■ Automobiles
Porsche in no hurry
German luxury sports car maker Porsche is in no hurry to buy shares in Volkswagen, the biggest European auto group, a press report said yesterday, quoting Porsche chief executive Wendelin Weideking. "There is no need for us to act tomorrow or the day after tomorrow," the report quoted Weideking as telling a Porsche works committee on Wednesday. He added that Porsche had a specific timeframe in mind on when it planned to raise its VW shareholdings but that only a few people knew what it was. Porsche currently has a stake of around 31 percent in VW but is widely expected to raise it to at least 50 percent.
■ Electronics
Samsung raring to go
Samsung Electronics Co said yesterday it plans to begin mass production of NAND flash memory chips at its plant in the US from next month, a company spokesman said yesterday. Samsung will make the chips from 300mm wafers using advanced 50-nanometer level process technology at its factory in Austin, Texas, said James Chung, a company spokesman. The announcement comes after Samsung said in June that it would invest US$3.5 billion by next year at the facility to meet rising NAND demand. Samsung will initially produce 20,000 wafers of 16 gigabit NAND flash chips a month, Chung said. Samsung said in June that it would gradually increase production to 60,000 wafers a month.
■ Oil
US$100 a 'fair price'
Venezuelan President Hugo Chavez said on Wednesday US$100 per barrel is a fair price for oil, as global crude prices approach triple digits. "The price of oil [is] almost 100 dollars per barrel, which is the fair price, and I'm sure we'll continue along that path," Chavez told a group of demonstrators in Caracas. Oil retreated below US$98 in Asian trade yesterday after rising to within striking distance of the symbolic US$100 level. Dealers said investors were taking a cautious stance to protect their positions since US financial markets were closed yesterday for the Thanksgiving holiday.
■ Steel
ArcelorMittal raises stake
China Oriental has notified its home exchange that ArcelorMittal, the world's largest steel producer, has raised its stake in the company to more than 73 percent from 28 percent. In a filing to the Hong Kong stock exchange, the Chinese steel producer said ArcelorMittal currently held 2.14 billion shares, up from 820 million shares previously. No commentary accompanied the filing and financial terms were not disclosed, while a spokeswoman for the company said yesterday a statement was being prepared in regards to the shareholding. ArcelorMittal paid US$647 million for the 28 percent shareholding earlier this month.
■ Palm Oil
Malaysia to respect market
Malaysia, the world's top producer of palm oil, said yesterday it will allow market forces to determine crude palm oil prices and ruled out any attempt to control rising prices due to strong demand. Peter Chin, minister of plantation industries and commodities said Malaysia did not think there was an "optimum" price for the commodity which is also in short supply due to recent flooding in Malaysia's southern Johor state.
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