Samsung eyes smart watch
Samsung Electronics Co is developing a wristwatch as Asia’s biggest technology company races against Apple Inc to create a new industry of wearable devices that perform similar tasks as smartphones. “We have been preparing the watch product for so long,” Lee Young-hee, executive vice president of Samsung’s mobile business, said during an interview in Seoul. “We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them.” Lee had no comment on what features the watch may have, how much it would cost and when it would go on sale.
AstraZeneca to lay off 1,600
Struggling Anglo-Swedish drugmaker AstraZeneca PLC said on Monday that it would eliminate 1,600 jobs, mostly in the US and the UK. The job reductions would be equivalent to nearly 3 percent of AstraZeneca’s global work force of 57,200 workers. Even the global headquarters will be shifted, from London to Cambridge, England, as the company moves many of its scientists near top centers for bioscience research. The changes, to be made between now and 2016, are expected to produce annual savings of about US$190 million.
Newspaper to start charging
The Washington Post said on Monday it would start charging frequent readers for online access starting in the middle of this year, with some details still to be finalized. The move, which had been expected, will require a paid subscription after 20 articles or multimedia features have been read per month, the Washington Post Co said in a statement. The Post’s homepage, section front pages and classifieds will not be limited, the statement said. The company said an exact launch date had not been decided, nor had the subscription price.
ARM chief retiring
The chief executive of British chip designer ARM Holdings, Warren East, is retiring after nearly 12 years in the role, the company said yesterday. He will step down on July 1, making way for new chief executive Simon Seagars, the current group president, who has been with ARM since 1991. The British firm has seen strong share performance in recent years on buoyant demand for its processors, which are used in smartphones and tablets.
Peugeot, union reach deal
Plans by troubled French carmaker Peugeot Citroen to shed more than 11,000 jobs cleared a major hurdle on Monday. After long negotiations with management, the company’s central works committee approved the compensation package with union members representing 76 percent of the employees voting in favor, according to the carmaker’s industrial director Denis Martin. After further consultations the job cuts and compensation package should receive final approval in the second half of next month.
Electronic Arts CEO quits
Electronic Arts on Monday announced that chief executive John Riccitiello is stepping down and that the US video game giant would make less money than initially expected this quarter. Riccitiello will leave as chief and the board of directors effective March 30, the company said. Electronic Arts veteran Larry Probst was appointed to lead the company’s executive team, while the board of directors searches for a replacement for Riccitiello.
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
EQUITIES TAIEX moves sharply higher The TAIEX moved sharply higher yesterday as buying focused on Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after a strong showing by its American Depositary Receipts overnight. However, the gains were capped after the benchmark index breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, dealers said. At the end of the session, the TAIEX was up 131.11 points, or 1.02 percent, at 12,976.76. Turnover was NT$206.328 billion (US$7.04 billion), with foreign institutional investors buying a net NT$18.47 billion in shares, Taiwan Stock Exchange data showed. TSMC rose 2.92 percent to close at NT$458.