YOKKAICHI: Toshiba Corp and US-based SanDisk Corp are investing a combined US$2.6bil to build a new memory chip plant in central Japan, the companies said.
Construction of the factory started on Tuesday. It will make NAND-type flash memory chips, which are used in cell phones, digital still cameras and camcorders.
The two companies plan to begin mass production at the factory in October 2005, with an initial production of 10,000 chips a month. – AP
NEW YORK: Merrill Lynch & Co said on Tuesday its quarterly profit almost doubled to hit a record, on continued strength in debt markets and upswings in its mergers business and underwriting of stock and bond sales.
First-quarter net income rose to US$1.25bil from US$643mil a year earlier. Revenue jumped 27% to US$6.1bil. – Reuters
MANILA: HSBC Ltd said it will set up a backroom unit in the Philippines to serve as a call centre for its global operations.
HSBC, which already has group service centres in India, Malaysia and China, will initially employ 500 people for the Philippine operation, which will be set up at the Northgate Cyberzone, in Alabang, south of Manila.
The project would involve the investment of “several millions” of US dollars, bank officials said. – AFX-Asia