■ Electronics
Samsung warns of bid
South Korea's largest family-run conglomerate, the Samsung Group, has warned that its lucrative electronics arm could be the target for a hostile takeover by foreign investors, offi-cials said yesterday. The group is set to submit a report to the Fair Trade Commission (FTC) in which it says that Samsung Electronics, the world's largest microchip maker, is exposed to the risk of being taken over by foreign shareholders, an FTC spokesman said. According to the report, which was carried by the Maeil Business Daily yesterday, an unidentified foreign investor has even suggested that Samsung Electronics move its headquarters to the US. The report warned that a hostile takeover could become a reality given that foreign shareholders hold a combined stake of some 60 percent in the company.
■ Trade
China praises US decision
China yesterday applauded a US decision not to probe allegations of Chinese labor rights abuses and currency manipulation, saying it would "enhance" trade between the two countries. "We welcome and appre-ciate the decision," Foreign Ministry spokesman Kong Quan (孔泉) said at a regular news conference. "This shows that trade disputes among two sides can be solved through dialogue. In this way we can resolve and narrow our trade differ-ences and this will help enhance the trade relation-ship between the two coun-tries," Kong said. The Bush administration announced on Wednesday that it had rejected requests from organized labor and manu-facturers to take on China's labor and foreign exchange policies. US officials said diplomatic engagement would be a better method for easing America's record trade deficit with China -- rather than threats of punishing tariffs.
■ Automakers
Bailout for Mitsubishi
Mitsubishi Motors is likely to receive some ?200billion (US$1.8 billion) from Mitsu-bishi group companies for its restructuring after DaimlerChrysler decided not to inject more funds into the troubled Japanese carmaker, a report said yesterday. Mitsubishi Motors will use the funds from the group firms, including Japan's top heavy machinery maker Mitsubi-shi Heavy Industries and the Bank of Tokyo-Mitsubishi, to develop new models, the business daily Nihon Keizai Shimbun said. The deal will be announced as early as today when Mitsubishi holds a special shareholders meeting, the daily said, adding that the company is also seeking support from non-Mitsubishi group companies. Last week, DaimlerChrysler, the company's biggest share-holder, said it would not offer any new financial aid to support its restructuring.
■ Music
Apple comes up short
Apple Computer said on Wednesday that it had sold more than 70 million songs during the first year of its online iTunes music service. The company, which struck a landmark deal with record companies last year to permit iTunes users to download copyrighted music, had originally said it believed it would sell 100 million songs during the first year of the service. Apple's chief executive Steven Jobs said it is now selling 2.7 million songs a week, charging US$0.99 a song. "We feel we have lots of momentum," Jobs said. He also said the iTunes music service had generated a small profit during the most recent quarter.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft