■ Trade
Vietnam, US to ink trade deal
Vietnam and the US are preparing to sign a trade agreement within weeks, Vietnam's trade minister said yesterday. The deal would pave the way for the communist country to join the WTO. The two countries reached an agreement in principle after four days of negotiations in Washington earlier this month. Trade Minister Truong Dinh Tuyen said US Trade Representative-designate Susan Schwab is expected to attend a meeting of trade ministers of the APEC forum in Ho Chi Minh City on June 1 and 2, and that Vietnam and the US were expected to sign their agreement at that time. Vietnam applied to join the world trade body in 1995 and has concluded negotiations with 28 members that had requested bilateral talks.
■ Steel
Arcelor board considers bid
The board of steel group Arcelor decided on Sunday to postpone its response to an improved takeover bid from its rival Mittal Steel while financial regulators review and approve it, its chairman said. The board had also mandated the management of Arcelor "as soon as the prospectus of the revised offer and the business plan of Mittal are received to study their conditions and report back," Joseph Kinsch said after a four-hour board meeting. In Paris Lakshmi Mittal, head of the group that bears his name, said he was "convinced" his new offer of 25.8 billion euros (US$32.9 billion), or 37.74 euros a share announced on Friday would be enough to win a majority of shareholders.
■ Banking
New bank to be formed
Japanese bank Mitsubishi UFJ Financial Group Inc will jointly establish an investment bank with former Morgan Stanley vice chairman Joseph Perella and others, a report said yesterday. The investment bank to be launched in the US will handle international mergers and acquisitions, the business daily Nihon Keizai Shimbun said. Mitsubishi would bring its client network and product development capabilities, while Perella would offer his expertise and personal connections to the new institution, the newspaper said. Mitsubishi UFJ Securities Co, which handles the group's investment banking business, will extend a combined US$100 million toward the new bank's capitalization and its investment funds, the paper said. The bank, which will launch its operations as soon as next month, will offer merger and acquisition consulting services, as well as engage in its own corporate lending and investments.
■ Banking
Chinese may break up bank
China's central bank has recommended breaking up the huge but financially troubled Agricultural Bank of China, its fourth biggest bank, a newspaper reported yesterday. A breakup was the "preferred proposal" among several submitted to the Cabinet by central bank governor Zhou Xiaochuan (周小川), the China Business Post said, citing unidentified "authoritative channels." The Agricultural Bank has lagged behind China's other major state-owned commercial banks, which have been recapitalized by the government and found foreign strategic investors. The central bank would turn the Agricultural Bank into a group of provincial-level banks, which could let Beijing force provinces to share in the cost of shoring up its balance sheet, the Business Post said.
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