■ BANKING
Mizuho to buy CITIC shares
Japan's Mizuho Corporate Bank Ltd said yesterday it planned to buy up to about US$51 million in shares in China CITIC Bank (中國國際信託投資銀行) when it goes public later this month. The Japanese bank, part of Mizuho Financial Group, said it would be a core investor in the China's seventh-largest bank when it offers 7.19 billion shares in a dual listing in Hong Kong and Shanghai, set for April 27. The exact size and price of Mizuho's acquisition has yet to be determined although the maximum will be HK$400 million (US$51.3 million) worth of shares.
■ GAMING
PBL invests in US casinos
Australian media and gaming company Publishing & Broadcasting Ltd announced yesterday it was expanding into the US gambling market by paying US$250 million for a 19.6 percent stake in US casino developer Fontaine-bleau Resorts LLC. "This transaction provides PBL Gaming with a first class entrance into the US casino resort market, in particular, the renowned Las Vegas Strip," PBL executive chairman James Packer said in a statement. The transaction is expected to be completed next month. Fontainebleau announced on Monday it is developing a US$2.8 billion casino resort on the Las Vegas Strip, Nevada, expected to open in late 2009.
■ GAMING
PS3 helps Sony in `war'
The PlayStation 3's solid launch in Europe has helped the console in the "perception wars" that affected its sales in Japan, Sony chief executive Howard Stringer said in an interview published yesterday. Sony's games unit was close to selling 800,000 units of the new console in Europe where it was launched on March 22, Stringer was quoted as saying by the London-based Financial Times newspaper. "I think [in] the first two days in the UK, £100 million [US$199 million] revenue changed hands and that's probably the largest consumer electronics sale in history," he said.
■ TELCOS
Encyclopedia on cellphones
The nation's leading cellphone operator announced that users could access the Encyclopedia Britannica through their cellphones from yesterday. SK Telecom said its 20 million-odd subscribers were now able to consult the prestigious encyclopedia on their cellphones. "If you punch in your query in either Korean or English, you will get the results in both image files and texts," an SK Telecom spokesman said. The new service, which costs users up to 100 won to 150 won (US$0.11 to US$0.16) a minute, is part of the company's efforts to tap the promising cellphone-based search market.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft