■ Electronics
NEC reports kickbacks
Japanese tax authorities have notified electronics company NEC Corp that 10 of its employees received roughly ?500 million (US$4.1 million) in kickbacks for fictitious orders they made to subcontractors, the company said yesterday. The Tokyo-based computer and network equipment maker said a tax inspection found that the workers were involved in improper deals worth ?2.2 billion over the past seven business years. NEC said it is considering seeking compensation and filing criminal complaints against the workers.
■ Labor
Sanyo Di workers strike
More than 1,800 workers for Japanese digital camera producer Sanyo Di Solutions Co have gone on strike in Vietnam to protest a proposal on changes in working hours, a company official said yesterday. The strike started on Monday and continued yesterday, an official of the company said from Dong Nai Province's Bien Hoa 2 industrial zone, where the company is based. "It seems that the workers did not want to work on shifts, as recently proposed by company leaders. Under the new rule, they would not have Saturday and Sunday off as usual, but would take two days off after four working days," the official said.
■ Retailing
Coles share price falls
Shares in Australia's second-largest retailer Coles Group Ltd fell sharply yesterday after Kohlberg Kravis Roberts & Co walked away from a consortium vying to buy the business, raising the possibility that a rival bid headed by Wesfarmers Ltd could proceed unchallenged. Coles shares fell more than 4 percent yesterday before recovering slightly to A$16.70 (US$13.70). KKR's withdrawal has strengthened the chances of a group led by local industrial conglomerate Wesfarmers for securing Coles' assets. Wesfarmers is offering A$16.47 per share, putting the value of Coles at about A$19.7 billion (US$16.1 billion).
■ Energy
APEC seeks cooperation
APEC countries agreed to seek closer cooperation between all oil and gas companies to improve energy trade flows and supply security. All companies, not just national oil companies, need to cooperate to improve transparency in the market and help free up trade, Australian Industry Minister Ian Macfarlane said at a media briefing during the APEC energy ministers meeting in Darwin, Australia. An earlier draft communique from the meeting referred specifically to the impact in the market of state-owned oil companies. "It's about ensuring not only a transparency in the market but also a free flow of oil and gas products across borders," Macfarlane said.
■ Auctions
Tycoon wins throne
The king of Macau's gambling industry, Stanley Ho (何鴻燊), paid HK$13.76 million (US$1.76 million) for an imperial throne at auction in Hong Kong that Christie's said was the highest ever bid in that art category. Ho, 85, made the winning bid by telephone for the gilt-incised, five-panel, lacquer throne dating from the 1662-1722 reign of the Qing Dynasty emperor Kangxi (康熙), a Christie's spokeswoman said. Asked what Ho planned to do with his new chair, and whether he might put it in one of his casinos, the Christie's spokeswoman said: "We have to check with him."
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