Briefs | Billionaire founder of Taiwan’s Fubon Group Tsai dies

Fubon Group founder Tsai Wan-tsai, Taiwan’s second-richest man, died yesterday, according to the company, which gave his age as 86. Fubon Financial Holding Co., Taiwan’s second-largest listed lender by market capitalization, didn’t provide additional details in its statement about Tsai’s death. He was ranked the world’s 154th-richest person with a net worth of USD7.9 billion, according to Bloomberg Billionaires Index. Tsai, the youngest of four brothers, was born to a poor farming family in northern Taiwan in August 1929. Together with his two brothers, Tsai Wan-chun and Tsai Wan-lin, he founded Cathay Insurance in 1961 when Taiwan removed restrictions on private capital. According to the Chinese custom of calculating ages, individuals are considered 1 year old at birth. Tsai is survived by his sons Daniel Tsai, who is chairman of Fubon Financial, and Richard Tsai, chairman of Taiwan Mobile Co. His nephew Tsai Hong-tu now leads Taiwan’s biggest listed lender, Cathay Financial Holding Co.

Hewlett Packard splits off PC, printer businesses

Hewlett-Packard Co. is splitting itself into two companies, one focused on its personal computer and printing business and another on technology services, such as data storage, servers and software, as it aims to drive stronger profitability. The Palo Alto, California-based company has laid off tens of thousands of employees in recent years due to flagging sales as customers turn to mobile devices to perform basic computing chores. The shift has curbed demand for HP’s desktop and laptop computers, as well as its printers. The company says the PC and printer business will use the name HP Inc. The services business will take the name Hewlett-Packard Enterprise. HP CEO Meg Whitman will lead the Enterprise business. HP PC and printer chief Dion Weisler will be CEO of HP Inc.