■ TAKEOVERS
United Test buyout likely
Private equity firms TPG Capital LLP and Affinity Equity Partners are likely to succeed in their S$2.2 billion (US$1.5 billion) bid for Singapore chip tester United Test and Assembly Center Lt (UTAC), a media report said yesterday. Shareholders who had previously opposed the deal have recently indicated their approval through proxy votes to be counted after a shareholder meeting today when the deal will be considered, Dow Jones Newswires reported.
■ INTERNET
Google not in clear yet
Australia's consumer watchdog yesterday agreed to drop legal action against two Google subsidiaries, but vowed to pursue the Internet giant's parent company for allegedly misleading Web users. The Australian Competition and Consumer Commission (ACCC) launched a legal action alleging that Google Inc, Google Australia, Google Ireland and the magazine Trading Post misled Web users by misidentifying sponsored links. The regulator agreed in the Federal Court in Sydney yesterday to drop Google's Irish and Australian subsiduaries from the action. The ACCC alleges Google failed to distinguish between paid advertisements and "organic" results generated by the search engine.
■ Banking
Bank to merge subsidiaries
US investment bank Bear Stearns said on Wednesday it was merging two mortgage subsidiaries and cutting 310 jobs to better deal with market conditions related to the ailing housing sector. In the year to date, Bear Stearns has slashed its workforce in mortgage businesses by 40 percent in moves to weather a broader credit crunch stemming from a crisis in the subprime mortgage sector. Bear Stearns said the merger of Bear Stearns Residential Mortgage and Encore Credit into a single unit "will allow the firm to right-size the business to current market conditions and increase efficiency."
■ Computing
EU starts IBM probe
The European Commission on Wednesday announced an in-depth probe into US computer giant IBM's proposed takeover of Swedish software firm Telelogic, fearing it could harm competition in the software sector. "Both IBM and Telelogic are active in the market for software development tools," the Commission, the EU's competition regulator, said in a statement. Preliminary investigations found that the proposed US$745 million takeover bid raises "serious doubts ... given the strong market position that IBM would achieve for certain types of software development tools, in particular so-called `software modelling and requirements management' tools," the EU's executive arm said.
■ Telecoms
Firms link up for Linux
ARM Holdings, Texas Instruments, Samsung Electronics and four other companies will work together to develop Linux-based software that makes it easier for mobile phones to access the Internet. The programs will be given to developers and used by makers of phones and electronics based on ARM processors, ARM said yesterday in a statement. The companies will use the Linux operating system and other open-source technology to create the software for developers, letting programmers bring video, graphics and Internet features to large-screen mobile devices.
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
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
SHOT IN THE ARM: The new system can be integrated with Avenger and Stinger missiles to bolster regional air defense capabilities, a defense ministry report said Domestically developed Land Sword II (陸射劍二) missiles were successfully launched and hit target drones during a live-fire exercise at the Jiupeng Military Base in Pingtung County yesterday. The missiles, developed by the Chungshan Institute of Science and Technology (CSIST), were originally scheduled to launch on Tuesday last week, after the Tomb Sweeping Day holiday long weekend, but were postponed to yesterday due to weather conditions. Local residents and military enthusiasts gathered outside the base to watch the missile tests, with the first one launching at 9:10am. The Land Sword II system, which is derived from the Sky Sword II (天劍二) series, was turned