Samsung Life receives offer
A leading specialist US buyout fund has offered to buy a 17.6 percent stake in Samsung Life Insurance, South Korea's leading insurer, reports said yesterday. The offer came from Kohlberg Kravis Roberts, the world's largest buyout firm, Yonhap news agency said, citing an official at state debt guarantor, Seoul Guarantee Insurance. Creditors plan to sell their holdings, valued at 800 billion won (US$794 million), in Samsung Life this year. The stake in Samsung Life, the largest shareholder of microchip giant Samsung Electronics, is held by creditors as collateral for the debt of Samsung Motors. French carmaker Renault SA took over the car-making unit of South Korea's largest conglomerate Samsung Group in 2000.
TCL unit to buy out Alcatel
Chinese television and mobile phone maker TCL Communication Technology Holdings Ltd will buy back a 45 percent stake in a handset joint venture from France's Alcatel SA, parent company TCL Corp said yesterday. The deal, which represents a setback in TCL's ambitions to expand internationally, comes amid rising losses in the handset business due to intensifying competition from both domestic and international manufacturers. TCL Communication, whose shares are traded in Hong Kong, will issue new shares to buy out Alcatel's stake through a share swap valued at 63.34 million Hong Kong dollars (US$8.1 million), the company said in a statement. After the swap, Alcatel will hold a 4.76 percent share in the enlarged capital of TCL Communication.
■ Web security
Virus sends neo-Nazi spam
A computer virus spewed neo-Nazi-tinged spam in English and German into inboxes over the weekend. The virus, first spotted on Thursday, sends out a blast of e-mail to addresses found on infected PCs. Most of these messages contain links to news stories with content that "smells of right-wing political rhetoric," said Vincent Gullotto, vice president of McAfee Inc's antivirus emergency response team. But a small percentage contain links to a Web site that tries to infect visiting machines with the virus, he said. Among the many messages was one with the German subject line "60 Years of Freedom: Who's Celebrating?" referencing the end of World War II. One in English carried the subject: "Dresden Bombing Is To Be Regretted Enormously," referring to the Allied attack on the German city during World War II.
Hollinger names new CEO
Hollinger Inc, the embattled Canadian holding company formerly led by Conrad Black, has announced the appointment of Paul Carroll as president and chief executive officer. Hollinger also said on Monday that Robert Metcalfe, who like Carroll has been an independent director of the company, will take the position of executive vice-president and chief operating officer. Gordon Walker remains non-executive chairman of the company, whose main asset is an interest in US newspaper publishing company Hollinger International Inc, which owns the Chicago Sun-Times. Carroll joined the Hollinger board last August. A lawyer by training, he was president and CEO of Carnarvon Capital Corp, a Toronto investment management and venture capital company.
BRIBERY CASE: President Tsai Ing-wen accepted Su Jia-chyuan’s resignation as he said that he deeply regretted causing trouble for the president due to the investigation Presidential Office Secretary-General Su Jia-chyuan (蘇嘉全) yesterday resigned after his nephew, Democratic Progressive Party (DPP) Legislator Su Chen-ching (蘇震清), was implicated in a bribery case related to a dispute over the ownership of Pacific Sogo Department Store (太平洋崇光百貨). “I resigned from the post so that President Tsai Ing-wen (蔡英文) would not be bothered by it anymore, and the prosecutors can investigate the case in a fair and just manner. I thank President Tsai once again for supporting me. May the country continue to prosper under her leadership,” Su Jia-chyuan said in a statement. The Presidential Office said that Tsai has accepted
ALEX AZAR: The first visit by a head of the Department of Health and Human Services would strictly observe the CECC’s special regulations, the Ministry of Foreign Affairs said US Secretary of Health and Human Services (HHS) Alex Azar is to lead a delegation to Taiwan — the highest-level visit by a US Cabinet official since the two sides cut formal relations in 1979. The plan was announced yesterday morning by the US Department of Health and Human Services and confirmed by the Ministry of Foreign Affairs (MOFA). Beijing has expressed its concerns to Washington, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin (汪文斌) said later yesterday. Taiwan and the US only issued statements saying that the visit would happen “in the coming days.” MOFA said that due to security concerns, it would
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did
The military last week sent “no small number” of Marine Corps officers to the Pratas Islands (Dongsha Island, 東沙群島) following reports of a Chinese People’s Liberation Army (PLA) drill targeting the islands scheduled for this month. In an interview with Hong Kong’s Bauhinia Magazine published on Saturday last week, PLA National Defense University professor Li Daguang (李大光) confirmed that the Chinese army was planning to stage a simulated invasion of the Pratas Islands in the South China Sea this month. The islands comprise three atolls, with Pratas Island, at 1.74km2, being the largest. They lie southwest of Taiwan proper in the South