FRANCE
Chinese to buy into Lyon
A group of Chinese investors is set to inject 100 million euros (US$112 million) into French soccer club Lyon in a move that could threaten Paris Saint-Germain’s supremacy. Lyon, which dominated the French league from 2002 to 2008, on Friday said that Chinese investment fund IDG Capital Partners wants to acquire 20 percent of its share capital. The project includes a joint venture aimed at increasing the seven-time French champion’s presence in Asia. Lyon president Jean-Michel Aulas has previously complained of “unfair competition” from Paris Saint-Germain, which is backed by Qatari investors.
PHARMACEUTICALS
Novartis ex-CEO indicted
Prosecutors have indicted the former chief executive of the South Korean unit of Novartis and five other former and current managers over allegations they illegally paid doctors 2.6 billion won (US$2.4 million) in return for prescribing the company’s drugs. The Swiss pharmaceutical company in a statement expressed regret, but also said without elaborating that such conduct would not have been sanctioned by the “most senior management” at Novartis Korea. Seoul prosecutors said they also indicted 28 others, including doctors and publishers of medical journals, over their suspected involvement in transactions that took place between 2011 and January this year.
TRINIDAD
Plant agreement inked
Trinidad and Tobago has signed an agreement with Japanese business officials to establish a new petrochemical plant in the Caribbean nation. The facility in the southwest town of La Brea would produce methanol and dimethyl ether. The government said it will be a collaborative effort with Japan’s Mitsubishi Corp and others. A signing ceremony was held earlier this week. Financial terms were not disclosed on Friday and it was not clear when production might start. Japanese ambassador Mitsuhiko Okada said the plant would be the largest investment the Asian nation has ever made in Trinidad.
GAMES
VR fart-smelling game made
The creators of an upcoming South Park video game have developed a stinky spin on virtual reality (VR). Ubisoft Corp unveiled plans on Friday for a VR mask that will pump fart smells into gamers’ nostrils as they play the game South Park: The Fractured But Whole. The system called the Nosulus Rift will be available for sale. It was designed for use at live events, such as the Penny Arcade Expo and Gamescom. Ubisoft senior producer Jason Schroeder said the technology is “the most immersive way” for players to experience the character’s superpower.
UNITED STATES
Iconiq releases Alibaba hold
Iconiq Capital, which helps manage the fortunes of Silicon Valley billionaires, reduced its position in Alibaba Group Holding Ltd (阿里巴巴) last quarter by about half and purchased shares of Tesla Motors Inc. Iconiq sold about 1 million American depositary receipts of the Chinese e-commerce company in the second quarter, leaving it 1.19 million shares valued at US$94.6 million at the end of June, according to a regulatory filing on Friday. It also bought shares of automaker Tesla worth US$269,595 as of June 30.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last