Hynix debt plan rejected
Hynix Semiconductor Inc, the world's third-largest maker of computer-memory chips, failed to get approval on a plan aimed at reducing more than 1 trillion won (US$869 million) of debt, its largest shareholder said. The proposal, which involved asking banks to accept losses on some of their credits to the South Korean chipmaker, failed after Korea Development Bank rejected the idea and demanded early payment, said Min Seung-ki, head of the Hynix team at Korea Exchange Bank. Hynix is 81 percent owned by Korea Exchange and other credi-tors. It wants to cut debt as higher chip prices allow the company to forecast its first annual profit since 1999.
■ Mobile Phones
Sharp wants 10% growth
Sharp Corp, Japan's largest maker of liquid crystal display panels, is targeting 10 percent annual growth in mobile phone sales, corpor-ate executive director Masafumi Matsumoto said. Sharp also aims to take between 4 percent and 5 percent of the global hand-set market in the long term, compared with 2 percent now, Matsumoto told a press conference in Tokyo. Sharp's mobile-phone sales rose more than expected in the April-to-June quarter, Matsumoto said.
China upset at US duties
Beijing expressed concern yesterday at a preliminary US decision to impose anti-dumping duties of up to 112.81 percent on imports of Chinese shrimp but said both sides should address the dispute calmly. "China expresses concern over the relevant decision made by the US side," Foreign Ministry spokeswoman Zhang Qiyue (章啟月) told a news conference. "It's quite normal to have some trade conflicts with the back-ground of the rapid develop-ment of the two countries' trade and economic rela-tions," she said. Vietnam on Wednesday called the decision to impose duties up to 93.13 percent on its exports unjust and bad for its shrimp farmers and consumers. A final decision on the duties is expected in November.
Charters buy Boeing's 7E7
Blue Panorama of Italy and First Choice Airways of the UK, are the first in Europe that plan to buy Boeing's new 7E7 Dreamliner pas-senger jets, the company said on Wednesday. Blue Panorama plans to order four of the jets while First Choice expects to buy six, Boeing said. The 10 planes would be worth US$1.2 billion at list prices. Deliveries would begin in 2009, Boeing said. Mike Bair, Boeing's senior vice president in charge of the 7E7 program, said the two charter airlines are pri-marily interested in the 7E7-8, which seats 217 passen-gers in three classes and can fly nearly 9,800 miles.
Judge OKs settlement
A California judge granted final approval in a US$1.1 billion settlement between Microsoft Corp and con-sumers, who accused the company of violating state antitrust and unfair com-petition laws. The judge said the settlement was "fair, reasonable and adequate compensation" for more than 14 million eligible consumers. He dismissed all objections to the settlement, which was reached in January last year. The settlement stems from a class-action lawsuit filed in 1999. Microsoft must distribute up to $1.1 billion in the form of vouchers for computers and software products.
HONG KONG SECURITY: The president blasted regulations requiring Taiwanese agents or political organizations to provide information on their Hong Kong-related activities President Tsai Ing-wen (蔡英文) yesterday warned of countermeasures should controversial Chinese national security legislation imposed on Hong Kong undermine or harm Taiwanese interests. Article 43 of the legislation empowers the Hong Kong Special Administrative Region to serve written notices to Taiwanese political organizations or individual agents to furnish information on their Hong Kong-related activities, including their personal particulars, finances, assets, expenditure and capital in the territory. Failure to comply or providing false or incomplete information can result in a fine of HK$100,000 (US$12,903) or imprisonment of six months or two years respectively. Tsai said that Taiwan would keep a close watch on how
PROBE LAUNCHED: An officer who served as a supervisor in the drill died in an apparent suicide after the accident, which was caused by unexpected waves Two marines who were on Friday injured in a military exercise in the waters off Kaohsiung passed away yesterday, Navy Command said. The marines — surnamed Tsai (蔡), 26, and a sergeant surnamed Chen (陳), 36 — were in a seven-member Marine Corps team that encountered rough seas during a simulated response to enemy forces landing on Taiwan. Their rubber craft overturned in waters off Taoziyuan (桃子園) beach in Zuoying District (左營), injuring four of the marines. They were rushed to hospital, where three of them — Tsai, Chen and a 34-year-old sergeant — were taken to an intensive care unit
MORAL COURAGE: The Ministry of Foreign Affairs urged the global community to face China’s intention to subdue Taiwan and reject such irrational requests The Ministry of Foreign Affairs yesterday strongly condemned the Chinese government for meddling with US officials’ interactions with Taiwan after FBI Director Christopher Wray revealed China’s efforts to discourage US officials from visiting Taiwan. The greatest long-term threat to the US’ information security and intellectual property, as well as its economic vitality, is China’s counterintelligence and economic espionage operations, Wray told a video event at the Hudson Institute in Washington. Beijing is engaged in a highly sophisticated and maligning foreign influence campaign, with methods that include bribery, blackmail and covert deals, he said. Giving an example, Wray said that when a US official
‘SIGNAL TO ALLIES’: The US Navy’s exercises are not in response to those carried out by China, the commander of the strike group led by the USS ‘Ronald Reagan’ said Two US aircraft carriers were yesterday conducting exercises in the disputed South China Sea, the US Navy said as China also carried out military drills that have been criticized by the US Department of Defense and neighboring states. China and the US have accused each other of stoking tension in the waterway at a time of strained relations over everything from COVID-19 to trade to Hong Kong. The USS Nimitz and USS Ronald Reagan were carrying out operations and exercises in the South China Sea “to support a free and open Indo-Pacific,” the navy said in a statement. It did not say exactly