■ Petroleum
Yukos, Sibneft to merge
The owners of Russia's largest oil company, Yukos, and the country's No. 5 producer, Sibneft, are close to a deal on a merger, people briefed on the talks said on Sunday. If completed, the combination would create one of the world's largest oil companies. It would produce 2.16 million barrels of oil a day, roughly equal to Canada's daily production, and more than the world's fourth-largest publicly held oil company Chevron-Texaco. It would have a market value of US$34 billion, making it the most valuable company in Russia. The companies are expected to make an announcement today.
■ Semiconductors
Sony to boost production
Japanese electronics giant Sony today unveiled a plan to invest US$1.7 billion in the next three years to boost semiconductor production for its next-generation computer games. Sony and its computer games arm, Sony Computer Entertainment Inc (SCEI), said it would invest ¥200 billion (US$1.7 billion) to produce chips using the so-called 65nm process on 12 inch wafers. "With this investment, SCEI will manufacture the new microprocessor for the broadband era, code-named `Cell,' as well as other system LSIs [large-scale integrated circuits], to be used for the next generation computer entertainment system," the two companies said in a joint statement. As a first step, SCEI will spend ¥73 billion by March 2004 to introduce new production lines for semiconductor production at its plant in Nagasaki, western Japan.
■ Mobile Phones
Japan's sales decline
Japan's cellphone sales declined for a second consecutive year last year, falling 3 percent as users delayed buying new models, Gartner Dataquest said. Sales totaled 39.4 million units in the 12 months ended Dec. 31, Gartner's Japan unit said in a faxed news release. Sharp Corp's sales were the fastest growing, rising 75 percent to 5.3 million units for a 13.4 percent share of the market thanks to sales of its camera-equipped mobile phones for NTT DoCoMo Inc, the market researcher said.
■ Insurance
Tokio plans investment
Japan's top non-life insurer Tokio Marine and Fire said yesterday it plans to invest some ¥15 billion (US$126 million) in Sino Life Insurance, a Shanghai-based life insurer. Under the deal, Tokio Marine and its group firm Millea Asia Pte of Singapore, which handles insurance operations in Asia, will first invest Y5 billion in the Chinese firm, said Kazushi Miya, Tokio Marine spokesman. The amount is equivalent to a 24.9 percent stake, the maximum allowed for foreigners investing in a Chinese life insurer, he said.
■ Disinfectants
Sales in Singapore soar
Sales of disinfectants are soaring in SARS-hit Singapore with the sharp "hospital smell" pervading offices, hotels and homes, it was reported yesterday. Cleaning service companies told the newspaper Streats that practically everyone wants their premises disinfected over fears that the severe acute respiratory syndrome, or SARS, could spread by the virus being left on surfaces touched by an infected person. Sales of disinfectants and anti-bacterial products have doubled at some super-markets. An online grocery service reported disinfecting products are "flying out" five times faster than usual.
South Korean President Yoon Suk-yeol yesterday declared emergency martial law, accusing the opposition of being “anti-state forces intent on overthrowing the regime” amid parliamentary wrangling over a budget bill. “To safeguard a liberal South Korea from the threats posed by North Korea’s communist forces and to eliminate anti-state elements plundering people’s freedom and happiness, I hereby declare emergency martial law,” Yoon said in a live televised address to the nation. “With no regard for the livelihoods of the people, the opposition party has paralysed governance solely for the sake of impeachments, special investigations, and shielding their leader from justice,” he
‘IMPORTANCE OF PEACE’: President Lai was welcomed by AIT Managing Director Ingrid Larson, Hawaii Governor Josh Green, Honolulu Mayor Rick Blangiardi and others President William Lai (賴清德) was feted with red carpets, garlands of flowers and “alohas” as he began his two-day stopover in Hawaii on Saturday, part of a Pacific tour. Looking relaxed in a Hawaiian shirt, Lai flitted around the US island state, visiting the Bernice Pauahi Bishop Museum, Hawaii’s leading museum of natural history and native Hawaiian culture, the Hawaii Emergency Management Agency and the USS Arizona Memorial in Pearl Harbor. Lai was given the “red carpet treatment” on the tarmac of Honolulu’s international airport, his office said, adding that it was the first time a Taiwanese president had been given such
The Mainland Affairs Council and lawmakers yesterday accused a visiting Chinese university student of denigrating Taiwan’s sovereignty by referring to the national baseball team that won a first-ever Premier12 title as “China, Taipei team” (中國台北隊). “We deeply regret the Chinese student’s words, that have hurt the feelings of Taiwanese... The Ma Ying-jeou Foundation, as the organizers, should remind group members not to use inappropriate words and behavior,” a council statement said. “We hope these young Chinese can accurately observe the true views of Taiwanese, which would be a positive development for interactions between young people on the two sides of the Taiwan
PHONE CALLS: Two US lawmakers told Lai about the US Congress’ bipartisan support for Taiwan to preserve its democracy and freedom, and for stronger bilateral ties US House of Representatives Speaker Mike Johnson said during a telephone call with President William Lai (賴清德) yesterday morning that recognition of Taiwan is at the core of the US’ Indo-Pacific strategy, Presidential Office spokesperson Karen Kuo (郭雅慧) said. The call marked the first time Lai had spoken directly with Johnson, of the Republican Party, since taking office in May. Lai also had a call with US House Minority Leader Hakeem Jeffries of the Democratic Party and a videoconference with Republican Senator Roger Wicker while in Guam, during a stopover on his way back from visiting the nation’s allies in the Pacific,
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