Quanta Storage Inc (廣明) yesterday saw its shares tumble by the 10 percent daily limit after the company lost a price-fixing case and was ordered, together with other defendants, to pay Hewlett Packard Inc US$176 million.
Quanta Storage nosedived to NT$41.4 on the Taipei Exchange.
Quanta Storage, a subsidiary of laptop maker Quanta Computer Inc (廣達), is shifting away from disk drive manufacturing by focusing on a new industrial robotics business.
Jurors at a federal court in Houston, Texas, reached a verdict in favor of HP, which claimed that Quanta Storage and its US unit; Sony Optiarc Inc; Toshiba Corp; Hitachi-LG Data Storage Inc; Panasonic Corp; NEC Corp; and Samsung Electronics Co conspired to raise the prices of disk drives, Taoyuan-based Quanta Storage said.
Quanta Storage said that it regretted the jury’s misunderstanding about its business model.
The company has a different business model from those of the other defendants, as it only assembles disk drives on a contract basis for Sony, which sold the completed products directly to HP, Quanta Storage said.
Before the verdict, the Fair Trade Commission and the US Department of Justice had found that Quanta Storage and its US unit did not breach any rules and did not hamper market competition, the company said, adding that as a result, no penalty was imposed.
Quanta Storage said in a filing with the Taiwan Stock Exchange that it has received notification from its lawyers about the preliminary verdict.
The company is discussing with its lawyers further legal action to safeguard shareholders’ interests, the filing said.
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
India’s COVID-19 economic gloom turned into despair this week, on news that its per capita GDP for this year might be lower than that of Bangladesh. “Any emerging economy doing well is good news,” Kaushik Basu, a former World Bank chief economist, said on Twitter after the IMF updated its World Economic Outlook. “But it’s shocking that India, which had a lead of 25% five years ago, is now trailing.” Ever since it began opening up the economy in the 1990s, India’s dream has been to emulate China’s rapid expansion. After three decades of persevering with that campaign, slipping behind Bangladesh hurts
When the COVID-19 pandemic shut down bars and concert halls in the US in March, a new phenomenon was born: the vacation-rental nightclub. Professional party promoters started scanning Airbnb, Vrbo and other short-term rental sites for mansions and luxury condos for hire. Tickets were going for US$90 on Eventbrite and TikTok for soirees with bottle service and DJs. “People were looking to escape from their own homes and came into our tiny neighborhood to party all day, every day,” said Kristen Robinson Doe, a resident of a quiet suburban Dallas neighborhood, where a party pad was being rented out for more than
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their