Best Buy expanding in PRC
US electronics retailer Best Buy Co plans to expand more rapidly in China by opening eight to 10 stores there in the next year and a half, the company said yesterday. "We have more opportunity and freedom to speed up the process," said Robert Willett, chief executive of Best Buy International, citing the success of the company's Shanghai store. He did not provide financial details. The company said in February it was planning to open two to three Best Buy stores in China in the next 12 to 18 months.
iPhones to stream YouTube
Apple Inc announced on Wednesday that YouTube videos will stream directly to iPhones so that users of the soon-to-be-launched devices can watch video clips on the go. Apple said it tailored iPhone software to receive content from the popular video-sharing Web site and play it on the device's 3.5-inch (8.9cm) wide display. iPhones go on sale at US Apple and AT&T stores next Friday. AT&T is the exclusive service provider for the eagerly awaited devices. Apple also released an Apple TV software update that lets users of the boxes wirelessly route YouTube videos to their televisions.
Chinese prefer stocks
Shares and funds have replaced banks as the top investment option for people living in Chinese cities, thanks to the stock market boom and low savings deposits interest rates, the central bank said. A record 40.2 percent of respondents in the latest quarterly survey by the bank ticked buying stocks and funds as the most lucrative way to investment. The figure was up 9.9 percentage points from the first quarter, according to the survey, which covered 20,000 residents in 50 cities and was posted on the bank's Web site on Wednesday.
SGX wants foreign firms
Singapore Exchange Ltd (SGX), which operates the local stock market, aims to have more than half of its listings be foreign firms by 2012, a top executive said in remarks published yesterday. The push to have more foreign firms listed -- principally from China and Southeast Asia -- is aimed at boosting the city-state as a regional financial center, SGX head of listing Lawrence Wong told the Financial Times. SGX aims to attract firms with a market capitalization of up to S$3 billion (US$1.95 billion) to list on the exchange. Aside from China, Southeast Asia's fast growing economies such as Vietnam and Indonesia are also targeted by SGX, Wong said.
Public stake sale mulled
The Philippines plans to increase tax collection and is ready to fill revenue gaps with proceeds from the sale of government stakes in major companies, the finance secretary said yesterday. Margarito Teves spoke a day after Philippine President Gloria Macapagal Arroyo asked the head of the Bureau of Internal Revenue to resign over a five-month budget deficit blamed on poor collection. Commissioner Jose Bunag quit on Wednesday and said he declined Arroyo's offer to be an ambassador overseas. He complained he was made a scapegoat by what he called unrealistic targets set by the finance department. The January to May budget gap of 41.8 billion pesos (US$908 million) rekindled concerns over the 63-billion-peso deficit ceiling this 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
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
TWO CASES: The five allegedly conspired with conglomerates, threatening the nation’s governance and subverting the rules of ethical conduct, a deputy chief prosecutor said Taipei prosecutors yesterday charged three legislators and one former lawmaker with contravening the Anti-Corruption Act (貪污治罪條例) in a case linked to former Pacific Distribution Investment Co (太平洋流通) chairman Lee Heng-lung’s (李恆隆) battle with the Far Eastern Group (遠東集團) over ownership of the Pacific SOGO Department Store (太平洋崇光百貨) chain, while independent Legislator Chao Cheng-yu (趙正宇) was indicted in a separate case involving two funeral services companies and a plot of land in a national park. Chinese Nationalist Party (KMT) legislators Chen Chao-ming (陳超明) and Sufin Siluko (廖國棟), Democratic Progressive Party (DPP) Legislator Su Chen-ching (蘇震清) and former New Power Party legislator