IFA plans US hotel
IFA Hotels & Resorts Co, the Kuwaiti hotelier partly owned by Saudi billionaire Prince Alwaleed bin Talal, agreed to open its first US hotel in New York with Related Cos.
The hotel in central Manhattan will cost US$300 million to build, IFA said in a statement on Saturday, without providing further details.
Agility invests in Philippines
Agility, the Middle East's largest storage and logistics company, plans to spend US$10 billion on development projects in the Philippines with Kuwaiti and US partners.
Kuwait-based Agility, Abraj Holding Co and a US company will undertake the projects, Agility said in a filing to Kuwait's stock exchange yesterday, without providing details.
Dai-ichi in joint venture
Dai-ichi Mutual Life Insurance Co plans to form a life-insurance venture in China with Baosteel Group Corp (寶鋼集團), the nation's largest steelmaker, the Asahi Shimbun reported, without citing a source.
The Japanese and Chinese companies have been in talks for more than a year, with Dai-ichi Mutual Life already starting to develop computer systems for the venture, the Osaka-based newspaper said.
Nippon Life Insurance Co and Sumitomo Life Insurance Co have already formed life-insurance joint ventures in China, the report said.
Sohar Refinery to close unit
Oman's Sohar Refinery Co LLC plans to shut down its 116,000 barrel-a-day unit for maintenance in the first quarter of 2009, an official at the refinery said.
The plant will be closed for about 35 days, the Sohar company official, who requested not to be identified, said in a phone interview yesterday. There is no planned maintenance next year, he said.
Sohar was commissioned in June last year and its principal products include gasoline, low-sulfur gasoil and propylene. About 90 percent of the plant's output is exported. State-run Omani Oil Co SAOC owns 20 percent of Sohar and the country's Ministry of Finance owns the remaining 80 percent.
Oman produced 743,000 barrels a day of crude oil and condensate last year, 5 percent less than the year before, according to the Web site of the US Energy Information Administration.
Italy probes US funds
Italian prosecutors have opened a preliminary investigation into US investment funds Evergreen and Quantum for speculation in the bidding for Alitalia, the ANSA news agency reported.
The probe was prompted by a drop in Alitalia's share price after Asian giant Singapore Airlines (SIA) on Friday denied a report that it had submitted a bid for the Italian flag carrier along with Evergreen and Quantum.
Alitalia president Maurizio Prato reportedly received a letter expressing the consortium's interest in acquiring the loss-making airline.
The choice of the partner was initially expected on Thursday but reports said the Italian government was split on whether to sell Alitalia to Air France-KLM or to AP Holding, which operates Italy's second biggest airline, Air One.
The new investigation may merge with a probe already opened into Air One's actions, ANSA said. Air One took part in a failed government auction earlier this year.
The government owns 49.9 percent of Alitalia and is seeking to sell a controlling stake to a partner that can relaunch the ailing airline.
Gome plans more acquisitions
Gome Electrical Appliance Hold-ings Ltd (國美電器控股有限公司), China's largest electronics retailer, plans to continue making acquisitions of retailers to boost sales of information technology, communications and digital products.
Gome said on Friday that it would finance the 3.6 billion yuan (US$488 million) acquisition of Beijing Dazhong Electronics Ltd (北京大中電器).
A partner was given the finances to purchase the company and Gome may buy it later, giving it time to understand Dazhong and seek regulatory approvals, Gome president Chen Xiao (陳曉) said.
Hong Kong-based Gome's financing of Dazhong's purchase comes after Suning Appliance Co (蘇寧電器有限公司) scrapped its bid for the Beijing-based retailer on Thursday.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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