Shanghai Disney goes ahead
Disney could start building its planned theme park in Shanghai as early as November, a year after Chinese authorities gave the green light for the project, the China Business News reported yesterday. “Talks on the Disney project are in the final stages and the construction is expected to start as early as November,” the report said, citing an unnamed source. The park would be Disney’s fourth outside the US and its third in Asia, after Paris, Tokyo and Hong Kong.
China to lead IPO market
China is on track to become the world’s biggest initial public offering (IPO) market this year in terms of both the number of new listings and funds raised, according to PricewaterhouseCoopers. The total number of new listings on the country’s two bourses in Shanghai and Shenzhen may reach 300 this year, compared with 99 last year, a forecast published this week said. Chinese companies are expected to raise 500 billion yuan (US$73.6 billion) in IPOs this year, it said.
Restructuring deal accepted
More than two-thirds of the nation’s creditors have accepted a deal with Buenos Aires ending their long-running debt dispute, the Ministry of Economy said on Monday. Heralding the country’s return to the financial mainstream, the ministry said 70.2 percent of creditors who held debt that the country defaulted on had agreed to the latest restructuring deal, worth US$18.3 billion. That topped the preliminary news announced last month of a 66 percent acceptance rate, worth more than US$12 billion. The government has offered to swap defaulted bonds at a third of their nominal value in a bid to restore its international credit standing.
Samsung raises sales target
Samsung Electronics Co, the world’s largest television maker, raised its target for global flat-panel television sales this year to as many as 50 million units on increased demand. The company previously set a target of 39 million units, company spokesman James Chung said yesterday by telephone. Meanwhile, Samsung, LG and Hyundai Motor Group will team up to develop flexible display material, the Maeil Business Newspaper reported, citing officials from the South Korean Ministry of Knowledge Economy and related industries.
Air France to cut 4,100 jobs
Air France will cut its work force by about 4,100 people by March 2013, union sources said on Monday. Jose Rocamorra, of the CGT union, said there was no plan for layoffs but over the next three years the airline will see its workforce reduced by way of voluntary departures. A document seen by reporters showed that Air France planned to shrink its work force by 4,109 posts to just under 47,700 by end-March 2013.
Rio completes Alcan sales
Mining company Rio Tinto Ltd said yesterday it had completed divestment of its Alcan Packaging business following the sales of its final two assets, Medical Flexibles and Alcan Beauty Packaging. Medical Flexibles, which comprises four North American plants, has been acquired by Amcor for US$66 million after recently receiving approval from the US Department of Justice. The beauty packaging business was acquired by Sun European Partners LLP for an undisclosed sum, Rio said in a statement.
SCHEDULE: The delegation is due to meet with President Tsai Ing-wen this morning and witness the signing of an MOU on bilateral health cooperation in the afternoon US Secretary of Health and Human Services (HHS) Alex Azar yesterday arrived in Taipei aboard a US government plane at the head of a delegation that is the highest-level visit by a US official since Washington switched diplomatic recognition to China in 1979. Azar’s flight landed at Taipei International Airport (Songshan airport) at 4:48pm, nearly one hour earlier than scheduled, the Ministry of Foreign Affairs said. The apron where it landed is reserved for military aircraft, the Songshan Air Force Base Command said. The members of Azar’s delegation included HHS Assistant Secretary for Preparedness and Response Robert Kadlec, HHS Chief of Staff Brian
CHINESE FIGHTERS: Beijing marked the US Cabinet member’s visit by briefly sending two warplanes across the median line of the Taiwan Strait yesterday morning President Tsai Ing-wen (蔡英文) yesterday met with US Secretary of Health and Human Services Alex Azar in the highest-level official meeting between the two nations since 1979. “It is a true honor to be here to convey a message of strong support and friendship from [US] President [Donald] Trump to Taiwan,” Azar said during the open portion of his courtesy call to the Presidential Office, which was streamed live online before Tsai and Azar held a closed-door meeting. “Taiwan’s response to COVID-19 has been among the most successful in the world, and that is a tribute to the open, transparent,
PARTNERSHIP AND LEARNING: A Princeton University health policy researcher said that the nation would be a ‘treasure trove’ of information for the US health chief US Secretary of Health and Human Services Alex Azar on Friday said he wants to learn about Taiwan’s “incredibly effective” response to COVID-19, even though the nation did things that the US has fumbled, such as having a unified strategy and citizens willing to wear masks. Azar leads a US delegation arriving today for a three-day visit to Taiwan. They are to meet with President Tsai Ing-wen (蔡英文) and health system leaders, and Azar is to give a speech to public health graduates. “The message of this trip is about Taiwan,” Azar said in an interview, deflecting a question about China.
Taiwanese-independence advocates yesterday accused former president Ma Ying-jeou (馬英九) of breaking national security laws and called on the judiciary to investigate after his statement that “China will wage a battle, which will be quick and will be the last battle for Taiwan.” Ma showed his true colors “as a mouthpiece of the Chinese Communist Party” in his speech on Monday when he said the “first battle will be the last,” Taiwan Republic Office (台灣國辦公室) director Chilly Chen (陳峻涵) said. “Ma is threatening Taiwanese by claiming that Beijing will launch a quick invasion of Taiwan, but that the US military will have no