A member of the Iraqi Governing Council said Lebanon will return the Iraqi millions in its banks, but he gave no indication Friday of when it will happen. \nMouwafak al-Rubaie met the speaker of Lebanon's parliament, Nabih Berri, together with fellow Governing Council member Younadem Kanna. \n"The talks were good, and we spoke about the Iraqi money held in Lebanon. We heard good comments that Iraqi money in Beirut will be released," al-Rubaie said. He did not elaborate. \nIn May, a US Treasury official said Lebanon had US$495 million in Iraqi funds from the years when former Iraqi President Saddam Hussein was in power. Lebanon has acknowledged it has Iraqi money, but it has not released a figure. Its authorities have said the money will be returned when Iraq has a sovereign government. \nIn November, Iraqi Finance Minister Kamel al-Gailani said in Beirut that Lebanon and Iraq were developing a means of returning the Iraqi assets. \nAl-Rubaie's comments came a day after he and Kanna held talks with Syrian President Bashar Assad in Damascus about the Iraqi funds in Syrian banks, which are estimated at US$300 to US$500 million. \nKanna said afterward that Assad told him "the Iraqi money that exists in Syria is secure and will be turned over to Iraqi authorities." \nBut Kanna reported Assad as saying the money would be given to an elected Iraqi government, not the current US-appointment administration. \nIt is likely that Lebanon, which closely follows Syria in diplomacy, will adopt the same position. \nRelations between Lebanon and the US-appointed Governing Council have been cool because of Lebanon's strong opposition to the US occupation of Iraq. Lebanon still has not recognized the council as representing the Iraqi people.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US