frankfurt stock exchange

Marvell Technologies (MRVL) Completes Independent Review of Stock ...

Marvell Technologies Group Ltd. (Nasdaq: MRVL) announced that the special committee appointed by its Board of Directors (the "Special Committee") has completed its internal review relating to the Company's historical stock option practices and related accounting matters. The Special Committee found that the Company's Chief Executive Officer participated in only a few instances in grants with incorrect measurement dates. The Special Committee recommended that Dr. Sehat Sutardja remain as Chief Executive Officer and as a member of the Board of Directors, but step down as Chairman of the Board in favor of a non-executive Chairman of the Board. The board's Governance Committee is commencing a search for three new independent directors to fill existing vacancies. The Company also announced that Weili Dai, Marvell's co-founder, Executive Vice President and Chief Operating Officer and member of the Board of Directors, will no longer serve as Executive Vice President, Chief Operating Officer and director, but will continue with the Company in a significantly reduced role as the Director of Strategic Marketing and Business Development, a non-management position.

forex foreign exchange market

NT$ falls to 1-month low on outflow

Taiwan's dollar yesterday weakened to a one-month low on concern overseas investors will cut holdings of stocks and traders will borrow the currency to invest in higher-yielding assets.

Fund managers outside of Taiwan sold more equities than they bought for nine straight days, the longest period since May 26, according to stock exchange data. The local dollar also extended last week's 0.3 percent slide on speculation investors will use the Taiwan dollar as a funding currency for so-called carry trades.

"Persistent outflows are going to be a factor for the currency," said Steven Chang, global markets vice president in Hong Kong at State Street Bank & Trust Co. "Investors will also resume the carry and that's a negative for the Taiwan dollar currency too."

The Taiwan dollar dropped 0.2 percent to NT$33.029 at 4 p.m.