■ Acer signs licensing deal
Acer Inc, the fourth-largest name-brand personal computer vendor in the world, said yesterday it has been granted patent licensing on computer system memory management from Integraph Hardware Technologies of the US. "The patent licensing involves flash memory chips used in Pentium level central processing units equipped in laptop and desktop computers," an Acer spokesman said. The two companies signed the patent agreement on Friday. However, Acer declined to disclose other details about the agreement.
■ CDFHC makes special report
China Development Financial Holding Corp (中華開發金控) yesterday made a special report on its controversial hostile takeover bid for Taiwan International Securities Corp (金鼎證券) to its board of directors on the demand of new chairman Lin Cheng-yi (林誠一), who said later on that he recognized the company did not commit any unlawful activities during the process. The ad hoc meeting progressed smoothly and all the directors agreed to improve corporate governance in the future, China Development's vice president of corporate affairs Civi Tsai (蔡玉如) said yesterday. Tsai however declined to elaborate on Lin's decision on whether to proceed with the acquisition of Taiwan International Securities, citing confidentiality. The financial group announced yesterday that it has stepped up its shareholding in the targeted brokerage to 41.08 percent. China Development Financial is expected to carry on with its takeover of Taiwan International Securities or it would need to bear all the investment loss, SinoPac Securities Corp's analyst Chu Yu-chun (朱玉君) said. The financial holding firm is facing a judicial investigation of its alleged involvement in insider trading amid its hostile takeover attempt after the financial regulator handed over the case to prosecutors earlier this month.
■ Chen named Taipower chief
Edward Chen (陳貴明), president of Taiwan Power Co (台電), was named as the state-run utility's chairman, the Ministry of Econ-omic Affairs said in a statement released yesterday. Chen, 58, who has a master's degree in nuclear engineering from National Tsinghua University, will succeed Morgan Hwang (黃營杉), who was appointed minister of economic affairs, it said. The government owns 97 percent of Taiwan Power, which generates about 75 percent of the electricity the nation uses and monopolizes transmission. One major task for the new chairman is the adjustment of electricity prices. Fuel costs have surged by NT$70 billion from 2003 to date, Chen said. The company is evaluating the mechanism for the price hike, and may increase the rates for consumption of over 110 kilowatt-hours per month, he said. The average household electricity consumption is about 360 kilowatt-hours per month, he said.
■ Tesco after local suppliers
Tesco, the UK's largest supermarket chain, is to hold a procurement presentation to attract local suppliers of cosmetics, automobile accessories, stationery, toys and children's products, a spokesman for the Taiwan External Trade Development Council (TAITRA, 外貿協會) said over the weekend. Tesco is organizing the event at TAITRA'S invitation, the spokesman said. Tesco opened its first local outlet at the end of 2000 in Taipei's Nangang District. The shop was acquired from Makro, a Dutch group that shifted its business to wholesale from retail. Tesco is set to pull out of Taiwan's retail market later this year.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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