■ AVIATION
Virgin to buy stake in FAX
Richard Branson's Virgin Group will sign an agreement next month to take a 20 percent stake in Fly Asian Xpress Sdn Bhd (FAX), the new long-haul budget airline owned by the main shareholders of Malaysia's AirAsia, executives familiar with the plan said yesterday. Branson's Virgin Group Ltd is scheduled to sign an agreement Aug. 10 to take the stake in FAX for approximately 24 million ringgit (US$6.9 million), pending approval from Malaysia's Foreign Investment Committee, which oversees all foreign
investments, one of the executives told Dow Jones Newswires. AirAsia, the region's most prominent low-cost carrier, will exercise an option to buy just under 20 percent of FAX as well, the executive said on condition of anonymity because of the sensitive nature of the negotiations. FAX is presently 100 percent owned by AirAsia's founders, including its chief executive Tony Fernandes and deputy chief executive Kamarudin Meranun. The fundraising will allow FAX to partially finance its operational expenses and buy new aircraft, another executive said.
■ ELECTRONICS
TomTom bids for Tele Atlas
TomTom NV, Europe's largest maker of navigation systems for cars, said yesterday it will bid 1.9 billion euros (US$2.6 billion) for Tele Atlas NV, the digital mapping company. TomTom said it would offer 21.25 euros per share for Den Bosch, Netherlands-based Tele Atlas, a 28 percent premium to the company's closing price of 16.55 euros on Friday.
■ TRADE
US gives up on Thai FTA
The US has given up hopes of a free-trade agreement (FTA) with Thailand because of the political situation since last year's coup, a US official told a Singapore newspaper. "In the case of Thailand, FTA negotiations stalled before the coup," US Trade Representative Susan Schwab said in an interview with the Straits Times published yesterday. "With the coup, it obviously became impossible to proceed. We have given up having an FTA with Thailand," she said.
■ INSURANCE
UK insurers mull merger
Friends Provident PLC and Resolution PLC said yesterday they are in advanced talks about a possible merger of two of Britain's largest life insurers in an all-share-deal. The combination would have a market value of more than ?8 billion (US$16 billion). The proposed merger would see Resolution shareholders holding 50.9 percent of the combination and Friends Provident shareholders taking 49.1 percent, the companies said. Friends Provident shares rose 7.4 percent on the London Stock Exchange to ?2.0075. Resolution shares gained 2.2 percent to ?6.40.
■ TRADE
EU urges China on controls
Europe urged China yesterday to ensure that exports met European standards amid a series of scares about Chinese products ranging from toothpaste to tires. EU Consumer Protection Commissioner Meglena Kuneva said she saw some improvement in how China handled EU warnings of faulty or substandard goods, but much more was needed to satisfy expectations. "Yes, there is an improvement but also it's equally valid that there is need of more step-up of the reforms on the market and on the market surveillance," she said.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique