■ PHARMACEUTICALS
Pfizer may bid for Ranbaxy
Giant drugmaker Pfizer may make a counter-offer for Indian firm Ranbaxy in an attempt to thwart a takeover bid by Japanese pharmaceutical firm Daiichi Sankyo, a report said yesterday. On Wednesday, Daiichi Sankyo said it signed an agreement to purchase a 35 percent stake held by the Singh family in the top Indian generics maker and would make an open share offer to bring its holding to 51.1 percent in a deal it valued at up to US$4.6 billion. But leading Indian financial daily the Business Standard, quoting unidentified sources it said were close to developments, reported Pfizer was mulling a bid for the 65 percent of Ranbaxy not owned by the Singhs. The newspaper reported that Pfizer may offer to buy out stakes held by lenders and other investors.
■ REAL ESTATE
US foreclosures hit record
Surging US home foreclosures rose to another record last month, according to a survey released yesterday, which showed home foreclosure actions hit a fresh all-time high of 261,255. The survey by RealtyTrac said the percentage of foreclosure actions — including default, auction sale notices and bank repossessions — rose 7 percent from the prior month and spiked 48 percent from a year ago. The report showed that one in every 483 US households received a foreclosure filing during the month as the housing market slump continued to buffet the world’s largest economy. “May was the third straight month where we’ve seen a month-to-month increase in foreclosure activity,” said James Saccacio, chief executive of RealtyTrac.
■ FINANCE
UBS share sale a success
UBS AG said yesterday that investors bought almost all new shares offered in a 15.97 billion Swiss Franc (US$15.37 billion) capital increase to recover from subprime problems. “Subscription rights for 755,466,901 new shares were exercised, representing 99.4 percent of all new shares offered” under the program authorized at the April 23 shareholders’ meeting, the financial firm said. It said the remaining nearly 5 million new shares would be sold by UBS Investment Bank in open market transactions starting yesterday.
■ ENERGY
EU to probe US subsidies
The EU, opening up a new trans-Atlantic trade spat, will investigate whether soaring imports of US biodiesel break global trade rules because of subsidies, the EU’s executive commission said yesterday. In April, EU biodiesel producers requested the Commission impose duties on imports from the US and yesterday said there was enough evidence to warrant anti-subsidy and anti-dumping investigations. European producers say their US rivals benefit from generous subsidies when they blend biodiesel with small amounts of mineral diesel in the US, creating unfair competition that has put much of EU industry out of business.
■ ROBOTICS
Penguin can emit smells
South Korean researchers, showcasing their latest line in robotic pets, have unveiled a penguin that can interact with humans. Called “Pomi” (Penguin Robot for Multimodal Interaction), it can see, hear, touch, emit smells and make faces, yesterday’s Korea Times said. It was developed by the state-run Electronics and Telecommunications Research Institute, which plans to put Pomi to commercial use. The institute said Pomi’s software, which imitates human emotion, will be available on the market by the end of next month.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
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
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source