■ TELECOMS
Krishnan bids for Maxis
Malaysian billionaire Ananda Krishnan made an offer yesterday to buy out his public-listed company Maxis, the country's No. 1 mobile phone company, in a deal possibly worth US$5 billion. No reason was given for the bid to privatize Maxis Communications Bhd, which has a market value of 32.9 billion ringgit (US$9.4 billion). Trading in shares of Maxis were suspended after its parent, Usaha Tegas Sdn Bhd, which is 100 percent owned by Krishnan, said it plans to buy all outstanding shares in Maxis. Usaha Tegas will make a formal offer on Thursday, Maxis said in a statement to the bourse.
■ STEEL
POSCO swaps stakes
South Korean steel giant POSCO swapped stakes yesterday with Hyundai Heavy industries, the world's largest shipyard, to strengthen its defenses against any hostile takeover. The world's third-largest steelmaker has engaged in cross-shareholding deals with friendly firms since it emerged as a possible target for a takeover by Arcelor Mittal, the world's biggest steelmaker. Hyundai Heavy's subsidiary Hyundai Mipo yesterday bought a 1.0 percent stake in POSCO worth 343 billion won (US$369 million). In return, POSCO bought a 1.9 percent stake in Hyundai Heavy. POSCO, 59 percent owned by foreign investors, counts Japan's Nippon Steel, the world's second-largest steelmaker, as its biggest shareholder and ally.
■ ENERGY
Eni to buy Dominion assets
Italian energy company Eni SpA said yesterday it agreed to buy Dominion Resources Inc's production, development and exploration assets in the Gulf of Mexico for US$4.8 billion. Eni said in a statement that the purchase will increase its Gulf of Mexico production to 110,000 barrels of oil equivalent a day by the second half of the year, from the current 36,000. The transaction is subject to government approvals and is expected to be completed on July 2. Eni shares rose 0.4 percent to 24.44 euro (US$33.34) in Milan trading. Richmond, Virginia-based Dominion said last May that the company was considering selling certain business units because of concerns that Dominion's stock was being undervalued.
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
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
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