■ LEISURE
Hasbro to buy Cranium
The maker of Monopoly is adding to its empire of board games. Hasbro Inc, the world's second-largest toy company, has agreed to buy privately held game maker Cranium Inc. for about US$77.5 million, the companies said on Friday. Pawtucket-based Hasbro owns the board game brands Parker Brothers and Milton Bradley, which make perennially popular games including Scrabble, Clue and Battleship as well as Monopoly. Cranium, based in Seattle, is best known for its Cranium board game, which requires players to hum, draw or sculpt their way to the top.
■ TRANSPORTATION
China's airports get lift
The Asian Development Bank (ADB) is to lend and invest a total of US$214 million in China's airports, its first foray into the sector, the Manila-based financial institution announced yesterday. The move is part of a project to develop the economy in China's western region and mobilize private sector funding for its airports so that local governments can channel funding into social welfare programs, the ADB said. The ADB will make a US$50 million equity investment in HNA Airport Holding Group Co Ltd, a private company primarily involved in the privatization of China's airports. The ADB will also extend a loan of US$164 million to the project, with risk participation from international banks.
■ RETAIL
Shops to open at ground zero
The owner of the World Trade Center site is teaming up with an Australian retailer to develop upscale stores and restaurants in the new office towers being built at the ground zero site of the Sept. 11, 2001 terror attacks. The Port Authority of New York and New Jersey approved the US$1.45 billion deal on Friday with The Westfield Group, one of the world's largest mall operators. The Sydney, Australia-based retailer will contribute US$625 million and the Port Authority $825 million to build high-end stores and restaurants, half of them facing city streets that are being resurrected at the former superblock complex.
■ SUBPRIME CRISIS
Fed to auction more funds
The Federal Reserve announced on Friday that it is increasing the amount of money available to US banks through the new auction process it created to ease the severe credit squeeze. The Fed again pledged to continue the auctions "for as long as necessary." The Fed said that it will increase the amount offered at each of the next two auctions from US$20 billion to US$30 billion, a 50 percent jump. Those two auctions will be Jan. 14 and Jan. 28. Federal Reserve Chairman Ben Bernanke and his colleagues decided to try the auction approach because banks had feared accepting direct injections would carry a stigma that would raise doubts among investors about the soundness of institutions using the discount window.
■ ENERGY
India IPO may be largest yet
India's Reliance Power Ltd plans to open its initial public offering of shares next week in what could be the country's largest listing yet, the company said. Reliance Power is a subsidiary of Reliance Energy Ltd and a part of the Anil Dhirubhai Ambani Group, a business conglomerate with interests in telecommunications, finance and entertainment. The planned sale of 260 million shares is expected to raise nearly US$3 billion, with shares offered in a price band of 405 rupees (US$10.30) to 450 rupees, company chairman Anil Ambani said on Friday. The IPO opens from Jan. 15 through Jan. 18.
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Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
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