■ STEEL
Arcelor investors fight bid
Hedge fund investors in steel giant Arcelor SA are seeking a Dutch court order to stop the US$41 billion Mittal Steel Co NV takeover that offers them a share swap they are not happy with, Arcelor said on Thursday. The company, which already calls itself ArcelorMittal, said it had received a writ of summons from three funds to appear on Wednesday at a court in Rotterdam, where Mittal is based. Mittal had planned to seek shareholder approval for the first phase of the merger on Aug. 28 and complete it on Sept. 3.
■ MARKETS
Borse Dubai eyes OMX AB
Borse Dubai yesterday launched a takeover offer for Nordic stock exchange operator OMX AB, setting the stage for a potential bidding war against US-based NASDAQ Stock Market Inc, which has already made an offer for the company. Borse Dubai, the owner of the Dubai stock exchange, said it is offering 230 kronor (US$32.84) per OMX share, valuing OMX at around 27.7 billion kronor. The bid represents a 14 percent premium over NASDAQ's cash-and-share offer, which it valued at 202.3 kronor per share. Rumors of a bidding war for the Nordic bourse have run high since last week, when the Dubai exchange said it was planning to raise its stake in OMX to more than 25 percent.
■ AUTOMAKERS
Japanese firms settle suit
Asthma patients yesterday welcomed a settlement with major Japanese automakers and the government resolving a long row over air pollution blamed for killing more than 100 people in Tokyo alone. The plaintiffs agreed to a court-mediated settlement to end an 11-year legal battle against seven automakers, which include industry giants Toyota, Honda and Nissan, as well as government bodies. More than 520 Tokyo residents had filed the lawsuit, blaming diesel gas fumes for causing their asthma. Under the settlement, the automakers alone will pay ?3.3 billion (US$28.6 million) to underwrite a five-year health plan for the asthma patients. The automakers will also pay a one-time ?1.2 billion to the plaintiffs.
■ ELECTRONICS
Sony in recycling initiative
Does that Walkman walk no more, or is the original PlayStation now a doorstop? Starting next month, Sony Corp will take them back at 75 recycling stations around the US. Other makers of computers and electronics, like Apple Inc, Dell Inc and Hewlett-Packard Co, also have their own recycling programs, which generally rely on customers mailing in their old gear. Sony is the first to partner with trash-hauler Waste Management Inc, which has a network of recycling drop-off centers. The centers will accept any Sony or Sony Ericsson-branded gadgets for free, and other brands for a fee.
■ STEEL
Chrysler boss wants rate cut
The new chief executive of Chrysler, Robert Nardelli, said on Thursday he believed a cut in US interest rates would help re-energize the sluggish economy. Nardelli, the former chairman of Home Depot, said he would have no problem endorsing an interest rate reduction by the US Federal Reserve in the wake of the troubles in the housing market. Nardelli is one of the first executives of a non-financial company to call for an adjustment in rates. "I don't think it had a direct impact" on the car industry and consumers, he said of the turmoil in the markets. "But it had a psychological impact."
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