Cleanup may cost jobs
Japan’s embattled Tokyo Electric Power Co (TEPCO) plans to shed more than 1,000 jobs through voluntary retirements by the second half of next year, sources told Reuters, as it seeks to win more financial aid to clean up its crippled Fukushima Dai-ichi nuclear plant. TEPCO is working on a reorganization plan to fend off more drastic proposals, including possibly dragging the company through bankruptcy in return for a publicly funded cleanup and shutdown of its Fukushima reactors. The government has agreed to spend ￥47 billion (US$470 million) on dealing with about 1,000 tanks of radiated water at TEPCO’s crippled plant. The Japanese government is considering paying part of the cost to decommission the nuclear reactors.
UK clients being spammed
Cybercrime investigators are looking into a barrage of spam sent to millions of British banking customers designed to freeze their computers and demand a ransom, Britain’s National Crime Agency said on Friday. The agency, which began operating last month, said its National Cyber Crime Unit had become “aware of a mass e-mail spamming event which is ongoing, where people are receiving e-mails that appear to be from banks and other financial institutions.” The agency said it considered the attack a “significant risk.” It added that while the spam e-mails may have been sent out to “tens of millions of UK customers,” they appear to be targeted mainly at small and medium-sized businesses. The spam carries an attachment that appears to be correspondence related to the text of the e-mail — such as a voice mail or fax or details of a purported suspicious transaction or invoice seeking payment, but the attachment injects a malicious program into the computer, the agency said.
Diaper firm plans spin-off
Kimberly-Clark Corp, the maker of Kleenex tissues and Huggies diapers, plans to spin off its healthcare business, leaving management to focus on its consumer and professional brands. The tax-free deal would create a stand-alone, publicly traded company with about US$1.6 billion in annual sales, Dallas-based Kimberly-Clark said on Thursday in a statement. The unit that would be separated makes products such as sterile wraps, surgical face masks and catheters. About 70 percent of its sales last year were in North America, with most of the rest in Europe and Asia. Kimberly-Clark’s intent to separate its healthcare unit contrasts with competitors such as Clorox Co and Newell Rubbermaid Inc that are seeking to deepen their operations in the market.
Geithner joins Warburg
Former US Treasury secretary Timothy Geithner is joining private-equity firm Warburg Pincus, the Wall Street Journal reported yesterday. Geithner, who played a major role in combating the global financial crisis during the four years he served as US Treasury secretary, will join the New York-based firm in March as president and managing director, the newspaper reported Geithner as saying in an interview. Geithner stepped down as US Treasury secretary in January.
Just a few years ago, the millennial generation — generally defined as those born from the early 1980s through the mid-1990s — was synonymous with youthful rebellion. However, now, as the millennials ease into early middle age, they are finding their path out of their parents’ basement to be a lot harder than it was for earlier generations. The fundamental problem is that millennials are not building wealth. The wealth of the median US household headed by someone 35 or younger has actually shrunk in inflation-adjusted terms since the mid-2000s, even as the wealth of older Americans has continued to grow. An
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range