■ CURRENCY
Euro posts new high
The euro rose to a record against the yen after the G7 finance ministers refrained from saying Japan's currency was too weak and European officials said exchange rates weren't holding back their economies. The euro rose to ¥161.95 at 10:17am in London yesterday from ?161.31 in New York on Friday, after earlier touching ¥162.43 -- the strongest since the currency's 1999 debut. It was also at US$1.3554 against the US dollar after climbing to US$1.3577, the highest since January 2005, from US$1.3527. The G7 said in its Friday statement that global trade imbalances were narrowing, driving the euro to the highest since January 2005 against the US dollar.
■ ENTERTAINMENT
Toshiba to sell subsidiary
Japanese technology giant Toshiba Corp said yesterday it had decided to exit the film and DVD production and distribution business with the sale of its 100-percent owned subsidiary Toshiba Entertainment Inc to the Japanese firm Hakuhodo DY Media Partners Inc for an undisclosed sum to focus on its core electronics and energy operations. "In its future business in media content, Toshiba will concentrate resources on network technology, broadcasting and telecom technology and digital media products that can create a synergy with fields where the company already has established strengths," Toshiba said in a statement.
■ STEEL
Essar to buy Algoma
India's Essar group yesterday said it had signed an agreement to buy Canadian steelmaker Algoma for US$1.58 billion to tap business opportunities in North America. "Algoma provides us with an excellent platform for the Canadian and North American markets," Shashi Ruia, chairman of Essar Global Ltd, said in a joint statement with Algoma. The deal must be approved by Algoma's shareholders with at least 66 percent of the votes in favor.
■ ENERGY
OPEC commits to stability
OPEC is fully committed to ensuring the continuous supply of oil and maintaining the stability of the global crude market, the oil cartel's president said yesterday. "There should be no doubt that OPEC members are fully committed to ensure regular supplies to consumers and maintain market stability," said Mohammad al-Hamli, who is also energy minister of the United Arab Emirates. "This has been proven time and again, during crises brought about by severe weather conditions, geopolitical tensions or disruption of supplies caused by unrest," he told participants to an oil conference in Dubai.
■ BANKING
ABN's Q1 profits rise
ABN Amro NV reported its first-quarter earnings yesterday -- 10 days ahead of schedule -- amid the intensifying takeover battle surrounding the company. The Netherlands' largest bank said net profit rose 31 percent to euro1.31 billion (US$1.77 billion) in the first quarter due mostly to euro114 million in proceeds from the sale of mortgage operations in the US. ABN is in exclusive talks with Barclays PLC over a friendly merger. But on Friday, Royal Bank of Scotland Plc, Spain's Banco Santander Central Hispano SA and Belgian-Dutch bank Fortis NV sent a letter to ABN "inviting" it to talks aimed at splitting up ABN and selling off parts of its operations to each, a solution that is likely to be more lucrative for ABN shareholders, but which its management has resisted.
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