■ Japan
Mizuho to list on NYSE
Megabank Mizuho Financial Group announced yesterday that it will list its shares on the New York Stock Exchange next week. The second-biggest bank by assets said its American Depositary Receipts (ADRs) will list on the NYSE from Wednesday. Most foreign companies' stocks that trade in the US do so as ADRs. The banking group said the listing is part of efforts to gain investor confidence and promote transparency in corporate governance under its business plan released in April. Mizuho said it has no plans to issue new shares or conduct other fund raising.
■ Economics
IMF ups China forecast
The IMF on Tuesday notched up its economic growth forecast for China to over 10.5 percent, while urging the country to rein in excess investment and reform its currency regime. "We would estimate that growth this year would probably be a little over 10.5 percent," the IMF's mission chief for China, Steve Dunaway, told reporters on a conference call. Chinese exports have outstripped expectations given in the Fund's most recent report on China last month, when the organization predicted Chinese growth this year of 10 percent.
■ Electronics
Sony warns of PS3 scams
Sony Corp issued a warning against false promotional offers for its upcoming PlayStation 3 video game console. A number of Web sites have been promoting pre-orders on discounted or bulk shipments of the game system -- without the cooperation of Sony, the company stated on Tuesday. Company representatives did not name the sites but suggested consumers can avoid potential scams by purchasing PlayStation products only from authorized retailers and resellers, which includes well-known stores such as GameStop, EB Games, Best Buy and Wal-Mart. The PlayStation 3 system, with models priced between US$500 and US$600, is set to go on sale in the US on Nov. 17, though only in limited quantities.
■ Software
Tata expands in Europe
India's top outsourcing company Tata Consultancy Services Ltd has bought a 75 percent stake in Swiss software products company TKS-Teknosoft SA for US$80 million, hoping to gain a bigger presence in the European market. The acquisition would also help Tata Consultancy Services, which writes software for companies such as American Express Co, General Motors Corp, British Telecom PLC, Microsoft Corp and Dell Inc, expand its product portfolio in the banking and financial services segment, a Tata statement said on Tuesday.
■ Banking
China passes graft change
China's legislature has passed an amendment to the banking law aimed at fighting growing corruption as the sector opens up to greater foreign competition, state press said yesterday. The amendment was passed by the National People's Congress on Tuesday and will allow banking supervisory organs to investigate non-financial institutions and individuals connected with financial institutions, the China Daily reported. The amendment is designed to further enhance supervision of the banking sector in the face of rising foreign competition when the sector is fully opened at the end of the year, it said. Last year, a total of 461 cases of bank fraud involving more than 1 million yuan (US$125,000) were discovered.
BACK IN THE NEIGHBORHOOD: The planned transit by the ‘Baden-Wuerttemberg’ and the ‘Frankfurt am Main’ would be the German Navy’s first passage since 2002 Two German warships are set to pass through the Taiwan Strait in the middle of this month, becoming the first German naval vessels to do so in 22 years, Der Spiegel reported on Saturday. Reuters last month reported that the warships, the frigate Baden-Wuerttemberg and the replenishment ship Frankfurt am Main, were awaiting orders from Berlin to sail the Strait, prompting a rebuke to Germany from Beijing. Der Spiegel cited unspecified sources as saying Beijing would not be formally notified of the German ships’ passage to emphasize that Berlin views the trip as normal. The German Federal Ministry of Defense declined to comment. While
‘REGRETTABLE’: TPP lawmaker Vivian Huang said that ‘we will continue to support Chairman Ko and defend his innocence’ as he was transferred to a detention facility The Taipei District Court yesterday ruled that Taiwan People’s Party (TPP) Chairman Ko Wen-je (柯文哲) be detained and held incommunicado over alleged corruption dating to his time as mayor of Taipei. The ruling reversed a decision by the court on Monday morning that Ko be released without bail. After prosecutors on Wednesday appealed the Monday decision, the High Court said that Ko had potentially been “actively involved” in the alleged corruption and ordered the district court to hold a second detention hearing. Ko did not speak to reporters upon his arrival at the district court at about 9:10am yesterday to attend a procedural
The High Court yesterday overturned a Taipei District Court decision to release Taiwan People’s Party Chairman Ko Wen-je (柯文哲) and sent the case back to the lower court. The Taipei District Prosecutors’ Office on Saturday questioned Ko amid a probe into alleged corruption involving the Core Pacific City development project during his time as Taipei mayor. Core Pacific City, also known as Living Mall (京華城購物中心), was a shopping mall in Taipei’s Songshan District (松山) that has since been demolished. On Monday, the Taipei District Court granted a second motion by Ko’s attorney to release him without bail, a decision the prosecutors’ office appealed
The Executive Yuan yesterday warned against traveling to or doing business in China after reports that Beijing is recruiting Taiwanese to help conceal the use of forced Uighur labor. The government is aware that Taiwan-based influencers and businesses are being asked to make pro-Beijing content and offered incentives to invest in the region, Executive Yuan acting spokeswoman Julia Hsieh (謝子涵) told a news conference. Taiwanese are urged to be aware of the potential personal and reputational harm by visiting or operating businesses in China, Hsieh said, adding that agencies are fully apprised of the situation. A national security official said that former Mainland
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