■ ECONOMICS
US women still earn less
US women make only 80 percent of the salaries their male peers do one year after college; after 10 years in the work force, the gap between their pay widens further, according to a study released yesterday. The study, by the American Association of University Women Educational Foundation, found that 10 years after college, women earn only 69 percent of what men earn. Even after controlling for hours, occupation, parenthood, and other factors known to affect earnings, the study found that one-quarter of the pay gap remains unexplained.
■ PHARMACEUTICALS
AstraZeneca to buy US firm
Anglo-Swedish giant AstraZeneca said yesterday it has agreed to buy US biotechnology company MedImmune for US$15.6 billion in total. "AstraZeneca today announced that it has entered into a definitive agreement to acquire MedImmune Inc in an all-cash transaction," the group said in a statement to the London Stock Exchange. "Under the terms of the agreement, which has unanimous MedImmune Board support, AstraZeneca will acquire all of the ... shares of MedImmune common stock at a price of US$58 per share, for a total consideration of approximately US$15.6 billion."
■ AVIATION
BA may join bid for Iberia
British Airways PLC said yesterday it has contacted private equity investors about joining in a possible bid for Iberia SA, the Spanish airline. Iberia announced last month that it had been approached about a possible takeover offer worth more than 3.4 billion euros (US$4.6 billion) from US private equity firm TPG Capital LLP, formerly known as the Texas Pacific Group. Spain's flagship airline said TPG was studying the possibility of making a cash bid of 3.6 euros per share for the company and has requested more detailed information on its finances.
■ TRADE
Seoul resumes US imports
South Korea yesterday resumed imports of US beef three weeks after the two countries sealed a landmark free-trade pact, officials said. "US beef totaling 4.5 tons [4 tonnes] arrived in South Korea today, awaiting inspection at Incheon airport," an agriculture ministry official said on condition of anonymity. South Korea, once the third-largest market for US beef, last year lifted a three-year ban imposed to keep out mad-cow disease and agreed to accept shipments of boneless meat. But inspectors blocked all three shipments totalling 20 tonnes sent between October and December after finding tiny bone fragments in them.
■ PROPERTY
Singapore REITs growing
Singapore's real estate investment trust (REIT) market has become the biggest in the Asia-Pacific region outside Japan, Trade and Industry Minister Lim Hng Kiang (林勳強) said yesterday. Since the first REIT listing in 2002, Singapore now has 16 listed REITs with a total market capitalization of S$26 billion (US$17.22 billion), he said in a speech to a property conference. This makes it "the largest REIT market in Asia outside of Japan," he said, without giving a size of the Japanese market. "Singapore REITs offer investors access to a diversity of real estate assets including retail malls, office buildings, industrial properties and serviced apartments," Lim said.
Beijing’s continued provocations in the Taiwan Strait reveal its intention to unilaterally change the “status quo” in the area, the US Department of State said on Saturday, calling for a peaceful resolution to cross-strait issues. The Coast Guard Administration (CGA) reported that four China Coast Guard patrol vessels entered restricted and prohibited waters near Kinmen County on Friday and again on Saturday. A State Department spokesperson said that Washington was aware of the incidents, and urged all parties to exercise restraint and refrain from unilaterally changing the “status quo.” “Maintaining peace and stability across the Taiwan Strait is in line with our [the
EXTENDED RANGE: Hsiung Sheng missiles, 100 of which might be deployed by the end of the year, could reach Chinese command posts and airport runways, a source said A NT$16.9 billion (US$534.93 million) project to upgrade the military’s missile defense systems would be completed this year, allowing the deployment of at least 100 long-range Hsiung Sheng missiles and providing more deterrence against China, military sources said on Saturday. Hsiung Sheng missiles are an extended-range version of the Hsiung Feng IIE (HF-2E) surface-to-surface cruise missile, and are believed to have a range of up to 1,200km, which would allow them to hit targets well inside China. They went into mass production in 2022, the sources said. The project is part of a special budget for the Ministry of National Defense aimed at
READY TO WORK: Taiwan is eager to cooperate and is hopeful that like-minded states will continue to advocate for its inclusion in regional organizations, Lai said Maintaining the “status quo” in the Taiwan Strait, and peace and stability in the Indo-Pacific region must be a top priority, president-elect William Lai (賴清德) said yesterday after meeting with a delegation of US academics. Leaders of the G7, US President Joe Biden and other international heads of state have voiced concerns about the situation in the Strait, as stability in the region is necessary for a safe, peaceful and prosperous world, Lai said. The vice president, who is to be inaugurated in May, welcomed the delegation and thanked them for their support for Taiwan and issues concerning the Strait. The international community
COOPERATION: Two crewmembers from a Chinese fishing boat that sank off Kinmen were rescued, two were found dead and another two were still missing at press time The Coast Guard Administration (CGA) was yesterday working with Chinese rescuers to find two missing crewmembers from a Chinese fishing boat that sank southwest of Kinmen County yesterday, killing two crew. The joint operation managed to rescue two of the boat’s six crewmembers, but two were already dead when they were pulled from the water, the agency said in a statement. Rescuers are still searching for two others from the Min Long Yu 61222, a boat registered in China’s Fujian Province that capsized and sank 1.03 nautical miles (1.9km) southwest of Dongding Island (東碇), it added. CGA Director-General Chou Mei-wu (周美伍) told a