CSRC fires bureau chief
China’s stock watchdog yesterday said it has dismissed the head of its share issuance bureau because of suspected illegal stock trading by her spouse. The China Securities Regulatory Commission (CSRC) said in a statement that the official, Li Zhiling (李志玲), was suspected of criminal activity and had been handed over to police. The regulator gave no details. A Chinese business magazine, Caixin, said Li assumed her CSRC bureau chief role in 2012.
EBay sells Craigslist stake
US e-commerce giant eBay Inc on Friday said it has sold its stake in Craigslist back to the online classified listings group, ending a legal dispute between them. The California tech giant had taken a 28.4 percent stake in Craigslist in 2004. Craigslist sued eBay after the online auction giant launched its own classified listing in 2007 called Kijiji, alleging that eBay had hidden the rival project at the time of its investment. Craigslist is one of the most visited Web sites in the US and globally.
IMF approves installment
The IMF, deadlocked with Greece over further financial aid, approved a new loan installment for Cyprus on Friday, now the only other eurozone country receiving its bailout support. The IMF executive board on Friday completed the combined fifth, sixth and seventh reviews of Cyprus’ program and approved the disbursement of 278.4 million euros (US$316.3 million). That would bring the total amount disbursed in the three-year 1 billion euro program begun in 2013 to 742.4 million euros.
Hershey cuts profit forecast
Hershey Co, the maker of Reese’s, Twizzlers and Almond Joy candies, is cutting its profit forecast and eliminating 300 jobs after struggling with slowing growth in China. Earnings per share this year are forecast to be between US$4.10 and US$4.18, excluding some items, down from a previous forecast of between US$4.30 and US$4.38, the company said in a statement on Friday. Hershey’s chocolate sales growth in China trailed its expectations in April and last month, hurt by increased competition in the chocolate category and a cooling economy.
HSBC mulling Brazil unit
HSBC Holdings PLC, which plans to sell its entire business in Brazil, might keep one of its licenses to start a new corporate bank in the country, three people with direct knowledge of the matter said. After selling operations that employ about 20,000 people, the London-based bank intends to hire about 200 workers to provide brokerage, trade finance, foreign exchange, investment banking and dollar loans, according to one of the people.
News Corp eyes Asia growth
A new management team at Rupert Murdoch’s News Corp’s Australian operations is to support plans to expand into fast-growing Asia, Lachlan Murdoch said yesterday. News Corp nonexecutive cochairman Lachlan Murdoch said the company planned to make acquisitions and investments in start-ups in Asia, the Weekend Australian said. “It makes absolute sense to geographically diversify,” Lachlan Murdoch told News Corp Australia’s national broadsheet.
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,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
‘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
GOGOROS TO GO: The scooter maker’s CEO said that the electric vehicles ‘are the perfect complement to a program designed to stimulate the Taiwanese economy’ Minister of Economic Affairs Wang Mei-hua (王美花) yesterday announced a draw to encourage people to claim their Triple Stimulus Vouchers digitally. The prizes include movie tickets and 25 electric scooters donated by Gogoro Inc (睿能創意), Wang said. The Ministry of Economic Affairs said that it would hold a scooter draw every day for the next 10 days, beginning yesterday, after which there would be a draw every week for 15 weeks. The first winner was a Taiwan Cooperative Bank (合庫銀行) credit card user, the ministry said. The benefits of claiming the vouchers digitally extend beyond the draws, with many businesses offering special deals for