Lenovo sees profit tumble
Lenovo Group Ltd (聯想), the world's No. 3 maker of personal computers, said yesterday its fiscal first-half net profit tumbled 53 percent compared with the same period last year. Net profit for the six months ended Sept. 30 totaled US$43.1 million, down from US$91.2 million, the firm said in a brief statement to Hong Kong's stock exchange. The company didn't elaborate on the loss, but it planned to hold a news conference later yesterday. Lenovo, which took over IBM Corp's PC division in April last year, said its first-half revenue rose to US$7.18 billion from US$6.17 billion.
Nissan ends Suzuki talks
Nissan Motor said yesterday it had ended talks with Japan's top mini-vehicle maker Suzuki Motor Corp about building a new factory in India. The announcement came after Nissan's French partner Renault said it had agreed with Indian automaker Mahindra to build a joint assembly plant in India to produce the Logan, a budget compact family saloon. "Nissan is in active discussions with Renault and Mahindra concerning a new industrial partnership and will make a final decision within four months. In consequence, we will not continue our discussions with Suzuki concerning a new industrial project in India," the automaker said.
Chinese bank plans IPO
Bank of Communications Ltd, China's fifth-largest lender by assets, plans to raise nearly 20 billion yuan (US$2.54 billion) in a Shanghai initial public offering in the first half of next year, a newspaper reported yesterday. The bank -- which became the first Chinese bank to list Hong Kong last June -- has hired CITIC Securities, China Galaxy Securities, Haitong Securities and Goldman Sachs Gao Hua Securities to underwrite its domestic share sale, the South China Morning Post reported. The four brokers won the mandate last month and are drawing up the listing documents, the report said.
Warner to leave China
Warner Brothers Inter-national Cinemas, a subsidiary of the giant US media company Time Warner, is pulling out of China because of regulatory changes, a spokesman said yesterday. "The decision is made solely due to a new Chinese rule issued in 2005 which bars foreign investors from owning majority stakes in joint ventures," said Gao Ming, a director with the company's public agency. A rule in 2003 had opened seven cities to majority foreign investment of up to 75 percent on a trial basis. "The company finally made the decision at the end of September after looking at all possible solutions," Gao said.
BoE hikes interest rates
The Bank of England (BoE) raised interest rates on yesterday by a quarter-point to 5 percent, their highest level in five years, in order to restrain building inflationary pressures. Policymakers are worried that inflation is already above the central bank's 2 percent target and could encourage workers to demand bigger wage rises in the New Year pay round. Britain's housing market is also showing no sign of being tamed by August's quarter-point rise. Prices rose by another 1.7 percent last month, according to the UK's largest mortgage lender. But economists are divided over whether the bank will have to raise interest rates again early next year..
‘NO EQUILIBRIUM’: Taiwan’s increased defense spending is a good step, but it needs to do more to have the ability to deter aggression from China, a senior US official said The US plans to sell as many as seven major weapons systems — including mines, cruise missiles and drones — to Taiwan, four people familiar with the discussions said. Pursuing seven sales at once is a rare departure from years of precedent in which US military sales to Taiwan were spaced out and carefully calibrated to minimize tensions with Beijing. However, US President Donald Trump’s administration has this year become more aggressive with China, and the sales would land as relations between Beijing and Washington are at their lowest point in decades over accusations of spying, lingering trade tensions, disputes about the
CLOSE ENCOUNTERS: Several of the PLA fighter jets that crossed the median line of the Strait came within 68km of Hsinchu, drawing warnings from Taiwan, the ministry said At least 18 Chinese military aircraft yesterday flew into the nation’s air defense identification zone (ADIZ) on the second day of a US delegation’s visit, the Ministry of National Defense said, adding that the military responded by deploying an air defense missile system to monitor their activities. A delegation led by US Undersecretary of State for Economic Growth, Energy and the Environment Keith Krach on Thursday started a three-day visit to Taiwan. The ministry from Thursday started publicizing the actions of the Chinese People’s Liberation Army (PLA) in Taiwan’s ADIZ on its Web site and Twitter. According to ministry reports, 18 PLA aircraft
ON THEIR OWN: The KMT has decided not to participate as a party at this year’s forum, and if any members do go, they would not be representing the party, Alicia Wang said The Chinese Nationalist Party (KMT) yesterday announced that it would not send a delegation “as a political party” to this year’s Straits Forum, after a Chinese TV program described the planned visit to the annual meeting as “suing for peace.” The 12th forum is scheduled to open in Xiamen, China, on Saturday. On Tuesday last week, the KMT announced that former legislative speaker Wang Jin-pyng (王金平) would lead the party’s delegation to the forum, with KMT Secretary-General Lee Chien-lung (李乾龍) as deputy head. However, on Thursday last week, China Central Television’s (CCTV) Yangshipin (央視頻) program, hosted by Li Hong (李紅), included a headline
WORKING OVERTIME? NTU professor Lee Duu-jong denied that he had held a part-time position at a Chinese university or joined China’s Thousand Talents Program A candidate for the post of National Taiwan University of Science and Technology (NTUST) president yesterday dropped out of the race following a report questioning his links to Chinese academia and government programs. Lee Duu-jong (李篤中), a professor at National Taiwan University’s (NTU) chemical engineering department, was a member of China’s Changjiang Scholars’ Program in 2006 and was on the list of its Thousand Talents Program in 2017, a report by Chinese-language Mirror Media magazine said yesterday. The article said that Lee is suspected of having held a part-time job at the Harbin Institute of Technology in China and was the recipient