Kirin Pharma makes bid
Major Japanese brewer Kirin, seeking to compensate for slack growth in beer sales, announced yesterday a US$1.48 billion friendly bid for pharmaceutical firm Kyowa Hakko Kogyo. Kirin Holdings Co hopes to merge its Kirin Pharma next year with Kyowa Hakko Kogyo Co, which has agreed to the offer. Kirin Holdings plans to take over 50.1 percent of Kyowa Hakko's outstanding shares through public bidding and swapping Kirin Pharma with Kyowa Hakko shares, the companies said in a joint statement. Kyowa Hakko will become a consolidated subsidiary of Kirin Holdings in April.
Bridgestone to invest
Japan's Bridgestone said yesterday it would invest US$11 billion over five years to boost production in a battle against France's Michelin to become the world's undisputed top tire-maker. It said it would spend a total of ?1.25 trillion covering the five years from next April, up 14 percent from the preceding five years. Bridgestone plans to put new factories into operation in Mexico, Poland, Hungary and Japan and to expand existing plants in India and Indonesia. "Our goal is to establish the status of being the undisputed world number one tire and rubber company," chief executive and president Shoshi Arakawa said.
Bhopal settlement likely
India could reach an out-of-court settlement with US giant Dow Chemical to clean up the Bhopal gas disaster site and end liability claims after more than two decades, a report said yesterday. India's law ministry said the move would clear "legal hurdles" to future Dow Chemical investments in India by setting up a fund to clean up thousands of tonnes of contaminated soil along with other measures to resolve long-running lawsuits linked to the disaster, the Hindustan Times newspaper reported. Thousands of people were killed on Dec. 3, 1984, when a then Union Carbide plant at Bhopal in central India disgorged 40 tonnes of a lethal gas.
Greenspan on subprime
The financial turmoil that erupted earlier this year in the US subprime housing market was "an accident waiting to happen" and could have taken place in any other sector, former Federal Reserve chairman Alan Greenspan said in Washington on Sunday. "Credit spreads across all global asset classes had become compressed to clearly unsustainable levels," Greenspan told an audience at the World Bank's International Finance Corporation. "Something had to give. If the crisis had not been triggered by a mispricing of securitized US subprime [high-risk] mortgages, it would have eventually erupted in some other sector of our market," he said.
Orissa investment still on
South Korean steel giant POSCO remains committed to its US$12 billion investment plan in India despite protests by local residents and politicians, company officials said yesterday. POSCO's plan to buid a steel production hub in India's eastern state of Orissa -- the biggest foreign direct investment in the country -- has hit a snag due to protests from locals afraid of losing their land. "We are not considering relocating the proposed steel plant," said Yeon Kyung-heum, an official at POSCO's public relations office.
SCHEDULE: The delegation is due to meet with President Tsai Ing-wen this morning and witness the signing of an MOU on bilateral health cooperation in the afternoon US Secretary of Health and Human Services (HHS) Alex Azar yesterday arrived in Taipei aboard a US government plane at the head of a delegation that is the highest-level visit by a US official since Washington switched diplomatic recognition to China in 1979. Azar’s flight landed at Taipei International Airport (Songshan airport) at 4:48pm, nearly one hour earlier than scheduled, the Ministry of Foreign Affairs said. The apron where it landed is reserved for military aircraft, the Songshan Air Force Base Command said. The members of Azar’s delegation included HHS Assistant Secretary for Preparedness and Response Robert Kadlec, HHS Chief of Staff Brian
CHINESE FIGHTERS: Beijing marked the US Cabinet member’s visit by briefly sending two warplanes across the median line of the Taiwan Strait yesterday morning President Tsai Ing-wen (蔡英文) yesterday met with US Secretary of Health and Human Services Alex Azar in the highest-level official meeting between the two nations since 1979. “It is a true honor to be here to convey a message of strong support and friendship from [US] President [Donald] Trump to Taiwan,” Azar said during the open portion of his courtesy call to the Presidential Office, which was streamed live online before Tsai and Azar held a closed-door meeting. “Taiwan’s response to COVID-19 has been among the most successful in the world, and that is a tribute to the open, transparent,
ALEX AZAR: The first visit by a head of the Department of Health and Human Services would strictly observe the CECC’s special regulations, the Ministry of Foreign Affairs said US Secretary of Health and Human Services (HHS) Alex Azar is to lead a delegation to Taiwan — the highest-level visit by a US Cabinet official since the two sides cut formal relations in 1979. The plan was announced yesterday morning by the US Department of Health and Human Services and confirmed by the Ministry of Foreign Affairs (MOFA). Beijing has expressed its concerns to Washington, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin (汪文斌) said later yesterday. Taiwan and the US only issued statements saying that the visit would happen “in the coming days.” MOFA said that due to security concerns, it would
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did