Hasbro Inc, the world's second-largest toymaker, was fined 4.95 million euro (US$7.7 million) by British regulators for fixing prices in the UK. \nThe maker of Mr. Potato Head and GI Joe broke British competition law when it told 10 distributors they couldn't sell toys and games below Hasbro's list price without permission, the UK's Office of Fair Trading said. The ruling will be appealed, Pawtucket, Rhode Island-based Hasbro said in a statement. \nHasbro expects fourth-quarter expenses of as much as US$20.9 million. The company had already taken a charge to last year's earnings of 160,000 euro to cover expected costs. The agency is conducting a second inquiry into Hasbro's agreements. A final decision is expected in several months, the company said. \n"We are surprised and disappointed at the level of the fine imposed by the OFT," Chief Executive Alan Hassenfeld said in the statement. "The activities cited by the OFT occurred over a very short period of time and through a limited number of wholesale distributors." \nHasbro had expected a fine of between US$236,000 and US$38.3 million, the company said. The fine was first set at 9 million euro, the UK regulator's largest, and reduced because Hasbro cooperated in the probe, the regulator said. \nCompany spokesman Wayne Charness didn't immediately return phone calls to his office and cellular phone. In May, the Office of Fair Trading made a preliminary finding that Hasbro's pricing agreement with some UK retailers was unlawful and a final decision is expected in the next several months, the company said in the statement. \nShares of Pawtucket, Rhode Island-based Hasbro fell US$0.26 to US$12.82 at 3:41pm in New York Stock Exchange composite trading Friday. They have declined 21 percent this year.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
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
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion