■PUBLISHING
Reader’s Digest bankrupt
Reader’s Digest, publisher of the monthly magazine that claims the largest circulation in the world, filed for bankruptcy protection on Monday in an agreement with its major lenders. Reader’s Digest Association said that as part of its previously announced restructuring plan it had filed for Chapter 11 bankruptcy, which protects a company from its creditors while it restructures. It said the Chapter 11 filing only applies to its US businesses and not its operations in other countries. Reader’s Digest said last week that the restructuring agreement calls for a “substantial portion” of its US$1.6 billion in debt to be swapped for equity and ownership of the company to be transferred to the lender group. A total of US$550 million in debt will remain on Readers’s Digest’s books when it emerges from bankruptcy. The Pleasantville, New York-based Reader’s Digest was purchased by Ripplewood Holdings in March 2007.
■CELLPHONES
Nokia to make laptop
Nokia Corp, the world’s largest maker of cellphones, said on Monday it would start making a small, light laptop, similar to ones PC manufacturers are already selling through wireless carriers around the world. The Finnish company said the Nokia Booklet 3G would run Microsoft Corp’s Windows software, have a 25cm screen and weigh 1.3kg. That puts it squarely in the “netbook” category pioneered by Taiwanese manufacturers like Asustek Computer Inc (華碩). Nokia said it would reveal the price and launch date of the PC on Sept. 2. Most netbooks sell for less than US$500. Unlike most netbooks, Nokia’s Booklet will have a built-in GPS navigation chip coupled to Nokia’s Ovi Maps software, and an aluminum cover to contrast with the usual plastic.
■BANKING
Bailout plans hit road bump
Plans by bailed out lender Royal Bank of Scotland (RBS) to sell its Chinese assets to Standard Chartered have run into problems and look set to fail, the Financial Times reported on Monday. The report said RBS, now government-controlled, was in exclusive talks to sell its Chinese, Indian and Malaysian businesses to emerging market British specialist Standard Chartered. However, sources close to the negotiations said examination of the RBS Chinese operations had proved disappointing, reducing the chances of a sale to “three out of 10,” the Financial Times reported. Talks on the purchase of the Indian and Malaysian assets were going ahead without major problems, it added.
■RETAIL
Woolworths, Lowe’s team up
Australia’s biggest retailer Woolworths announced yesterday a joint venture with US home improvement chain Lowe’s to break into the hardware sector, in a major challenge to rival Wesfarmers. Woolworths said it had made an A$88 million (US$73.8 million) takeover offer for Australia’s second-largest hardware distributor, Danks, as part of the venture, in which Lowe’s will take a one-third stake. Chief executive Michael Luscombe said the move into the A$24 billion hardware field aimed to capitalize on surging demand for do it yourself, buoyed by government grants for first home buyers and record low interest rates. Luscombe said the partners hoped to acquire 150 sites within five years for new “big box” stores to rival market leader Bunnings, which is owned and operated by Wesfarmers. The first store was expected to open in late 2011 and Lowe’s would contribute one-third of the capital, he said.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday held an equipment installation ceremony for its first 2-nanometer fab in Kaohsiung, six months ahead of schedule, Kaohsiung Mayor Chen Chi-mai (陳其邁) said. “To cope with the strong global demand for advanced chips, TSMC is to start moving in equipment for its first-ever 2-nanometer fab half a year earlier than scheduled,” Chen said at an question-and-answer session at the Kaohsiung City Council. TSMC’s 2-nanometer process technology would help accelerate the development of artificial intelligence (AI) applications as well as the transformation of local industries in Kaohsiung, Chen said in a
TEAM TAIWAN: While lawmakers proposed declaring Nov. 24 a national day, the CPBL commissioner urged the legislature to pass the budget for sports development Lawmakers yesterday proposed designating Nov. 24 as National Baseball Day and updating the design of the NT$500 bill to honor the national team’s victory in the World Baseball Softball Confederation’s Premier12 championship on Sunday, as thousands of fans came out to see the players parade down the streets of Taipei. Players, coaches and staff from the national team returned home on Monday night after achieving their best-ever performance in an international baseball tournament. After receiving a rapturous welcome at the airport, the players turned out yesterday for a street parade in front of thousands of adoring fans waving Taiwanese flags and
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