■ Steel
Arcelor, Mittal to meet
Arcelor SA said yesterday that it would meet rival Mittal Steel Co "in the coming days" to discuss the details of Mittal's 25.8 billion euro (US$33 billion) bid. The Luxembourg-based firm said it could now meet Mittal because it had received a standalone business plan from the company last Friday. "Arcelor has identified a number of questions related to the business plan and has requested a meeting for the purpose of seeking answers to these questions," it said in a statement. "The receipt of this business plan had been an outstanding request in order for Arcelor to evaluate the unsolicited offer made by Mittal Steel." Mittal chief executive Lakshmi Mittal had sought a meeting earlier, explaining that the company could not hand over further details until it had won antitrust clearance for EU regulators. EU approval came through on Friday and that evening Mittal handed the plan to Arcelor.
■ Economies
Changing roles at IMF
Asian nations that are under-represented at the IMF should gain a greater say in decision-making depending on their economic clout, IMF deputy chief Anne Krueger said. Countries such as China and South Korea should also see an automatic increase in their voting shares at the IMF if their economies continue to strengthen, the Financial Times quoted her as saying in a report out of Tokyo. In April the IMF took a first step toward heeding a call by emerging powers for a stronger voice in its decision-making and said it would come up with concrete proposals on voting reform by a September gathering in Singapore. "We hope to have a proposal to do some things immediately, and perhaps a road map of how to go further, by the time of the Singaporean meetings," Krueger was quoted as saying by the London-based business daily.
■ Internet
Yahoo buys Gmarket stake
Yahoo Inc agreed to buy a 10 percent stake in South Korean online auctioneer Gmarket Inc as it seeks to expand its e-commerce operations in Asia. Terms weren't disclosed. Oak Investment Partners LP, the only "significant" outside institutional investor in Gmarket, is selling the stake, Gmarket and Yahoo said yesterday in a statement. Closely held Gmarket plans to sell shares in the US, Yahoo spokeswoman Helena Maus said. Gmarket and Yahoo will work together in Korea and abroad, Gmarket chief executive officer Young Bae-ku said in the statement. Gmarket is the top Web auctioneer in South Korea, while Yahoo holds that spot in Japan and Taiwan, Maus said.
■ Entertainment
Nintendo plans release date
Nintendo Co will announce the release date and price for its new family video-game console Wii by September, company president Satoru Iwata said yesterday. Iwata said the company plans to supply more than 2.2 million hand-held DS Lite machines per month worldwide by this summer. Late last month, Nintendo announced that Wii won't sell for more than ¥25,000 (US$220) in Japan or US$250 in the US. That's a lot cheaper than the price announced for Sony's PlayStation 3, which is set to go on sale in November for US$499 and US$599 in the US and ¥59,800 and a more expensive but undisclosed price for the higher-end version in Japan. Microsoft Corp's Xbox 360, which went on sale late last year, sells for US$299.99 and US$399.99 in the US and ¥37,900 in Japan.
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
WIDE NET: Health officials said they are considering all possibilities, such as bongkrekic acid, while the city mayor said they have not ruled out the possibility of a malicious act of poisoning Two people who dined at a restaurant in Taipei’s Far Eastern Department Store Xinyi A13 last week have died, while four are in intensive care, the Taipei Department of Health said yesterday. All of the outlets of Malaysian vegetarian restaurant franchise Polam Kopitiam have been ordered to close pending an investigation after 11 people became ill due to suspected food poisoning, city officials told a news conference in Taipei. The first fatality, a 39-year-old man who ate at the restaurant on Friday last week, died of kidney failure two days later at the city’s Mackay Memorial Hospital. A 66-year-old man who dined
‘CARRIER KILLERS’: The Tuo Chiang-class corvettes’ stealth capability means they have a radar cross-section as small as the size of a fishing boat, an analyst said President Tsai Ing-wen (蔡英文) yesterday presided over a ceremony at Yilan County’s Suao Harbor (蘇澳港), where the navy took delivery of two indigenous Tuo Chiang-class corvettes. The corvettes, An Chiang (安江) and Wan Chiang (萬江), along with the introduction of the coast guard’s third and fourth 4,000-tonne cutters earlier this month, are a testament to Taiwan’s shipbuilding capability and signify the nation’s resolve to defend democracy and freedom, Tsai said. The vessels are also the last two of six Tuo Chiang-class corvettes ordered from Lungteh Shipbuilding Co (龍德造船) by the navy, Tsai said. The first Tuo Chiang-class vessel delivered was Ta Chiang (塔江)
EYE ON STRAIT: The US spending bill ‘doubles security cooperation funding for Taiwan,’ while also seeking to counter the influence of China US President Joe Biden on Saturday signed into law a US$1.2 trillion spending package that includes US$300 million in foreign military financing to Taiwan, as well as funding for Taipei-Washington cooperative projects. The US Congress early on Saturday overwhelmingly passed the Further Consolidated Appropriations Act 2024 to avoid a partial shutdown and fund the government through September for a fiscal year that began six months ago. Under the package, the Defense Appropriations Act would provide a US$27 billion increase from the previous fiscal year to fund “critical national defense efforts, including countering the PRC [People’s Republic of China],” according to a summary