■ Brewing
SABMiller makes bid
British-based SABMiller, the world's second largest brewer, is to launch an unprecedented hostile bid for China's fourth largest beer maker, Harbin Brewery, London's Financial Times said yesterday. The offer of more than US$3.7 billion could spark a bidding war for the Chinese group, the FT added. The newspaper speculated that any offer -- the first hostile bid by a foreign company for a large Chinese group -- could lead to a counter-offer from SABMiller's US rival, Anheuser-Busch International Inc -- the world's largest brewer. "This is a real first: ownership of a Chinese company will be determined by its shareholders and not the management or the government," the paper quoted a Hong Kong banker as saying.
■ DaimlerChrysler
Hyundai stake converted
DaimlerChrysler AG has converted its entire 10.4-percent stake in South Korea's Hyundai Motor Co into global depositary receipts (GDR), a Hyundai official said Tuesday. The official said DaimlerChrysler changed all of its 22.9 million Hyundai Motor shares into GDRs through Citibank. He didn't give further details. The conversion comes amid rampant speculation that the German carmaker is about to sell its entire stake in Hyundai Motor, South Korea's No. 1 auto-builder. Converting the shares into GDRs makes it easier for DaimlerChrysler to sell its Hyundai shares, South Korean news media reported. National news agency Yonhap said DaimlerChrysler was expected to sell the GDRs to overseas investors within a month.
■ Airlines
EasyJet posts expected loss
The British no-frills airline easyJet posted Wednesday a first-half loss in line with market expectations but adjusted its guidance for the full year from "cautiously optimistic" to "cautious" because of an increasingly tough environment. The carrier made a loss before tax and goodwill of ?18.5 million (US$33 million), in the first half of its 2003-2004 financial year which ended March 31. Analysts had forecast a result of between breakeven and a loss of ?25 million, with a consensus of minus ?18 million. Historically, however, most of easyJet's profits come in the last quarter, and the airline still forecast "continued and sustainable progress." It nonetheless added in a statement: "We are currently seeing unprofitable and unrealistic pricing by airlines, across all sectors of the European industry, seeking to grow or maintain their market share."
■ Online music
Sony opens Internet store
Sony Corp the world's second-biggest consumer electronics maker, began selling music on the Internet in the US through its Sony Connect Inc unit, taking on rivals including Apple Computer Inc's iTunes service. Connect, which features a library of 500,000 tracks, allows music to be played on any personal computer running recent versions of Microsoft's Windows operating system. Songs from artists such as rock singer Sheryl Crow cost US$0.99, while albums cost as little as US$9.99, according to the Connect Web site. Sony, which agreed to merge its music unit with Bertelsmann AG's BMG in December, is launching the service to win paying music downloaders as online piracy contributed to a fourth annual revenue decline for the global music industry to US$32 billion last year.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from