■ FINANCE
S Korea to set up fund
The South Korean government said yesterday it would set up a 40 trillion won (US$27 billion) fund to buy bad loans from financial firms and purchase assets from ailing companies. The finance ministry disclosed details of a restructuring fund that was announced last month amid growing jitters about the global economic downturn. State-run Korea Asset Management Corp will issue government-guaranteed bonds to buy bad loans from financial firms and assets from ailing firms that will be restructured by creditors, the ministry said. It said the government would seek approval from parliament next month to revise related laws.
■ BANKING
Citi says capital enough
Citigroup Inc chairman Richard Parsons said on Thursday that the bank did not need any more capital injections from the government and expressed confidence that Citi would remain in private hands. Asked in an interview whether Citigroup needed additional government capital injections, Parsons said: “No, I think actually, particularly with the latest conversion ... Citi is actually one of the better capitalized banks in the world.” Parsons was speaking on the sidelines of a Business Roundtable event where US President Barack Obama addressed business executives. He also brushed aside any prospect of the US government nationalizing the giant bank. “I don’t think the administration is heading in that direction,” Parsons said. “But I have a lot of confidence in the future viability and strength of a privately held Citi.”
■ TELECOMS
Google offers transcription
Internet search giant Google on Thursday expanded its push into the telephone market, offering a service that provides a single number for home, work and cellphones and turns voicemail into e-mail. Google Voice automatically transcribes voicemail messages into e-mail or SMS text messages and provides a transcript in a user’s e-mail inbox on their mobile phone or computer. “When you receive a voicemail Google Voice will automatically transcribe it into text so you can read what the voicemail is about,” Google said in an instructional video on the company blog. It warned, however, that since the transcripts are “fully automated” through voice recognition technology, they “may include mistakes.”
■ AUTOMOBILES
Toyota plans cheap hybrid
Toyota plans a low-cost hybrid to challenge Honda’s success with the cheapest model on the market — a move that could spark a price war over the fuel-efficient cars, the Nikkei Shimbun said yesterday. Toyota’s new gas and electric-powered hybrid will have a price tag of below ¥2 million (US$20,500) — about 20 percent to 30 percent cheaper than its Prius, the world’s first mass-produced hybrid, the daily said. Toyota will initially launch the vehicle in Japan as early as 2011 with a smaller engine than the 1.5-liter Prius, it said without naming its sources. Toyota refused to comment on the report.
■ TELECOMS
New iPhone OS next week
Apple plans to give the world a peek next week at its next-generation operating system for iPhones. The company on Thursday invited news reporters to a “town hall” event at its headquarters in Cupertino, California, and promised a “sneak peek” at the upcoming iPhone 3.0 operating system. It said the event would center on a new software developers kit for its popular multi-purpose mobile devices.
ALL-IN-ONE: A company in Tainan and another in New Taipei City offer tours to China during which Taiwanese can apply for a Chinese ID card, the source said The National Immigration Agency and national security authorities have identified at least five companies that help Taiwanese apply for Chinese identification cards while traveling in China, a source said yesterday. The issue has garnered attention in the past few months after YouTuber “Pa Chiung” (八炯) said that there are companies in Taiwan that help Taiwanese apply for Chinese documents. Minister of the Interior Liu Shyh-fang (劉世芳) last week said that three to five public relations firms in southern and northern Taiwan have allegedly assisted Taiwanese in applying for Chinese ID cards and were under investigation for potential contraventions of the Act Governing
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