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Business Quick Take

■ TELECOMS

Shopping network sold

Eastern Home Shopping Network (東森得意購), Taiwan's largest TV shopping service provider, was sold to a local company for NT$340 million (US$10.52 million), the Chinese-language Commercial Times reported yesterday, citing Jimmy Chang (張水江), former chairman of Era TV Group (年代影事集團). The report said Peak Profit BVI (尖端利潤) -- a company cofounded by Chang and several local businesses and foreign buyout firms -- signed an agreement with Eastern Home Shopping on Dec. 27 to acquire 100 percent of the TV shopping network. Chang is a vice chairman of Saga Unitek Ventures (國聯創投) and was previously CEO of Sanlih SET TV Ltd (三立電視).

■ JAPAN

Tokyo selling residence

Tokyo's city government is selling its governor's residence, which has been lying empty for years, hoping to raise tens of millions of dollars for local government coffers. The four-bedroom house, complete with meeting rooms and an emergency communications center, is set on more than 20,000m2 of land in an upmarket area of Shibuya in central Tokyo, the Yomiuri Shimbun said yesterday. Rebuilt at a cost of US$11.22 million in 1997, it was occupied by the then governor for less than two years. Later, Governor Shintaro Ishihara refused to move in when he was elected, saying he could not relax there, the paper said.

■ TELECOMS

Sprint cutting 4,000 jobs

US telecommunications firm Sprint Nextel announced on Friday it was cutting 4,000 jobs, saying it anticipated "downward pressure" on its profits in the coming year. The company, which is based in Reston, Virginia, said it would also close 125 company-owned retail stores in a bid to cut costs. Sprint Nextel said it was cutting jobs and closing 8 percent of its total company-owned outlets in a bid to "streamline" its business operations. The telecoms firm said it had signed up over 500,000 new subscribers during the fourth quarter of last year, but lost more than 600,000 existing subscribers.

■ ENERGY

Investors vie for share offer

India's biggest share offer by Reliance Power was oversubscribed 73 times as investors scrambled to apply for a slice of the nearly US$3 billion flotation, final figures showed yesterday. The initial public offering (IPO) made financial history in Indian capital markets, including the largest number of applications, bankers said. Investors submitted bids worth US$191 billion. Reliance Power, owned by tycoon Anil Ambani, offered 260 million shares, or 10.1 percent of its capital. The IPO received 4.7 million applications, beating the previous record of 1.95 million from an offering by Reliance Petroleum in 2006.

■ AVIATION

Air China bids for rival

Air China Ltd's parent made a bid for a stake in rival China Eastern Airlines Corp, after Singapore Airlines Ltd's HK$3.80 (US$0.49) a share offer was rejected. China National Aviation Holding Co proposed to become "alliance partners" with China Eastern, China National Aviation said in an announcement in the Shanghai Securities News yesterday. Details of the offer will be announced on Tuesday, it said. Air China, the world's largest airline by market value, and affiliate Cathay Pacific Airways Ltd are seeking a tie-up with Shanghai-based China Eastern. China National Aviation will offer at least HK$5 a share.