■ Banking
HSBC bids for Korea First
London-based HSBC Hold-ings PLC has proposed buying Korea First Bank for US$2.5 billion, South Korea's Maeil Business Newspaper reported yesterday. HSBC, one of two bidders for Korea First Bank, decided on the amount based on the lender's asset portfolio and stock prices of its rival lenders in the local market, the newspaper said, citing an unidentified source familiar with the talks. Officials at both banks declined to comment on the report. Newbridge Capital Inc, based in Fort Worth, Texas, owns a 48.56-percent stake in Seoul-based Korea First Bank. The remaining stake is held by the Korea Deposit Insurance Corp and the South Korean government. Newbridge is seeking at least 3.6 trillion won (US$3.4 billion) for Korean First.
■ Airlines
SIA cuts regional fares
Singapore Airlines (SIA) has slashed fares to Bangkok, Jakarta, Hong Kong and Taipei in a bid to undercut the prices of budget carriers, a spokesman said yesterday. Round trip tickets to the four cities are going for S$98 (US$59) each for passengers traveling in pairs from Jan. 3 to 31. It is the lowest fare the national carrier has offered since Valuair, the first budget airline to operate in Singapore, took to the skies in May. SIA's latest deal undercuts the fares offered by Valuair, Tiger Airways and Jetstar Asia, the three Singapore-based budget airlines. "New entrants in the market will not have a monopoly on initiating special offers," spokesman Stephen Forshaw told The Straits Times. "SIA will be a strong competitor and will offer good value fares with exceptional service." Tiger, which is partially owned by SIA, said it would offer 10,000 seats to both Phuket and Hat Yai for travel next month for S$48.88 one way.
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