FTC OK's karoke merger \n \nThe Fair Trade Commission yesterday approved the merger between Holiday Entertainment Co (好樂迪娛樂事業) and Cash Box KTV (錢櫃), the nation's two largest karaoke chains. \nHoliday announced a plan to merge with Cash Box back in early April. Holiday has 62 outlets, while Cash Box has 20. The new company, with NT$4.2 billion (US$120 million) in capital, will operate as Holiday Entertainment. \nThe commission warned the new company not to use its monopoly power to squeeze music distributors or to charge unreasonable prices. \nHoliday and Cash Box generated NT$ 3.795 billion and NT$3.615 billion in sales last year, respectively. \nChina Development rating falls \n \nChina Development Financial Holding Corp's (中華開發金控) rating outlook was lowered to "negative" from "stable" by Standard & Poor's, reflecting a potential decline in profit. Its banking unit's outlook was also revised down. \nS&P affirmed China Development Financial's BBB+ long-term and A-2 short-term ratings. It also affirmed China Development Industrial Bank's A- long-term and A-1 short-term ratings. \nProfit at China Development Industrial Bank (開發工銀), wholly owned by China Development Financial, "is likely to decline and be more unstable over the near to medium term" and its "weaker profitability is likely to change the risk profile" of parent China Development Corp, S&P said in a statement. \n"The outlook revisions reflect the difficulty China Development Industrial Bank has had in finding new investments to replace those it made in electronics companies in the late 1980s and early 1990s," it said. \nCETRA reschedules shows \n \nWith the threat of SARS diminishing, the China External Trade Development Council has decided to hold three trade shows previously canceled due to the SARS outbreaks, a council official said yesterday. \nThe official said that the 2003 Taipei International Computer Show, one of the world's top three IT trade shows, will be held Sept. 22 to 26. The show will host 2,800 booths displaying the latest innovative products, including computers and computer software and peripherals. \nThe 2003 Taipei Computer Application Show will be held at the end of this month and the council plans to inform 230,000 dealers and related companies about the show. \nThe 2003 Taipei International Food Show from Aug. 15 to 17 will feature many foodstuffs and agricultural products from Taiwan, Japan, Canada, Germany and other countries. \nFirst Financial to sell shares \nFirst Financial Holding Co (第一金控), the owner of the nation's No. 4 bank by assets, aims to sell about 1 billion new shares to overseas in-vestors on July 22, a Chinese-language newspaper said, without citing the source of its information. \nThe company last month said it expected to raise about US$600 million from the sale. \nFirst Financial, assisted by Citigroup Inc and Deutsche Bank AG, expects to proceed with presentations to investors in the US and Europe this month. \nA successful sale would dilute the government's two-fifths stake in the lender and pave the way for offerings by state-controlled banks. First Financial's offer comes after its bank unit wrote off more than NT$70 billion (US$2 billion) of bad loans last year. \nNT dollar gains \n \nThe NT dollar gained NT$0.071 against the US dollar to close at NT$34.465 Thursday on the Taipei Foreign Exchange. \nA total of US$792 million changed hands.
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
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
’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