■ 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-LIMITS PARTNERSHIP: ‘The bottom line’ is that if the US were to have a conflict with China or Russia it would likely open up a second front with the other, a US senator said Beijing and Moscow could cooperate in a conflict over Taiwan, the top US intelligence chief told the US Senate this week. “We see China and Russia, for the first time, exercising together in relation to Taiwan and recognizing that this is a place where China definitely wants Russia to be working with them, and we see no reason why they wouldn’t,” US Director of National Intelligence Avril Haines told a US Senate Committee on Armed Services hearing on Thursday. US Senator Mike Rounds asked Haines about such a potential scenario. He also asked US Defense Intelligence Agency Director Lieutenant General Jeffrey Kruse
INSPIRING: Taiwan has been a model in the Asia-Pacific region with its democratic transition, free and fair elections and open society, the vice president-elect said Taiwan can play a leadership role in the Asia-Pacific region, vice president-elect Hsiao Bi-khim (蕭美琴) told a forum in Taipei yesterday, highlighting the nation’s resilience in the face of geopolitical challenges. “Not only can Taiwan help, but Taiwan can lead ... not only can Taiwan play a leadership role, but Taiwan’s leadership is important to the world,” Hsiao told the annual forum hosted by the Center for Asia-Pacific Resilience and Innovation think tank. Hsiao thanked Taiwan’s international friends for their long-term support, citing the example of US President Joe Biden last month signing into law a bill to provide aid to Taiwan,
China’s intrusive and territorial claims in the Indo-Pacific region are “illegal, coercive, aggressive and deceptive,” new US Indo-Pacific Commander Admiral Samuel Paparo said on Friday, adding that he would continue working with allies and partners to keep the area free and open. Paparo made the remarks at a change-of-command ceremony at Joint Base Pearl Harbor-Hickam in Hawaii, where he took over the command from Admiral John Aquilino. “Our world faces a complex problem set in the troubling actions of the People’s Republic of China [PRC] and its rapid buildup of forces. We must be ready to answer the PRC’s increasingly intrusive and
STATE OF THE NATION: The legislature should invite the president to deliver an address every year, the TPP said, adding that Lai should also have to answer legislators’ questions The Chinese Nationalist Party (KMT) yesterday proposed inviting president-elect William Lai (賴清德) to make a historic first state of the nation address at the legislature following his inauguration on May 20. Lai is expected to face many domestic and international challenges, and should clarify his intended policies with the public’s representatives, KMT caucus secretary-general Hung Meng-kai (洪孟楷) said when making the proposal at a meeting of the legislature’s Procedure Committee. The committee voted to add the item to the agenda for Friday, along with another similar proposal put forward by the Taiwan People’s Party (TPP). The invitation is in line with Article 15-2