Mitsubishi group companies vowed yesterday to stick by struggling Mitsubishi Motors after Daimler-Chrysler said it had given up on the auto maker and would try to sell its 37 percent stake. \nThe decision by the German-American company, which took even Mitsubishi Motors by sur-prise, left its strategy to become a global car maker in disarray and threw the future of the money-losing Japanese firm into doubt. \nDaimlerChyrsler said on Thursday it would not participate in a rescue capital increase planned by Mitsubishi Motors Corp (MMC) because it could not agree on an acceptable deal with other shareholders in the Mitsubishi group. \nIt also said it would not provide any further financial support to Mitsubishi, the only unprofitable carmaker in Japan. \nBut three Mitsubishi group firms -- Mitsubishi Heavy Industries, Mitsubishi Corp and Bank of Tokyo-Mitsubishi -- said they would continue to support the company. \nThe three hold a combined 23 percent stake in MMC. \nA DaimlerChrysler spokesman in Germany said the company's stake in Mitsubishi Motors would be booked as discontinued business until a buyer could be found. \n"This clearly means separation," the spokesman said. \nThe decision was reached at an extraordinary meeting of the DaimlerChrysler supervisory and management boards on Thursday and just two weeks after chief executive Juergen Schrempp defended his global strategy in front of angry shareholders. \nMitsubishi had been expected to seek shareholder approval on April 30 for a ?700 billion (US$6.39 billion) bailout. \nSources and media had said DaimlerChrysler would fund more than half of that, with plans to consolidate the Japanese company into its books within a few years. Mitsubishi group firms were expected to provide more than ?100 billion. \nMitsubishi Motors said it was evaluating the situation and that chief executive Rolf Eckrodt was in touch with DaimlerChrysler and Mitsubishi group companies. \n"The move will leave Mitsubishi Motors with no choice but to shrink its business operations," said Hajime Yagi, a general manager at Meiji Dresdner Asset Manage-ment in Tokyo. \nReeling from losses on easy-term car loans in the US, the maker of the Pajero sport utility vehicle is expecting a net loss of ?72 billion for the 12 months to March 31. \nIt had a profit of ?37.36 billion the previous year. \nMitsubishi Motors' net automotive debt stood at around ?726 billion six months ago, while total interest-bearing debt was ?1.141 trillion. \n"This could be the end for Mitsubishi if nobody else injects fresh capital," one industry source said. \nJapanese government officials also expressed concern. \nDaimlerChrysler bought the stake in Mitsubishi over three years ago with a view to expanding in Asia, and the decision to cut its losses will intensify pressure on Schrempp, who faced calls to resign at the annual shareholder meeting on April 7.
A Taiwanese YouTuber suspected of creating and selling deepfake porn videos featuring more than 100 politicians and influencers was on Monday released on bail after being arrested the previous day. Chu Yu-chen (朱玉宸), 26, who uses the name Xiaoyu (小玉) on YouTube, was arrested on Sunday in New Taipei City, along with two suspected accomplices, a 24-year-old YouTuber surnamed Yeh (耶), known as Shaiw Shaiw (笑笑), and a 22-year-old man Chuang (莊). The three suspects were on Monday escorted to the New Taipei District Prosecutors’ Office for further questioning on suspicion of distributing obscene videos and publicly insulting others, in contravention of
ANTI-COERCION: EU Commissioner for Competition Margrethe Vestager said the EU wishes to bolster relations with Taiwan within the framework of its ‘one China’ policy The EU is to further its engagement with Taiwan to defend democracy, freedom and an open market, while bolstering cooperation in semiconductor supply chains, EU Commissioner for Competition Margrethe Vestager said on Tuesday. In her remarks at a European Parliament plenary session focused on Taiwan-EU relations, Vestager referred to China’s increasing military presence in the Taiwan Strait, including flying missions off the southwest coast of Taiwan. “This display of force may have a direct impact on European security and prosperity,” she said, adding that the EU encourages all parties to avoid any unilateral actions that might increase tensions across the Strait. “We Europeans
DOWN, NOT OUT: The election was not a total defeat, as Chen still received 73,433 votes against the recall, and his party has ‘grown up’ through the process, he said Voters in Taichung yesterday recalled Taiwan Statebuilding Party Legislator Chen Po-wei (陳柏惟), making him the first legislator in the nation’s history to lose a recall election. A total of 77,899 votes were cast to recall Chen, while 73,433 voted against, the Taichung City Election Commission said, adding that 51.72 percent of the city’s second electoral district turned out. The Central Election Commission is to confirm the final figures within the next seven days, it said. Commission data showed that there are 294,976 eligible voters in the second district, comprised of Dadu (大肚), Shalu (沙鹿), Longjing (龍井), Wufong (霧峰) and Wurih (烏日) districts. Chen won
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