■ 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-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