TWSE chief visiting US
Taiwan Stock Exchange (TWSE, 台灣證交所) president Samuel Hsu (許仁壽) is scheduled to leave for the US today on a mission to persuade high-tech businesses in the Silicon Valley to list in Taiwan, the company said. Hsu will hold a seminar on the subject in San Francisco on Tuesday and visit some businesses that had signaled their intention to list in Taiwan, a TWSE statement said. The trip follows a series of similar overseas promotional events that have been held by TWSE in China, Vietnam, Malaysia and Thailand.
High-tech stocks make up more than half of the publicly traded companies on the TWSE, the stock exchange said.
PRC bank calls for easing
China should relax industry and administrative restrictions to encourage private investment and lower high savings ratio, People’s Bank of China Governor Zhou Xiaochuan (周小川) said. The limited choices for investment, especially in the service sector, have led companies to retain earnings or pour money into available industries, such as manufacturing, leading to overcapacity, the central bank chief said at a seminar in Beijing late on Friday. Postal, telecommunications, financial services and education are areas that now limit foreign and private investment, he said.
Las Vegas Sands plans IPO
Las Vegas Sands Corp plans to file with Hong Kong regulators as soon as next month for an initial public offering of shares in its Macau casinos, a person with knowledge of the plans said. The Las Vegas-based casino operator, controlled by billionaire Sheldon Adelson, is also seeking amendments to its Macau bank loan, including covenant relief and permission to issue as much as US$1.5 billion in new debt, said the person, who declined to be identified because the plans aren’t public. Las Vegas Sands is seeking funds to restart work on its US$12 billion, 20,000-room complex of hotels and casinos on Macau’s Cotai Strip.
Goodyear to cut jobs
The Goodyear Tire & Rubber Co said on Friday it would cut 500 jobs by closing its tire plant in the Philippines as part of a strategy to reduce manufacturing capacity that the biggest US tiremaker believes is no longer competitive. Goodyear opened the Las Pinas plant in 1956. The closure is to be completed by Sept. 30 and will affect most of the company’s 600 employees in the Philippines. Its sales and marketing operations there remain. Akron, Ohio-based Goodyear wants to transfer some tire production to lower-cost plants in the company’s Asia-Pacific Region, but did not specify where within the region.
Cisco to lay off hundreds
Cisco Systems Inc laid off 600 to 700 workers this week, bringing the world’s largest maker of computer networking gear closer to its goal of reducing its work force by about 2,000 positions. The cuts, reported earlier by the Wall Street Journal, were made at Cisco’s San Jose, California, headquarters on Thursday, adding to the 447 California workers Cisco had already laid off since the end of February, according to notices filed with the state. As of the end of April, Cisco employed about 66,560 people. The company said in February that it planned to cut 1,500 to 2,000 jobs “in the near term.”