Mizuho mob loans probed
Tokyo police are preparing to launch a probe into Mizuho Financial Group’s loans to gangsters, a report said yesterday. The Tokyo Metropolitan Police are eyeing fraud allegations against the gangsters, who are thought to have received the loans by hiding their affiliations with criminal organizations, the Asahi Shimbun said. Mizuho has been cooperating with police, the newspaper added. The bank, one of the country’s three biggest, has been under fire since it emerged that it had processed hundreds of transactions worth about ￥200 million (US$2 million) for “anti-social forces,” a common term for Yakuza mobsters. The Financial Services Agency last month admonished the bank for taking “no substantial steps” in dealing with the issue of loans to the mob after it was first discovered two years ago, and pointed to “serious problems” with its compliance monitoring.
Crisis over: Weidmann
The region has left its recession behind and is no longer at the center of attention of crisis-fixing efforts, Bundesbank President Jens Weidmann told reporters in Washington on Saturday. The IMF cut its global growth forecast for this year and next last week and predicted developing economies would grow 4.5 percent this year, compared with a July prediction of 5 percent. Emerging-market stocks fell the most in a week on Friday. Weidmann said the interest in Europe during the meetings centered mostly on institutional changes, especially progress on building the region’s banking union, the conduct of asset quality checks and stress tests for lenders, as well as the removal of “legacy burdens” in the banking sector that has to be completed before supervision by the European Central Bank can start.
Yahoo acquires Bread
Yahoo on Saturday said that it acquired tech company Bread, a URL shortener that allows users to design then target advertisments to readers who click on their links. “Through this acquisition, we’re gaining a team of six engineers and product managers who will join our advertising technology organization in Sunnyvale,” a Yahoo spokesperson said. Bread, which has already been shuttered, allowed users to make and insert ads that people clicking through to a shortened link’s Web page would have to view, according to media. All Bread links will be viable until Nov. 11, at which point the company says users should switch to another URL shortner, bit.ly.
Hopkins tipped to lead Hulu
Hulu LLC, the video streaming service controlled by Walt Disney Co and 21st Century Fox Inc, is close to naming Fox executive Mike Hopkins as its chief executive officer, two people with knowledge of the matter said. The appointment is expected to be announced shortly, said the people, who asked not to be identified because the deliberations are private. Hopkins, president of distribution for Fox Networks and a Hulu board member, would succeed acting CEO Andy Forssell. With Hopkins, Hulu would gain an executive experienced in negotiating with pay-TV services. The company wants to become an online partner to the industry, giving subscribers mobile and online access to programs, and is developing its own shows. The selection moves Hulu closer to being a media company than a tech player, said Laura Martin, an analyst at Needham & Co.
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
EQUITIES TAIEX moves sharply higher The TAIEX moved sharply higher yesterday as buying focused on Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after a strong showing by its American Depositary Receipts overnight. However, the gains were capped after the benchmark index breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, dealers said. At the end of the session, the TAIEX was up 131.11 points, or 1.02 percent, at 12,976.76. Turnover was NT$206.328 billion (US$7.04 billion), with foreign institutional investors buying a net NT$18.47 billion in shares, Taiwan Stock Exchange data showed. TSMC rose 2.92 percent to close at NT$458.