■ FOREIGN EXCHANG
French minister concerned
French Economy Minister Christine Lagarde on Friday expressed concern about the “maisalignments” of global currencies, but said the problem was broader than simply the a weak dollar. “It is not just the dollar,” Lagarde told reporters following a speech in Chicago. “It’s the whole question of volatility and the whole question of misalignment between the currencies relative to the other and relative to the fundamentals of the economy.” Lagarde said the European economy had, so far, proven “more resilient than expected” in the face of a credit crunch spurred by the subprime lending crisis.
■AGRICULTURE
Argentina talks deadlocked
Talks between Argentina’s government and the country’s farm sector, a major exporter of grains and soybeans, remained deadlocked on Friday, with two new protests scheduled for today looming. Most of Argentina’s grain production is for export, and a disruption could affect supply to the strained world grain market. Large protests are planned today in the cities of Rosario and Tucuman. Rosario, northwest of Buenos Aires, is an industrial and key grains center.
■COPPER
Mine closed after storm
Heavy rains and flooding that killed five people and displaced thousands in south-central Chile have closed the world’s largest underground copper mine, the government said on Friday. Landslides caused by the rains forced the shutdown of the giant El Teniente copper mine, owned by state miner Codelco. The firm said it could take 48 hours to clear rock, earth and floodwaters blocking access to the mine, which lies 80km south of Santiago and was recovering from disruptions from the latest in a series of strikes by subcontractor workers.
■COAL
Price hikes limited in China
Coal prices in China, the world’s biggest consumer of the fuel, have limited room to rise as the industry faces potential overcapacity, the China Coal Transport and Distribution Association said. China’s coal demand may increase at a slower pace of about 6 percent to 2.74 billion tonnes this year, compared with growth of 8 percent last year, Yang Xianfeng (楊顯峰), secretary of the lobby, told reporters after a conference in Beijing yesterday. “Growth in coal demand will continue to fall after 2009 because of government efforts to cool the economy and increase energy efficiency,” Yang said. Coal output in China rose 7 percent to 2.54 billion tonnes last year, while demand rose to 2.58 billion tonnes, Yang said. The average price of raw coal at China’s biggest mines climbed 13 percent to 272.3 yuan (US$39) a tonne, he said.
■OIL
Battle erupts for Expro
A full-blown takeover battle erupted for European oil field contractor Expro International Group PLC on Friday as an initial bid from Halliburton Co was swiftly followed by a sweetened offer from a private equity consortium led by London-based Candover Group. Halliburton made an all-cash proposal of £15.25 per share before the market opened, valuing the British-based company at £1.7 billion (US$3.36 billion). Candover-backed Umbrellastream Ltd reacted quickly on Friday, increasing its own offer to £15.50 per share, valuing the company at £1.73 billion. Halliburton acknowledged the move by Umbrellastream, which also comprises Goldman Sachs Capital Partners and AlpInvest Partners NV, and said it was continuing discussions with Expro but may or may not make an offer.
Beijing’s continued provocations in the Taiwan Strait reveal its intention to unilaterally change the “status quo” in the area, the US Department of State said on Saturday, calling for a peaceful resolution to cross-strait issues. The Coast Guard Administration (CGA) reported that four China Coast Guard patrol vessels entered restricted and prohibited waters near Kinmen County on Friday and again on Saturday. A State Department spokesperson said that Washington was aware of the incidents, and urged all parties to exercise restraint and refrain from unilaterally changing the “status quo.” “Maintaining peace and stability across the Taiwan Strait is in line with our [the
EXTENDED RANGE: Hsiung Sheng missiles, 100 of which might be deployed by the end of the year, could reach Chinese command posts and airport runways, a source said A NT$16.9 billion (US$534.93 million) project to upgrade the military’s missile defense systems would be completed this year, allowing the deployment of at least 100 long-range Hsiung Sheng missiles and providing more deterrence against China, military sources said on Saturday. Hsiung Sheng missiles are an extended-range version of the Hsiung Feng IIE (HF-2E) surface-to-surface cruise missile, and are believed to have a range of up to 1,200km, which would allow them to hit targets well inside China. They went into mass production in 2022, the sources said. The project is part of a special budget for the Ministry of National Defense aimed at
READY TO WORK: Taiwan is eager to cooperate and is hopeful that like-minded states will continue to advocate for its inclusion in regional organizations, Lai said Maintaining the “status quo” in the Taiwan Strait, and peace and stability in the Indo-Pacific region must be a top priority, president-elect William Lai (賴清德) said yesterday after meeting with a delegation of US academics. Leaders of the G7, US President Joe Biden and other international heads of state have voiced concerns about the situation in the Strait, as stability in the region is necessary for a safe, peaceful and prosperous world, Lai said. The vice president, who is to be inaugurated in May, welcomed the delegation and thanked them for their support for Taiwan and issues concerning the Strait. The international community
COOPERATION: Two crewmembers from a Chinese fishing boat that sank off Kinmen were rescued, two were found dead and another two were still missing at press time The Coast Guard Administration (CGA) was yesterday working with Chinese rescuers to find two missing crewmembers from a Chinese fishing boat that sank southwest of Kinmen County yesterday, killing two crew. The joint operation managed to rescue two of the boat’s six crewmembers, but two were already dead when they were pulled from the water, the agency said in a statement. Rescuers are still searching for two others from the Min Long Yu 61222, a boat registered in China’s Fujian Province that capsized and sank 1.03 nautical miles (1.9km) southwest of Dongding Island (東碇), it added. CGA Director-General Chou Mei-wu (周美伍) told a