■ Worldcom
New company takes shape
WorldCom Inc, trying to escape both the largest-ever US bankruptcy and biggest accounting fraud, unveiled a reorganization plan that erases most of its debt, renames the company and moves its headquarters. WorldCom, whose plan announced Monday gives creditors control of the company, said it will take the name of its long-distance unit MCI, and shift its headquarters to MCI's base in the Washington suburb of Ashburn, Virginia, from Clinton, Mississippi, where it was founded by former CEO Bernard Ebbers. MCI is still the nation's second largest long distance carrier. WorldCom would shed about US$36 billion of its US$41 billion in debt. The reorganization plan has the backing of 90 percent of its creditors -- which should ensure that the plan wins court approval.
■ Investment
North Korea gets support
South Korean Finance Minister Kim Jin-pyo assured investors concern over North Korea shouldn't be a obstacle to investment in what he calls one of Asia's fastest growing economies. Minister Kim, on a six-day tour to London and New York, has met with about 550 money managers and analysts in an effort to shore up investor confidence at a time when South Korean consumer spending and exports show signs of flagging. Recent economic data show foreign investment in South Korea is at a five-year low. The South Korean economy will achieve the highest growth after China in the region this year, and diplomatic tensions with North Korea will be resolved peacefully, he said. "I have a strong conviction that this issue [North Korea's nuclear program] will be resolved based on diplomatic means and in a peaceful manner based on strong coordination between Korea and the US," Kim said in an interview.
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
FIVE-YEAR WINDOW? A defense institute CEO said a timeline for a potential Chinese invasion was based on expected ‘tough measures’ when Xi Jinping seeks a new term Most Taiwanese are willing to defend the nation against a Chinese attack, but the majority believe Beijing is unlikely to invade within the next five years, a poll showed yesterday. The poll carried out last month was commissioned by the Institute for National Defense and Security Research, a Taipei-based think tank, and released ahead of Double Ten National Day today, when President William Lai (賴清德) is to deliver a speech. China maintains a near-daily military presence around Taiwan and has held three rounds of war games in the past two years. CIA Director William Burns last year said that Chinese President Xi Jinping
MAKING PROGRESS: Officials and industry leaders who participated in a defense forum last month agreed that Taiwan has the capabilities to work with the US, the report said Taiwan’s high-tech defense industry is to enhance collaboration with the US to produce weapons needed for self-defense, the Ministry of National Defense said in a report to the Legislative Yuan. Deputy Minister of National Defense Hsu Yen-pu (徐衍璞) discussed building regional and global industry alliances with US partners at the US-Taiwan Defense Industry Conference in Philadelphia held from Sept. 22 to Tuesday last week, the ministry said in the declassified portion of the report. The visit contributed to maintaining bilateral ties, facilitated Taiwan’s efforts to acquire weapons and equipment, and strengthened the resilience of the two nation’s defense industries, it said. Taiwan-US ties
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering
RSS