■BANKING
Blackstone eyes UK market
US investment group Blackstone is examining the possibility of entering the UK banking market, chief executive Stephen Schwarzman said on the sidelines of a conference in Riyadh, Saudi Arabia, on Sunday. Last week sources familiar with the matter said that Blackstone, one of the world’s leading buyout firms, had applied for a British banking license and was working with fund manager Cambridge Place on a venture called The Home and Savings Bank. Schwarzman declined to comment on whether Blackstone had applied for a UK banking license, but when asked whether he was looking to enter the UK market, he said: “We are looking at one potential situation.” He added that the group was “looking at buying financial assets in other places in the world.”
■LIGHTING
Philips back in the black
Royal Philips Electronics NV, the world’s largest maker of lights, reported a net profit of 251 million euros (US$355 million) for the fourth quarter, citing lower one-time charges and job cuts. The net profit reverses a loss of 1.18 billion euros in the same period a year ago, which included 629 million euros in impairment charges on assets. Fourth-quarter sales fell 3.4 percent to 7.26 billion euros. The company said its earnings were higher at all main divisions, despite sales declines. Philips has shed 5,474 jobs in the past year.
■FINANCE
AIG unit taps new chairman
Douglas Steenland, the former CEO of Northwest Airlines Inc, replaced Steven Udvar-Hazy as chairman of American International Group Inc’s International Lease Finance Corp (ILFC), the company said on its Web site. Udvar-Hazy, who remains CEO of the airplane-leasing unit he founded, may leave the company as early as this week, the Wall Street Journal reported on Sunday, citing unidentified people familiar with the situation. John Plueger, ILFC’s president and chief operating officer, may be named Udvar-Hazy’s successor, the newspaper said. AIG has been trying to sell the Century City, California-based leasing business as the insurer seeks to raise capital — part of a plan to repay its US$182.3 billion bailout by the US government.
■INTERNET
MySpace helping artists
Social networking site MySpace, which has enabled many artists to launch their careers, is now helping to pay them back millions of dollars in “lost” royalties for songs and performances. MySpace CEO Owen van Natta said on Sunday the firm had signed a groundbreaking deal with performance rights group SoundExchange to track down some 25,000 major, independent and unsigned artists owed more than US$14 million in unpaid royalties. Van Natta said he planned to use the MySpace platform to put the artists in touch with SoundExchange, a non-profit performance rights organization that collects royalties for the streaming of music on Internet or satellite radio on behalf of sound recording copyright owners.
■OIL
Prices dip below US$75
Oil prices stayed below US$75 a barrel in Asia yesterday, dampened by falls in regional stock markets and on Wall Street over US President Barack Obama’s plans to restrict big banks. Benchmark crude for delivery next month dipped US$0.02 to US$74.52 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract lost US$1.54 to settle at US$74.54 on Friday.
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