■ Automakers
China Motor plans stake sale
China Motor Corp (中華汽車), which makes Mitsubishi-brand vehicles in Taiwan, aims to sell a stake in a Chinese unit to Mitsubishi Motors Corp in the first quarter of next year to help it expand in China. Mitsubishi Motors has agreed to buy 20 percent of South East (Fujian) Motor Co (東南汽車) from China Motor, and negotiations on the price are continuing, said Yang Ming-te (楊明德), a spokesman for the Taipei-based carmaker. "We hope to reach an agreement before the end of the year," Yang said on Friday. "The deal will be a plus for us, as it will help sales of South East Motor," he said. South East Motor, a 50-50 venture between China Motor and the government of southeastern China's Fujian Province, has capital of US$138 million, Yang said.
■ Investment
Snow cleared in bonds probe
US Federal investigators have concluded that US Treasury Secretary John Snow did not violate conflict-of-interest rules in inadvertently investing in the bonds of two government-sponsored mortgage giants. The conclusion was contained in a document from the Treasury Department's Office of the Inspector General, released on Friday as a result of a Freedom of Information Act request. "No evidence or information was developed during the course of the investigation which would suggest Secretary Snow knowingly held [government-sponsored enterprise] securities," according to the Treasury document. Snow was a top executive at the railroad company CSX Corp before he became Treasury secretary in February 2003. As he prepared to move into the federal post, Snow has indicated he instructed his adviser to invest in treasury bonds to avoid any conflict of interest. But his adviser in 2003 ended up buying US$10.87 million in bonds held by government-sponsored enterprises of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Fannie Mae and Freddie Mac are big players in the mortgage market, and Snow has pressed for tighter regulation of them.
■ Singapore casinos
Wynn's bid eliminated
US casino operator Wynn Resorts has been eliminated from the race to build Singapore's first casino after failing to submit a background check by a deadline imposed by the city-state, authorities said. Only five candidates had met Friday's deadline for submission of documents for a compulsory background check, the Singapore Tourism Board said in a statement late on Friday. The government had asked shortlisted candidates to send in personal and corporate history disclosure forms. The Friday deadline was only for the Marina Bay project. Singapore will tender the Sentosa project next year.
■ Trade secrets
Ex-CEO admits conspiracy
The former chief executive of a software company has pleaded guilty to federal charges of stealing a rival's trade secrets. John O'Neil, the ex-CEO of Business Engine Software Corp, on Wednesday pleaded guilty in San Francisco to conspiracy to steal trade secrets and interstate transportation of stolen property, Assistant US Attorney Christopher Sonderby said. O'Neil, 43, the third Business Engine Software executive to plead guilty in the case, faces a maximum penalty of 10 years in prison and a fine of US$250,000. O'Neil admitted that he conspired over a 10-month period to illegally access the computer network of rival Niku Corp in order to steal trade secrets, according to the US Attorney's office.
RSS