Samsung eyes smart watch
Samsung Electronics Co is developing a wristwatch as Asia’s biggest technology company races against Apple Inc to create a new industry of wearable devices that perform similar tasks as smartphones. “We have been preparing the watch product for so long,” Lee Young-hee, executive vice president of Samsung’s mobile business, said during an interview in Seoul. “We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them.” Lee had no comment on what features the watch may have, how much it would cost and when it would go on sale.
AstraZeneca to lay off 1,600
Struggling Anglo-Swedish drugmaker AstraZeneca PLC said on Monday that it would eliminate 1,600 jobs, mostly in the US and the UK. The job reductions would be equivalent to nearly 3 percent of AstraZeneca’s global work force of 57,200 workers. Even the global headquarters will be shifted, from London to Cambridge, England, as the company moves many of its scientists near top centers for bioscience research. The changes, to be made between now and 2016, are expected to produce annual savings of about US$190 million.
Newspaper to start charging
The Washington Post said on Monday it would start charging frequent readers for online access starting in the middle of this year, with some details still to be finalized. The move, which had been expected, will require a paid subscription after 20 articles or multimedia features have been read per month, the Washington Post Co said in a statement. The Post’s homepage, section front pages and classifieds will not be limited, the statement said. The company said an exact launch date had not been decided, nor had the subscription price.
ARM chief retiring
The chief executive of British chip designer ARM Holdings, Warren East, is retiring after nearly 12 years in the role, the company said yesterday. He will step down on July 1, making way for new chief executive Simon Seagars, the current group president, who has been with ARM since 1991. The British firm has seen strong share performance in recent years on buoyant demand for its processors, which are used in smartphones and tablets.
Peugeot, union reach deal
Plans by troubled French carmaker Peugeot Citroen to shed more than 11,000 jobs cleared a major hurdle on Monday. After long negotiations with management, the company’s central works committee approved the compensation package with union members representing 76 percent of the employees voting in favor, according to the carmaker’s industrial director Denis Martin. After further consultations the job cuts and compensation package should receive final approval in the second half of next month.
Electronic Arts CEO quits
Electronic Arts on Monday announced that chief executive John Riccitiello is stepping down and that the US video game giant would make less money than initially expected this quarter. Riccitiello will leave as chief and the board of directors effective March 30, the company said. Electronic Arts veteran Larry Probst was appointed to lead the company’s executive team, while the board of directors searches for a replacement for Riccitiello.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion