FCB Leasing gets finance
The board of First Commercial Bank (第一銀行) approved a NT$500 million (US$16.7 million) capital increase to finance a plan for its subsidiary, FCB Leasing Co (一銀租賃), to set up a leasing firm in China, the Taiwanese company said in a filing to the stock exchange on Friday. The capital for the planned leasing firm is set at US$20 million, said the state-run lender, the banking arm of First Financial Holding Co (第一金控).
Impact on stocks assessed
China is weighing the possible effects on the stock market when deciding its economic policy, China Central Television reported yesterday, citing central bank governor Zhou Xiaochuan (周小川). “We are trying our best in making policy decisions to take the stock market reaction into account,” the People’s Bank of China chief said in an interview with the state broadcaster. “But when you only have a limited number of policy tools, you can hardly cover all the bases.”
Sharp joins new LCD project
Japan’s Sharp Corp will build production lines to make small and mid-sized LCD panels for smartphones, including Apple’s iPhone, a report said on Friday. Sharp will invest about ￥100 billion (US$1.2 billion) in the project with Apple shouldering a large portion of the sum and buying most of the panels produced, the Nikkei business daily said. A Sharp spokeswoman declined to comment on the report. Sharp has also supplied LCD panels for Apple’s iPod Touch music player.
Forbes’ toys auctioned off
A 37.5-inch long replica of the ill-fated Lusitania, the star lot in an auction of antique toys collected by the late Malcolm Forbes and his sons, sold for US$194,500 at Sotheby’s in New York on Friday, just short of its high estimate of US$200,000. The publishing magnate bought it in 1983 for US$28,600. The actual Cunard ocean liner was torpedoed by a German U-boat in 1915. Overall, the sale’s 237 lots, which included toy knights and the earliest surviving Monopoly game, handmade by its inventor, Charles Darrow, failed to stir as much excitement as expected.
Yahoo announces charges
Yahoo Inc expects to report US$33 million to US$38 million in charges related to layoffs it announced earlier this week, the company said in a regulatory filing. In a filing with the Securities and Exchange Commission on Friday, Yahoo said that the charges, which it plans to report mostly in the fourth quarter, are for severance and other costs. The -Sunnyvale-based company said on Tuesday that it would cut its work force by 4 percent as it laid off 600 employees.
News Corp to get clearance
News Corp is set to win EU regulatory clearance to acquire full control of dominant British pay-TV group BSkyB without the need for concessions, a source familiar with the case said on Friday. News Corp, which also owns British newspapers the Sun, sister paper the News of the World and the Times and Sunday Times, wants to buy the 61 percent of BSkyB it does not already own for ￡7.8 billion (US$12.19 billion) to consolidate the business it helped build. The European Commission will say next week that the deal does not have any significant anti-competitive impact, said the source.