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Foxconn unit sells stake in Chinese chip maker Unigroup By Reuters

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© Reuters. FILE PHOTO: The Foxconn logo is seen outside a building in Taipei, Taiwan on November 10, 2022. REUTERS/An Wang

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TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s largest contract maker of electronics, said on Friday its China subsidiary had agreed to sell its entire stake in Chinese chip giant Tsinghua Unigroup.

Taiwan has warily turned its eye to China’s ambition to boost its semiconductor industry and is tightening legislation to prevent what it says is China stealing its chip technology.

Foxconn, a major supplier to Apple Inc (NASDAQ) and iPhone maker, revealed in July that it was a shareholder in Tsinghua Unigroup.

Foxconn did not seek approval from the Taiwan government before making the investment and authorities believe it broke a law governing the island’s relations with China, people familiar with the matter previously told Reuters.

Foxconn said in a late-night statement to the Taipei Stock Exchange that Xingwei, which is 99% controlled by its China-listed unit Foxconn Industrial Internet Co Ltd (FII), agreed to sell its holdings for at least 5.38 billion yuan ($772 million). Chinese company called Yantai Haixiu.

Xingwei controls a 48.9% stake in a different entity that owns 20% of the company that owns all of Unigroup.

Foxconn said in a statement on Saturday that the original investment “remains incomplete” as the year end approaches.

“In order to avoid suspicions from further delaying or affecting investment planning and flexible capital deployment, Xingwei Fund will transfer its entire holding in Shengyue Guangzhou to Yantai Haixiu,” it said.

“After the transfer is complete, FII will not hold any shares in Tsinghua Unigroup indirectly.”

Tsinghua Unigroup did not immediately respond to a request for comment.

Foxconn said in August it had a Plan B if the Taiwan government did not agree to the investment, without giving details at the time.

Taiwanese law states that the government can ban investment in China “on the basis of national security and industry development”. Repeat offenders can be fined until corrections are made.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, has been keen on making automotive chips in particular as it expands into the electric vehicle market.

The company is seeking to acquire chip factories globally because a worldwide chip shortage is irritating producers of goods from cars to electronics.

Taipei prohibits companies from building their most advanced foundries in China to ensure that they do not put their best technology abroad.

Taiwan’s government has been very wary of China since Beijing began holding regular military maneuvers near the island three years ago to assert its sovereignty claims, including missile war games in August.

Originating as an offshoot of China’s prestigious Tsinghua University, Tsinghua Unigroup has emerged in the past decade as a potential domestic champion for China’s sluggish chip industry.

But the company fell into debt under former chairman Zhao Weiguo, which led it to default on a number of bond payments in late 2020 and eventually face bankruptcy.

The conglomerate has not yet produced any global leaders in the semiconductor sector.

($1 = 6.9708 yuan)

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.



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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,'” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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