Postal deposits grow stably
The average deposit balance per post office account as of the end of September rose about 2.5 percent year-on-year from NT$165,000 (US$5,154) to NT$169,000, indicating stable growth in postal deposits, state-owned Chunghwa Post Co (中華郵政) said yesterday. This year’s figure is NT$25,000 higher than the NT$144,000 recorded in 2011, Chunghwa Post data showed. The average deposit balance in 2012 was NT$150,000, rising to NT$153,000 in 2013, and has continued to increase. The total deposit balance at Chunghwa Post was NT$6 trillion at the end of September, compared with the NT$3.86 trillion held by Bank of Taiwan (臺灣銀行), the largest bank in the nation.
Director decries ‘monopoly’
One of China’s most famous film directors has publicly accused the nation’s richest man of monopolizing the cinema market and limiting screenings of his latest movie. Veteran director Feng Xiaogang (馮小剛) said that I Am Not Madame Bovary (我不是潘金蓮) has been given on average 40 percent or more of available screening slots in cinemas, but only 10.9 percent in those run by Wanda Cinema Line Co (萬達院線). The theater chain operator is owned by Wang Jianlin’s (王健林) Wanda Group Co (萬達集團), a real-estate conglomerate that has become the world’s biggest cinema operator and recently signed up as a FIFA sponsor until 2030. In an open letter to Wang on the microblogging site Sina Weibo, Feng said the company had become too powerful in China. Wang’s son, Wanda board member Wang Sicong (王思聰), responded in a Weibo posting to Feng’s accusations by suggesting his film was simply not good enough to merit more screenings. A Wanda spokesman declined to comment.
Swire to buy bottling firms
Hong Kong conglomerate Swire Pacific Ltd is nearing the acquisition of Coca-Cola bottling assets in China from a unit of state-owned food giant Cofco Corp (中國糧油), people with knowledge of the matter said. Swire is close to an agreement to purchase stakes in Coca-Cola bottlers from Cofco’s China Foods Ltd (中糧名莊薈) subsidiary, the people said. The deal could value the businesses at about US$1 billion, the people said. China Foods in August said that it was exploring the sale of its stakes in 10 Coca-Cola bottling companies in the country, including some operations that are joint ventures with Swire. Negotiations could still fall apart or be delayed, the people said.
CPF to acquire Bellisio
Thailand’s biggest food company, owned by the kingdom’s richest tycoon, has agreed to buy US frozen-food giant Bellisio for nearly US$1.1 billion. Charoen Pokphand Foods (CPF) hailed the acquisition of the US firm, which has a slew of popular frozen brands under its banner, as its first “entry into the world’s largest food market.” The two food titans expect to close the transaction within 180 days, CPF said in a statement released on Thursday. The company is part of Thailand’s sprawling CP Group, owned by billionaire Dhanin Chearavanont. CPF hopes to use its new foothold in the US to “bring greater variety of products, particularly Asian food products, to US consumers,” chief executive Adirek Sripratak said in a statement. Bellisio Foods produces and distributes frozen foods for well-known brands like Boston Market and Chili’s.
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
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
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB