■ FINANCE
Turner may be new UK chief
The former director of the Confederation of British Industry is the British government’s top choice to become the new chairman of the country’s financial watchdog, the Sunday Times reported. The report said that Lord Adair Turner was expected to be appointed to the Financial Services Authority, which admitted earlier this year it had done a poor job of supervising Northern Rock, the mortgage lender that became Britain’s most prominent victim of the subprime mortgage crisis. Britain’s Treasury declined comment on the report, saying an announcement would be made “in due course.”
■ OIL
CNOOC eyeing Talisman
Chinese oil giant CNOOC (中國海洋石油) is in talks with Canadian-based Talisman Energy over a possible takeover deal, the South China Morning Post reported yesterday. CNOOC, China’s third-largest oil company, is in discussions that could lead to asset sales or a complete takeover, the report said, citing unnamed sources. It also said that energy giant PetroChina (中石油) was looking at taking a stake in Santos, the third-largest oil and gas company in Australia.
■ AUTOMOBILES
Toyota making road-rail car
Japan’s Toyota Motor Corp and its truck-making affiliate have joined a project to develop an environmentally friendly vehicle capable of moving both on roads and railways, an official said yesterday. Toyota and affiliate Hino Motors Ltd will take part in the development of a new model of a road-rail vehicle originally created by railway operator JR Hokkaido, a Hino spokesman said. The two auto companies are providing technology and materials to strengthen the front part of the “dual mode vehicle” so that it can carry up to 25 people. The railway firm, which operates railways in the northern island of Hokkaido, is already developing several prototypes of road-rail vehicles and has begun test drives. The vehicle has eight wheels — four iron wheels for railways and four rubber tires for roads — and is powered by a diesel engine. It is expected to be completed by the middle of next month and will be displayed at a welcome event for this year’s G8 summit in Hokkaido in July for which climate change is high on the agenda.
■ FINANCE
‘Shariah’ fund launch today
Daiwa Asset Management (Singapore) plans to launch Singapore’s first Shariah-compliant exchange-traded fund today as the Singapore attempts to attract more Islamic investment from overseas. The Daiwa FTSE Shariah Japan 100 will track 100 of Japan’s largest companies by market capitalization that comply with Islamic law, including Toyota Motor Corp, Canon Inc and Nintendo Co, Daiwa said in a statement to the stock exchange in Singapore yesterday. The exchange-traded fund is scheduled to list in Singapore today.
■ HOLLYWOOD
Contract talks continue
The smaller of two actors unions says contract talks with the major Hollywood studios are being held over the holiday Memorial Day weekend. The American Federation of Television and Radio Artists sent its members an e-mail on Sunday saying says the talks, which began on May 7 over a handful of TV shows, including Curb Your Enthusiasm, have been constructive. Sunday marked the 15th day of negotiations. The union’s three-year contract expires on June 30.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from