Home / World Business
Sat, Jan 02, 2010 - Page 10 News List

World Business Quick Take

AGENCIES

■ENTERTAINMENT

Marvel passes Disney deal

Shareholders of Marvel Entertainment Inc, home to the X-Men, Iron Man, Spider-Man and other comic books and characters, approved the company’s acquisition by the Walt Disney Co on Thursday. Marvel, in a statement, said shareholders approved the US$4.3 billion deal announced in August under which the comic book giant and its stable of action heroes will become a wholly owned subsidiary of Disney. The acquisition is Disney’s biggest since its purchase of animation house Pixar three years ago. Marvel’s cast of more than 5,000 characters includes Captain America, the Fantastic Four and Thor.

■TELECOMS

UTSI fined for bribes

UTStarcom Inc (UTSI), a US telecom company, agreed on Thursday to pay US$3 million in fines for bribing Chinese officials with Hawaiian vacations and other junkets, US officials said. The Justice Department said UTSI had agreed to pay a US$1.5 million fine for violating the Foreign Corrupt Practices Act by providing “travel and other things of value” to employees of state-owned Chinese telecom firms. The Securities and Exchange Commission (SEC) said the Alameda, California, company had agreed to pay an additional US$1.5 million for authorizing millions of dollars in unlawful payments to Asian government officials.

■ENERGY

PDVSA, ENI sign deal

Venezuela’s state oil company has announced a deal with the Italian company Ente Nazionale Idrocarburi (ENI) for producing and refining crude from an exploration project in the eastern strip of the Orinoco basin. An official notice published on Thursday by Petroleos de Venezuela SA (PDVSA) says two joint companies will be formed under the deal, with PDVSA holding a 60 percent stake in each and ENI 40 percent. No financial value was given for the agreement. The deal is part of improved relations between the two sides since Venezuela’s 2006 takeover of an oil field run by ENI that was part of a broader nationalization of Venezuelan oil projects held by foreign companies.

■GAMBLING

Icahn ups casino ante

Billionaire investor Carl Icahn plans to pump still more cash into his bid to buy Donald Trump’s bankrupt casinos, papers filed in federal court showed. Icahn already had agreed to buy a majority of the US$486 million bank debt on the three properties: Trump Plaza Hotel and Casino, Trump Taj Mahal Casino Resort and Trump Marina Hotel Casino. In a statement filed on Tuesday in US Bankruptcy Court, Icahn Partners Inc committed another US$125 million toward propping up struggling Trump Entertainment Resorts Inc. Trump Entertainment filed for bankruptcy protection in February.

■BROADCASTING

Fox extends deadline

The Fox television network allowed its broadcast signal to be carried by Time Warner Cable for a brief extension past a midnight deadline as talks over fees continued. Time Warner Cable Inc made the announcement as the clock rolled past midnight on Thursday on the East Coast. Fox, which carries The Simpsons, had threatened to pull the signal from 14 TV stations it owns, a move that would have affected more than 6 million customers of Time Warner Cable and Bright House Networks in markets such as New York, Los Angeles and Orlando, Florida. The dispute focuses on how much Fox is paid by cable companies to retransmit those stations’ signals. Neither company said how long the extension would last.

This story has been viewed 1783 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top