Essar hopes to buy stake
India's Essar Group has offered US$11 billion to joint venture partner Hutchison Telecommunications International Ltd for its 67 percent stake in Indian mobile telephone operator Hutchison Essar Ltd, a news report said yesterday. The Business Standard said Essar Group had valued Hutchison Essar at US$16.5 billion. Essar and Hong Kong-based Hutchison Telecom officials were not available for comment. On Thursday, the London-based Financial Times reported that Britain-based Vodafone Group PLC had approached Hutchison about buying the stake in Hutchison Essar with an offer that values the Indian mobile telephone operator at between US$17 billion and US$18 billion.
■ Stock Market
NASDAQ mourns Ford
The NASDAQ Stock Market said on Thursday it would close on Tuesday as part of a national day of mourning to mark the funeral of US President Gerald Ford. An announcement was expected shortly from the New York Stock Exchange. It was expected that the stock exchanges would close out of respect for the 38th president. Financial markets have traditionally closed for presidential funerals.
ABN AMRO to cut jobs
Dutch banking group ABN AMRO announced on Thursday that it planned to cut about 900 jobs in North America next year. The cuts will affect the LaSalle Bank Corporation and its subsidiaries and ABN AMRO's global businesses operating in the US, the company said. "ABN AMRO announced in its third-quarter results release that it is taking steps to lower expenses and improve the operational performance of businesses in mature markets such as the US," ABN AMRO said. "The North American staff reductions coincide with this effort." In October, the bank said it would cut 500 jobs at its headquarters in the Netherlands.
Strike ends on good note
A US union representing 14,000 striking workers at Goodyear tire plants across the country announced yesterday that members had ratified a new contract and ended an 86 day strike. Workers with the United Steelworkers union went on strike on Oct. 5 to protest planned plant closures. The union reached a tentative contract agreement with the Ohio-based Goodyear last Friday and workers ratified the contract in a vote late on Thursday, the union announced. "It took a strike, but we achieved a fair and equitable contract that protects quality health care for active and retired members," Steel Workers union executive vice president Ron Hoover said.
Honda announces eco-car
Japanese carmaker Honda believes it can mass-produce environmentally friendly fuel-cell cars by 2018, a press report said yesterday. Honda Motor Co, Japan's third biggest vehicle maker, plans to begin leasing a pricy new hydrogen-powered fuel-cell car in Japan and the US in 2008. "By evolving a next model based on this, I think the level of technology will become very close to that of mass-produced ordinary vehicles within 10 years or so," Honda president Takeo Fukui said in an interview with Kyodo News. Fukui told Kyodo that there would be many customers who want to buy a Honda fuel-cell car if it goes on sale for US$84,114 in the general market.
FORCED LABOR: Customs officials have seized a 11.8 tonne shipment of products made from human hair on suspicion they were produced by people facing human rights abuses Federal authorities in New York City on Wednesday seized a shipment of weaves and other beauty accessories suspected to be made out of human hair taken from people locked inside a Chinese internment camp. US Customs and Border Protection (CPB) officials said that 11.8 tonnes of hair products worth an estimated US$800,000 were in the shipment. “The production of these goods constitutes a very serious human rights violation, and the detention order is intended to send a clear and direct message to all entities seeking to do business with the United States that illicit and inhumane practices will not be tolerated in
IRRESPONSIBLE ATTITUDES? Some experts say the NHI system does not do enough to educate the public, or pay doctors to talk to patients, about healthy lifestyles While the life expectancy of Taiwanese newborns in 2018 reached 80.69 years, the number of years people spent in poor health hit a record high at 8.41 years, Ministry of Health and Welfare statistics showed on Saturday. Healthy life expectancy is calculated by a person’s life expectancy minus the time they spend in ill health, such as the loss of mobility, disabilities and chronic disease, based on medical records and calculations about the years they live with disabilities. The number of years that Taiwanese spend in poor health is increasing slowly, but steadily, rising by 0.46 years, or five-and-a-half months, between 2012
UPTICK IN NUMBERS: The Taipei deputy mayor said the city has services to assist new immigrants, but has established an office specifically to help those from Hong Kong The Taiwan-Hong Kong Services and Exchanges Office today officially opens, where it is to provide humanitarian assistance to Hong Kongers, after Beijing yesterday passed a controversial national security law for the territory. President Tsai Ing-wen (蔡英文) expressed dismay over China’s passage of the law, saying that Beijing has broken its pledge to allow Hong Kong to maintain a high degree of autonomy for at least 50 years following its handover from the UK. “I feel extremely disappointed [about the law’s passage], which means China did not keep its promise to Hong Kong,” Tsai said in Taipei. Beijing’s “broken promise” also
‘BASELESS ACCUSATIONS’: Ker Chien-ming said it was not possible to drop Chen Chu’s nomination, while KMT lawmakers accused their DPP rivals of ‘homicidal behavior’ The Legislative Yuan is to vote on President Tsai Ing-wen’s (蔡英文) nominations for the Control Yuan on July 17 after Democratic Progressive Party (DPP) legislators regained access to the legislative chamber yesterday after it was occupied by Chinese Nationalist Party (KMT) lawmakers for about 19 hours. The Legislative Yuan had been scheduled to meet yesterday morning to discuss its planned extraordinary session, but more than 20 KMT lawmakers on Sunday afternoon broke into the main chamber and occupied the legislative speaker’s podium to protest Tsai’s nomination of former Presidential Office secretary-general Chen Chu (陳菊) to be Control Yuan president. The KMT caucus