■ Takeovers
Mittal rebuffed again
Mittal Steel, the world's largest steelmaker, said yesterday it had been in renewed contact with Luxembourg-based rival Arcelor over a takeover bid but had once more been rebuffed. Mittal chief executive Lakshmi Mittal said he was willing to consider a revised offer, as the company held its annual general meeting in Amsterdam. Mittal has offered 18.6 billion euros (US$23 billion) for Arcelor but has met opposition from Arcelor's board and the French government, which owns a stake in the company. "I am disappointed that at this stage I do not discern a willingness on the part of Arcelor to enter into meaningful discussions to reach a recommended transaction, which would surely be in the best interests of all stakeholders," Mittal said.
■ Film
CGI firm files for bankruptcy
Silicon Graphics Inc, a pioneer in computerized special effects for movies like Jurassic Park, filed for bankruptcy protection, with an agreement to give noteholders a majority stake in the company. The filing comes two months after Silicon Graphics said it would reduce its global workforce by about 250 jobs, or 12 percent, by the end of the year in a move to cut costs. Silicon Graphics said it will file a plan within 30 days that will outline a strategy to exit bankruptcy and repay creditors. The company reached an agreement with noteholders, who have agreed to lend the company US$70 million on the terms of the plan yesterday, according to papers filed with the US Bankruptcy Court in New York.
■ Banking
Lone Star head arrested
The head of US investment fund Lone Star's office in South Korea was arrested yesterday as part of a probe into the company's alleged illegal activities, prosecutors said. Yoo Hoe-won, 56, was arrested on charges of embezzlement and breach of trust, prosecutors said. Lone Star, which bought a 51 percent stake in Korea Exchange Bank (KEB) for 1.38 trillion won (US$1.5 billion) in October 2003, has been investigated for allegedly evading tax payments and illegally transferring US$8.6 million overseas. Prosecutors are also looking into allegations that the government rushed through the 2003 sale of KEB. Critics say the authorities artificially lowered KEB's capital ratios, which measure the health of a bank, to below statutory minimums to ensure a quick sale to Lone Star.
■ Automobiles
Accused boss steps down
Toyota Motor North America's president and chief executive officer, accused in a sexual harassment lawsuit, has stepped down, the company said yesterday. To replace him, Toyota named the first American president of its US subsidiary. Hideaki Otaka, 65, who had been scheduled to leave his post in June, has voluntarily left earlier, saying his staying on was not in the company's interests. He said he was innocent of the charges. Replacing him as the new president is Jim Press, now president of Toyota Motor Sales, the US sales unit of Toyota Motor Corp. Otaka was accused in a US$190 million sexual harassment lawsuit filed in New York. In the suit, Sayaka Kobayashi accused him of repeatedly making unwanted sexual advances after she began working as his personal assistant in the middle of last year.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique