■ Hynix
Creditors to talk bailout
Hynix Semiconductor Inc's major creditors will meet tomorrow to discuss a possible third bailout in two years for the world's third-largest maker of computer memory chips. Korea Exchange Bank, Woori Bank, Citibank NA and other creditors will be advised by Deutsche Bank AG to swap 1.85 trillion won (US$1.5 billion) of debt into shares and delay payment on the rest, the Maeil Business Newspaper reported yesterday. The banks, owed 6.2 trillion won, own 67 percent of the chipmaker after swapping debt for shares in June and have refused to lend it new money. Yet shuffling the existing debt may not be enough to keep the chipmaker in business, some analysts say. "Even with a debt write-off, Hynix needs more money if it wants to upgrade its facilities and remain competitive," said Koo Hee-jin, an analyst at LG Investment & Securities Co.
■ GlaxoSmithKline
Pay package withdrawn
Pharmaceutical giant GlaxoSmithKline is to withdraw its controversial ?20 million (US$32 million) pay package for chief executive Jean-Pierre Garnier, after a storm of protests from shareholders. The company will hold discussions this week and is expected to shelve the deal for now, though it is expected to be revived at some point. Garnier, who is based in the US, made ?6 million last year and is already one of the best paid chief executives of a British company. The disclosure of the scale of his demand has provoked calls for the government to regulate top pay. A survey published yesterday by the BBC shows that three-quarters of the public think that directors of large British companies are paid too much while two thirds says business leaders cannot be trusted to tell the truth.
■ Internet
Slump set to continue
A Singapore study of the battered Internet sector pointed yesterday to a recovery two and a half years after the global technology slump. The poll by online unit trust distributor Fundsupermart.com suggests that Internet-related companies are poised to bounce back, though many financial analysts remain sceptical about the prospects for dotcoms. In its survey of 22 Internet companies including Amazon.com, eBay, Yahoo and Priceline, Fundsupermart.com noted that these companies were now registering operating profits. The companies had previously been incurring quarterly losses of around US$450 million for years, it noted. "Furthermore, the profits look set to continue increasing, given that sales are re-accelerating," The Straits Times quoted Fundsupermart.com executive chairman Lim Chung-chun as saying.
■ Banking
Chohung records stolen
South Korea may punish Chohung Bank's management and labor union after bank workers stole bank documents, making it more difficult for potential buyers of the country's fourth-largest lender to evaluate its worth. The government earlier said it must delay the bidding process by a week to the first week of December because four bidders were interrupted in examining the bank's finances. "Those who are responsible should be punished," said Byeon Yang-ho, director-general of finance policy at the Finance Ministry. ``We are discussing timing and methods for the penalties.''
Agencies
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
BULLY TACTICS: Beijing has continued its incursions into Taiwan’s airspace even as Xi Jinping talked about Taiwan being part of the Chinese family and nation China should stop its coercion of Taiwan and respect mainstream public opinion in Taiwan about sovereignty if its expression of goodwill is genuine, the Ministry of Foreign Affairs (MOFA) said yesterday. Ministry spokesman Jeff Liu (劉永健) made the comment in response to media queries about a meeting between former president Ma Ying-jeou (馬英九) and Chinese President Xi Jinping (習近平) the previous day. Ma voiced support for the so-called “1992 consensus,” while Xi said that although the two sides of the Taiwan Strait have “different systems,” this does not change the fact that they are “part of the same country,” and that “external
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source