■ AUTOMOBILES
GM, UAW talks progressing
Bargainers for General Motors Corp and the United Auto Workers (UAW) took a break early yesterday amid optimism that they are getting closer to an agreement. Negotiations came to an end just before 3am after a marathon 16-hour session on Sunday and yesterday, GM spokesman Tom Wickham said. "GM and the UAW have agreed to take a break and talks will resume later this morning. We aren't going to comment or speculate on the nature or content of the discussions," Wickham said. He said that all employees were expected to report for work at their scheduled times yesterday.
■ BONDS
China sells debt
China's Finance Ministry sold 31.97 billion yuan (US$4.2 billion) of 15-year debt yesterday in its first sale of special bonds directly to the market. The ministry unexpectedly increased the size of the offering from 30 billion yuan because of strong demand from cash-rich investors despite an interest-rate hike on Friday and a rally in local stocks yesterday. The bonds are part of a total 1.55 trillion yuan Beijing is selling to fund the country's new foreign exchange investment agency, the China Investment Co.
■ PHARMACEUTICALS
Drug maker gives update
Sanofi-Aventis SA expects to make 31 submissions for new drugs by the end of 2010, the company said yesterday. In its first such update to investors in two years, the Paris-based company, the world's third-largest drug maker by prescription drug sales, said it had 48 drugs in late-stage development. However, the company's drug for treatment of Alzheimer's disease, xaliproden, failed in late-stage trials. The company said anti-depressant saredutant was effective in two late-stage trials against a dummy pill for the treatment of severe depression.
■ AVIATION
Airline out of receivership
Philippine Airlines will come out of receivership next month, the national carrier said yesterday, ahead of schedule and amid an improved financial position. "The airline will come out of receivership much sooner than its original year-end target and continue to look seriously at financing options to further improve its capitalization," PAL Holdings president Jaime Bautista said. Bautista issued the statement yesterday after PAL Holdings' annual stockholders meeting. PAL Holdings, controlled by Filipino-Chinese tycoon Lucio Tan, owns 84.7 percent of the airline, which entered receivership in June 1998 after suffering massive financial losses caused by external and internal problems.
■ TAKEOVERS
`WSJ' contract deal reached
Dow Jones & Co has reached a tentative deal on a new contract with the union representing reporters at the Wall Street Journal, ending several months of sometimes contentious talks. The tentative contract agreement comes six weeks after Rupert Murdoch's News Corp media conglomerate agreed to buy Dow Jones for US$5 billion. The board of the union, the Independent Association of Publishers' Employees, agreed on Saturday to send the contract deal to its membership and recommend that they ratify it. The union said the new contract offer included annual wage increases of 3 percent through 2009, compensation for jobs lost to outsourcing, and health care changes including new caps on out-of-pocket medical expenses.
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
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
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
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