■ Semiconductors
Japan begins Hynix probe
The Japanese government yesterday began an investi-gation into chipmaker Elpida Memory Inc's request to impose tariffs on Hynix Semiconductor Inc, Finance Minister Sadakazu Tanigaki said. Elpida Memory, a closely held venture between NEC Corp and Hitachi Ltd, asked the government in June to impose tariffs on Hynix's chips, claiming the company is subsidized by the South Korean government. "We've concluded the case has sufficient proof to let us start investigation," Tani-gaki said at a press confer-ence in Tokyo. Hynix, the world's third-largest maker of computer memory chips, already faces a 44 percent tariff from the US and a 35 percent duty from the EU.
■ Insurance
MetLife buys stake in SEI
MetLife Inc, the second-largest US insurer, said its South Korean unit bought a stake in SEI Asset Korea, paving the way for a move into the country's US$144 billion mutual fund market. MetLife Insurance Co. of Korea signed a contract to buy the 34 percent stake from Seoul-based Tong Yang Investment Bank for an undisclosed price, SEI Asset said in a statement. MetLife believes the stake purchase will "allow us to develop and distribute long-term savings and retirement benefit products to both individuals and corpora-tions," MetLife Korea chief executive Stuart Solomon said in the statement. Pennsylvania-based SEI Investments Co will remain SEI Asset Korea's biggest shareholder with a 50.1 percent stake while Interna-tional Finance Corp retains a 9.9 percent stake.
■ Banking
Banker charged with theft
A Citibank employee in Singapore has been charged with embezzling almost S$4.8 million (US$2.79 million) through the bank's computer system in what could be the biggest case of cyber theft in the city-state, the Straits Times reported yesterday. A district court on Friday charged senior executive William Ng Wee Lip, 38, with 104 violations of the Computer Misuse Act, the paper said. Ng allegedly transferred money from the bank's accounts between May 1996 and August last year to his own account and those of several others. He faces a prison sentence of up to 10 years and a fine of up to S$50,000.
■ Automobiles
China accepts Ford's credit
The Ford Motor Co's credit arm has won preliminary approval to open up shop in China, the automaker said yesterday. The company said the China Banking Regulatory Commission has approved the company's initial application to provide auto financing to consumers and some 100 Ford dealers across China. Ford Credit will make an initial invest-ment of US$60 million to establish its presence in the booming market. The Ford unit will go by the name Ford Automotive Finance in China.
■ Infrastructure
Beijing invests in toilets
Beijing plans to boost investment to build more lavatories and keep them stocked with toilet paper, the China Daily said yester-day. The city government, trying to polish its image as it gears up to host the 2008 Olympic Games, pledged to invest more than 100 million yuan (US$12 million) a year into modernizing its latrine infrastructure, the paper said. Under the new cam-paign, lavatories must be equipped with toilet paper, soap, hand dryers and access for disabled people.
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
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
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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