■ Computers
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.
■ Automobiles
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.
■ Banking
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.
■ Entertainment
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.
■ Economy
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..
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
WIDE NET: Health officials said they are considering all possibilities, such as bongkrekic acid, while the city mayor said they have not ruled out the possibility of a malicious act of poisoning Two people who dined at a restaurant in Taipei’s Far Eastern Department Store Xinyi A13 last week have died, while four are in intensive care, the Taipei Department of Health said yesterday. All of the outlets of Malaysian vegetarian restaurant franchise Polam Kopitiam have been ordered to close pending an investigation after 11 people became ill due to suspected food poisoning, city officials told a news conference in Taipei. The first fatality, a 39-year-old man who ate at the restaurant on Friday last week, died of kidney failure two days later at the city’s Mackay Memorial Hospital. A 66-year-old man who dined
‘CARRIER KILLERS’: The Tuo Chiang-class corvettes’ stealth capability means they have a radar cross-section as small as the size of a fishing boat, an analyst said President Tsai Ing-wen (蔡英文) yesterday presided over a ceremony at Yilan County’s Suao Harbor (蘇澳港), where the navy took delivery of two indigenous Tuo Chiang-class corvettes. The corvettes, An Chiang (安江) and Wan Chiang (萬江), along with the introduction of the coast guard’s third and fourth 4,000-tonne cutters earlier this month, are a testament to Taiwan’s shipbuilding capability and signify the nation’s resolve to defend democracy and freedom, Tsai said. The vessels are also the last two of six Tuo Chiang-class corvettes ordered from Lungteh Shipbuilding Co (龍德造船) by the navy, Tsai said. The first Tuo Chiang-class vessel delivered was Ta Chiang (塔江)
RESTAURANT POISONING? Deputy Minister of Health and Welfare Victor Wang at a press conference last night said this was the first time bongkrekic acid was detected in Taiwan An autopsy discovered bongkrekic acid in a specimen collected from a person who died from food poisoning after dining at the Malaysian restaurant chain Polam Kopitiam, the Ministry of Health and Welfare said at a news conference last night. It was the first time bongkrekic acid was detected in Taiwan, Deputy Minister of Health and Welfare Victor Wang (王必勝) said. The testing conducted by forensic specialists at National Taiwan University was facilitated after a hospital voluntarily offered standard samples it had in stock that are required to test for bongkrekic acid, he said. Wang told the news conference that testing would continue despite