Fidelity Investments slashed its stake in software maker Computer Associates International Inc by almost half. \nFidelity, the biggest US mutual fund group, held 37.8 million shares, or 6.5 percent of the world's fifth-largest software maker as of April 30, according to a Securities and Exchange Commission filing. Boston-based Fidelity held 67.4 million shares, or 12 percent, on Dec. 31, according to Bloomberg data. \nComputer Associates is the focus of an inquiry into what the Wall Street Journal has reported is the way it books revenue. The Islandia, New York-based company is also facing renewed demands for the removal of top management from Sam Wyly, who waged an unsuccessful proxy fight last year to gain seats on the company's board. \n"They see something there that they not only don't like, but they don't think has a near-term prognosis that would enable them to hold [the stock] through a three-to-six-month time period," said Jim Lowell, editor of the Fidelity Investor newsletter. \n"Fidelity was a very strong backer of management during the proxy battle." \nOverall, Computer Associates was Fidelity's 40th-largest holding at yearend. As of March 31, it was the third biggest holding of Fidelity Low-Priced Stock Fund. \nWyly associate Stephen Perkins has said Wyly is considering another proxy battle. \nRobert Gordon, a Computer Associates spokesman, declined comment. \nWhile Fidelity was cutting Computer Associates, the company was adding shares of Continental Airlines Inc. and Frontier Airlines Inc. Fidelity held 8.32 million shares, or 13 percent, of Continental's outstanding stock as of April 30, a filing said. \nThat's up from 156,040 shares, or 0.2 percent, as of Dec. 31, according to Bloomberg. \nFidelity owned 3.14 million shares, or 11 percent, of Frontier's outstanding stock as of April 30, a filing said. That's up from 434,800 shares, or 1.5 percent, as of Dec. 31, according to Bloomberg.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US