity more difficult.

In an interview at Huawei headquarters in southern China, Ren Zhengfei said the U.S. ban has had a “pretty big impact” on the company, forcing it to scramble to redesign products to try to eliminate U.S. parts.

He said Huawei is now producing telecom network equipment without U.S. chips or components, and has shipped such gear to more than 40 telecom companies, including some in Europe. Huawei has also reduced U.S. parts in its cell phones, he said.

“Based on the current situation, I think there is no problem that we cannot survive,” Ren, 75, said from a grand reception hall decorated with Grecian statues and columns, where Huawei typically receives foreign customers and guests.

The Trump administration banned most U.S. technology sales to Huawei in May, after labeling the company a security threat. U.S. officials say the Chinese government could tap into Huawei equipment installed overseas to spy on the West or disrupt infrastructure – allegations Huawei denies.

The White House eased the ban somewhat last month, allowing some U.S. companies to resume sales “which do not pose a significant risk to the national security or foreign policy interests of the United States.”

Industry officials said the U.S. is allowing the sale of some components Huawei uses to build consumer products, but is continuing to ban the export of chips and other parts Huawei needs to make equipment for 5G wireless Internet networks. Huawei and its main rivals, Ericsson and Nokia, are competing to sell the equipment to countries investing heavily in the super-fast networks, which are expected to enable future technologies such as autonomous driving.

Adding Huawei to the trade blacklist was part of a broad U.S. push against the Chinese company, which the United States also accuses of violating U.S. sanctions on Iran.

Ren described Trump as “trying to crush businesses and intimidate countries around the world,” and said the trade ban on Huawei would backfire on the U.S. by depriving tech companies of sales.

If U.S. companies won’t supply Huawei, “I’m sure suppliers in other countries will gladly offer their own products to fill that void,” Ren said.

Among the U.S. parts Huawei can’t buy at the moment is a crucial type of chip made by Xilinx Inc., of San Jose, Calif. The so-called FPGA chip allows 5G base stations to be programmed from afar, a flexibility telecom companies like because 5G technology is new and will require adjustments over time, analysts say.

Ren said Huawei had used part of its $15 billion annual R&D budget to design its own FPGA chip that “can deliver as good a performance as Xilinx chips.” Telecom companies have given Huawei positive feedback about equipment containing these Huawei-made chips, he said, though he declined to name specific companies.

Some U.S. tech analysts have cast doubt on Huawei’s ability to produce an FPGA that can match the Xilinx product.

Xilinx declined to comment.

One big remaining obstacle for Huawei: company officials in Shenzhen said the trade ban is still preventing Huawei from licensing Google apps such as Gmail and YouTube for use on its cellphones. That has made the phones less attractive for customers overseas, causing Huawei phone sales to fall in Western markets, even as they have continued to climb in China, according to the company.

Huawei’s total sales in the first nine months of the year grew 24 percent over the same period in 2018, to $86 billion, the company said in an October press release that noted the figures were unaudited. Huawei shares are not publicly traded, so the company isn’t required to publish a full set of audited quarterly results, or to break down its sales by division or geographic market.

The Grecian hall where Ren spoke with The Post was part of an elaborately decorated building that Huawei uses to entertain customers. The palatial entry hall features grand marble staircases, Renaissance-style ceiling frescoes and gilded chandeliers. One wing is decorated like a quaint Kyoto lane, with old-fashioned storefronts and a sushi restaurant. Behind another door sits a verdant greenhouse featuring traditional wooden homes from the Chinese countryside.

Brian Chamberlin, an American marketing executive at Huawei who receives telecom-company clients in the building, said some customers have expressed concerns about the U.S. trade ban.

“Of course every carrier customer is concerned with Huawei being able to deliver,” he said. “And of course Huawei is doing everything in our power, despite the American pressure, to be able to meet our commitment to our customers.”

“Our customers are standing by us,” said Chamberlin, who previously worked for Cisco in California.

Transaction is expected to close within 2020, according to a Bangkok Bank statement.

The bank anticipates conducting a mandatory tender offer for the remaining 10.88 per cent stake in Permata following the completion of its acquisition of the 89.12 per cent stake.

The transaction will be effected on the basis of an agreed valuation of a 1.77 times multiple of Permata’s book value (subject to certain adjustments).

This implies, on the basis of Permata’s book value as at 30 September 2019, an indicative purchase price of 1,498 rupiah per share and an indicative transaction value of 37,430,974 million rupiah (approximately US$2,674 million or Bt81,017 million) for an 89.12 per cent stake at 42,001,080 million rupiah(approximately US$3,000 million or Bt90,909 million) for a 100 per cent stake.

The price payable for the 89.12 per cent stake in Permata will be finalised on the basis of a 1.77 times multiple of Permata’s book value (subject to certain adjustments), as set out in the last financial statements published by Permata prior to the closing of the transaction.

Completion of the transaction is subject to a number of conditions precedent including regulatory approvals from the Bank of Thailand and Otoritas Jasa Keuangan (OJK) and approval of the Bangkok Bank’s general meeting of shareholders.

The acquisition will be financed via a combination of internal resources and Bangkok Bank’s routine funding activities.

The acquisition is expected to be accretive to Bangkok Bank’s earnings per share and return on equity immediately post-completion, while the bank’s capital position is expected to remain robust following the transaction.

Bangkok Bank has the most extensive international network among Thai banks, with a presence in 14 international economies, and loans made through this network accounting for 17 per cent of its total loans.

Over the years, it has adopted a strategy of connecting the region to support its clients in their overseas expansion, and the bank’s international network has been an important factor in the continued growth of its business.

Permata is one of the leading commercial banks in Indonesia, with a sizeable presence across customer segments. With its leading retail deposit franchise and best-in-class digital capabilities, and led by its seasoned management team, Permata is well poised for growth post the recent restructuring.

The acquisition of Permata underlines the Bangkok Bank’s commitment to Indonesia, having been present here since 1968, and will further strengthen the Bangkok Bank’s position as a regional player with strong positioning in Thailand and Indonesia, the two largest markets in Asean.

Piti Sithi-Amnuai, Chairman of Bangkok Bank, said, “International expansion is our key strategy. Indonesia in particular is a key focus for us, as it is one of the fastest-growing major economies in Asia with highly attractive macroeconomic fundamentals, favorable demographics, and increasing Asean regional integration”.

Chartsiri Sophonpanich, President of Bangkok Bank, said: “Based on our first hand experience in Indonesia and deep understanding of the banking sector, we believe the Indonesian banking sector is poised to continue delivering attractive growth while maintaining healthy margins. Permata offers us a solid scalable platform with capabilities that complement our strategic objectives, including an extensive distribution network, a strong retail deposit franchise and brand, and advanced digital capabilities. We look forward to working with and supporting Permata’s management and employees to take Permata to the next level.”

Permata is currently the 12th largest bank in Indonesia by total assets, the acquisition by Bangkok Bank will allow it to tap Bangkok Bank’s expertise in corporate and SME banking, strong network and relationships with top corporates across Asia, as well as cross-border product and sectorial expertise.

Bangkok Bank will continue to support Permata’s customers by delivering high quality products and services, and promoting financial inclusion and financial literacy.

The bank is also committed to supporting corporates and SMEs across industries, including the agriculture and automotive sectors, in achieving their business goals.

“There are clear synergistic opportunities between the two platforms. With our broad presence in Asia, Bangkok Bank will bring cross-border capabilities across key Asian markets to Permata’s clients, which will be important given increasing regional integration, within Asean and with the Greater China region. I am also very pleased to see Astra remaining supportive of continuing the existing business and extending the relationship between Permata and Astra Group across platforms and products” Chartsiri added.

Bangkok Bank is being advised by Morgan Stanley.

The addition of the property in Dublin will represent the expansion of the luxury brand’s footprint into northwest Europe for the first time and also the first urban Anantara hotel in Europe.

The hotel is located in the Docklands, one of the most attractive and dynamic areas of the Irish capital, in the heart of Silicon Docks, a nod to Silicon Valley on account of the high concentration of multinational high-tech companies located in the area.

Close to the International Financial Services Centre (IFSC) and the Bord Gáis Energy Theatre, the hotel is a perfect cultural and business epicentre for travellers’ keen to experience Ireland’s famous hospitality at its best. The Marker is the only five-star hotel in the area, which has recently emerged as one of the most vibrant and modern parts of the city for living, working and socialising.

Owned by Deka Immobilien, one of Europe’s leading real estate investment managers, and a member of Leading Hotels of the World, The Marker Hotel has a futuristic design and style and offers 187 contemporary guest rooms over six floors (166 deluxe rooms, 18 executive rooms and three suites) plus eight state-of-the-art event and meeting facilities.

Services such as an award-winning spa, named Irish Tatler Dublin Spa of the year several times, and stylish rooftop terrace with stunning panoramic 360º views and the restaurant La Brasserie, recently named Best Hotel Restaurant in Dublin by the Restaurant Association of Ireland (RAI), are part of the experience of The Marker Hotel.

“We are thrilled to announce the expansion of our luxury Anantara brand into northwest Europe in the fair city of Dublin. The Marker Hotel is already known as one of the city’s leading hotels and bringing the reputation and luxury touch points of Anantara to the property will further elevate the guest experience,” commented Dillip Rajakarier, CEO of Minor Hotels, parent company of Anantara Hotels, Resorts & Spas.

Ramón Aragonés, CEO of NH Hotel Group, operators of Anantara in Europe, under the guidance and brand oversight of Minor Hotels, said that “this agreement will enable us to bring a truly different value proposition to the Irish market for the first time. The Anantara brand will connect travellers with genuine experiences in a privileged location in the city of Dublin.”

In the surrounding area visitors to the city can enjoy a walk through the culture and heritage of the Docklands, which dates back to the eighteenth century, a wide range of options for foodie travellers, including extravagant cafés and high-end restaurants, shopping on nearby Grafton Street, boat rides along the river and in Dublin Bay or sporting activities from a relaxing yoga class to watching a game of Gaelic football at renowned Croke Park.

The Dublin hotel will be the third Anantara in Europe, joining Anantara Vilamoura Algarve Resort in Portugal and the Anantara Villa Padierna Palace in Marbella, Spain.

The initiative aims to provide enhanced convenience for K Plus users when making payments abroad.

By opting to pay via QR code with enhanced security, customers can go cashless when going abroad, with no more concerns about insufficient funds or leftover currency, especially foreign coins that cannot be exchanged for cash at home.

Currently, there are more than 1,000 pay points in Japan, including outlets in Narita International Airport, Grandberry Park, Kirindo, Sugiyama Drugs, and other shops bearing the K Plus or Smart Code logos nationwide. JCB plans to expand its service up to 100,000 pay points by March.

In Singapore, more than 800 pay points are available at 7-Eleven, Watsons, outlets in Jewel Changi Airport and at various tourist attractions – including China Town, Clarke Quay, Orchard Road, and Marina Bay – that display the Via logo.

The service does not require a minimum transaction amount. Customers can make payment up to Bt100,000/transaction/day without transaction fee, and check the payment amount in both Baht and foreign currencies with the exact conversion rate before confirming the payment to end any worries over currency fluctuations.

Upon completing the transaction, customers will receive an e-Slip as an evidence of payment. They can also access information on their spending records any time via K Plus.

The transaction was approved by the EA board on November 8.

TFG owns the other 40 per cent in TF Tech, which has registered capital of Bt200 million.

TF Tech aims to install floating solar panels in order to generate and sell the electricity to TFG and the companies in its group