■ Real estate
Swiss Re sells London office
Swiss Re said yesterday it had sold its City of London office building known as the "Gherkin" for ?600 million (US$1.18 billion) to an affiliate of real-estate corporation IVG Immobilien AG. The reinsurer would make a book gain of approximately ?250 million on the deal, a spokeswoman said. Half of the gain would be booked in this year's income statement, the spokeswoman said. The other half would be booked over a period of 20 years. IVG says Swiss Re would remain a tenant at least until 2031, occupying 50 percent of the property's rentable space. The transaction was expected to close this month.
■ Electronic
Nikon posts glowing profits
Nikon Corp said yesterday its group net profit jumped nearly 60 percent for the third quarter of the fiscal year ending in March on brisk sales of digital cameras and imaging devices. The maker of cameras and precision equipment posted a net profit of ?23.0 billion (US$190 million) in the October to December period, up from ?14.5 billion the same quarter a year earlier. The jump in profits came on a 21 percent rise in sales to ?234.3 billion for the third quarter, up from ?192.9 billion a year earlier. The Tokyo-based Nikon said its earnings rose as its two main divisions -- imaging devices and precision equipment -- posted brisk sales.
■ Aviation
Prague airport for sale
Several international companies are eyeing the possible purchase of Prague airport for a price that could reach US$3 billion, yesterday's edition of the Czech weekly Tyden reported. Tyden said that the privatization of the Prague-Ruzyne airport had attracted the interest of Hochtief Airport, a subsidiary of Hochtief, the leader in the German building industry; another German firm Fraport, which runs Frankfurt airport; the Australian Macquarie Bank; Czech investment group PPF and Slovakian investors Penta and JT.
■ Telcos
SingTel forms alliance
Southeast Asia's largest telecom company Singapore Telecommunications (SingTel) said yesterday it had entered an alliance with Globe Wireless of the US to resell SingTel's services to the maritime industry. Globe Wireless is based in Florida and has a customer base of over 400 ship operators with a fleet of more than 5,500 ships, SingTel said in a statement. "Through SingTel's powerful integrated fixed and mobile satellite operations, Globe Wireless has found an experienced and reliable satellite operator in us who will supply airtime to run its suite of communications solutions," said Titus Yong, head of satellite at SingTel.
■ Pharmaceuticals
Pfizer loses round one
US drug maker Pfizer Inc has lost a round in its legal battles with Chinese rivals over rights to names for its popular anti-impotence drug Viagra, a court employee said yesterday. Pfizer and local drug makers were struggling over the Chinese patent and names for its "little blue pill." In the latest case, a Beijing court rejected Pfizer's request to block a Chinese drug company from using the name "Wei Ge" for one of its products. Pfizer said "Wei Ge," or "Mighty Brother," was a name used by many Chinese to describe Viagra, making it improper for another company to use the name.
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
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
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