Sharp Corp, the Japanese TV maker cutting more than 10,000 jobs as it tries to return to profit, secured ￥360 billion (US$4.6 billion) of funding, according to a statement to the Tokyo Stock Exchange yesterday.
Sharp is to get a ￥180 billion loan from Mizuho Corporate Bank Ltd and the Bank of Tokyo-Mitsubishi UFJ Ltd (MUFJ), according to the statement. Another ￥180 billion in the form of a revolving credit facility due in June is also to be extended to Osaka-based Sharp, the statement said.
Reeling from record losses and in talks to sell a stake to Taiwan’s Hon Hai Group (鴻海), the maker of Aquos televisions submitted cost-cutting proposals to the banks on Monday, two people with knowledge of the matter said earlier this week.
The company had ￥706 billion of short-term debt and ￥314 billion in long-term debt with cash and near-cash of ￥218 billion at the end of June.
Both loans have a claim on Sharp’s assets and the revolver replaces a ￥150 billion credit arrangement put in place last month, a person familiar with the matter said on Thursday.
Sharp used a stake in Pioneer Corp and its company headquarters as collateral for the ￥150 billion loan, Tokyo-based spokeswoman Miyuki Nakayama said on Thursday.
Japan’s biggest maker of liquid-crystal panels has already put up its Osaka headquarters and some factories as debt collateral, Sharp said Sept. 6. Its credit rating has been cut to junk by Standard & Poor’s and Moody’s Investors Service.
Sharp reduced its stake in Pioneer to 9.2 percent from 14.3 percent and pledged 15 million Pioneer shares each to Mizuho and Bank of Tokyo-Mitsubishi UFJ as collateral, according to a Sept. 3 filing to Japan’s Finance Ministry.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
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