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.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
ELECTRIC FARMLAND: TSMC’s proposal to clear 230 hectares of reforested land for what would become Taiwan’s largest photovoltaic solar farm has generated concerns New rules curbing solar farms built on agricultural land sparked fierce debate at a packed public hearing at the Legislative Yuan yesterday, with industry representatives saying that the new restrictions would endanger President Tsai Ing-wen’s (蔡英文) green energy goals, while agricultural officials emphasized the importance of protecting farmers and the environment. The Tsai administration has set a target to generate 20 percent of the nation’s power from renewable sources by 2025, by which time it also aims to install 20 gigawatts (GW) of solar power, including 6GW from rooftop solar systems and 14GW from ground-mounted solar farms. Although rooftop solar systems are
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees