■ Banking
Chinese listings in doubt
Plans for the Bank of China and China Construction Bank, two of the country's four largest lenders, to list on markets overseas were thrown into doubt, a press report said yesterday. The two banks, beset by corruption scandals, accounting issues and weak corporate governance, looked increasingly unlikely to attempt to list on international markets this year, the Standard newspaper reported, citing sources close to the banks. The two banks were not yet in a position to launch their Initial Public Offerings (IPO) as they need to resolve a host of outstanding issues, such as existing bad debt and new soured loans which were expected to surface, the report said. Meanwhile, BOC executive assistant president Zhu Min, who is at the center of the bank's restructuring plans, told reporters on the sidelines of the World Economic Forum conference in Davos, Switzerland over the weekend, that the bank needed "to clean house" first before any overseas listing.
■ Printing
Kodak in talks to buy Creo
The Eastman Kodak Co is in talks to acquire Creo Inc, a Canadian printing technology company, for about US$1 billion, executives close to the negotiations said over the weekend. Exact terms of the proposed deal could not be learned. The executives cautioned that it was still possible the talks could fall apart. Creo is under attack from dissident shareholders who are seeking to oust its management. The deal would be the latest in a string of acquisitions by Kodak, which is based in Rochester, New York. Two years ago, Kodak set aside US$3 billion for purchases, and US$1 billion remains. Creo's board is being advised by Merrill Lynch over the possible sale of part or all of the company. Other companies that have been cited as possible bidders include Fuji Photo Film, Agfa-Gevaert, Hewlett-Packard and Electronics for Imaging Inc.
■ Economics
Malaysia to fund SMEs
Malaysia will set up a development bank to assist small and medium-scale enterprises (SMEs) this year, Prime Minister Abdullah Ahmad Badawi said yesterday. "The banks at present are focusing their attention on loan applications from big industries and the SMEs are having a problem getting capital," Abdullah said. "The SMEs require greater attention in the form of capital and loans and the setting up of an SME bank will give them the opportunity for growth," he said. Abdullah gave no further details, saying these would be worked out by the Treasury.
■ Biomedicine
Singapore's plan pays off
Singapore's strategy to develop a regional biomedical hub is paying dividends with the industry growing 33 percent last year and worth more than S$15 billion (US$9.2 billion), the government said yesterday. Output by the biomedical sciences industry was worth S$15.8 billion last year with the fast-growing pharmaceuticals sector making up 88 percent of the market, the Economic Development Board said. The yearly output far exceeded the government's target set in 2000 for the industry to be worth some S$12 billion dollars by the end of this year. The board said close to 15 international companies had established research and development facilities at Singapore's Biopolis center.
DETERRENCE: With 1,000 indigenous Hsiung Feng II and III missiles and 400 Harpoon missiles, the nation would boast the highest anti-ship missile density in the world With Taiwan wrapping up mass production of Hsiung Feng II and III missiles by December and an influx of Harpoon missiles from the US, Taiwan would have the highest density of anti-ship missiles in the world, a source said yesterday. Taiwan is to wrap up mass production of the indigenous anti-ship missiles by the end of year, as the Chungshan Institute of Science and Technology has been meeting production targets ahead of schedule, a defense official with knowledge of the matter said. Combined with the 400 Harpoon anti-ship missiles Taiwan expects to receive from the US by 2028, the nation would have
POSSIBILITIES EMERGE: With Taiwan’s victory and Japan’s narrow win over Australia, Taiwan now have a chance to advance if South Korea also beat the Aussies Taiwan has high hopes that the national baseball team would advance to the World Baseball Classic (WBC) quarter-finals after clinching a crucial 5-4 victory over South Korea in a nail-biting extra-inning game at the Tokyo Dome yesterday. Boosted by three home runs — two solo shots by Yu Chang (張育成) and Cheng Tsung-che (鄭宗哲) and a two-run homer by Stuart Fairchild — the triumph gave Taiwan a much-needed second victory in the five-team Pool C, where only the top two finishers would advance to the knockout stage in Miami, Florida. Entering extra innings with the game tied at four apiece, Taiwan scored
MISSION OF PEACE: The foreign minister urged Beijing to respect Taiwan’s existence as an independent nation, and work together to ensure peace and stability in the region Minister of Foreign Affairs Lin Chia-lung (林佳龍) yesterday rejected Chinese Minister of Foreign Affairs Wang Yi’s (王毅) comments about Taiwan, criticizing China as a “troublemaker” in the international community and a disruptor of cross-strait peace. Speaking at a news conference on the sidelines of the Chinese National People’s Congress, Wang said that Taiwan has always been a territory of China and that it would be impossible for it to become its own country. The “return” of Taiwan to China was the natural outcome of the Chinese people’s resistance against Japan in World War II, and that any pursuit of independence was “doomed
‘UNWAVERING FRIENDSHIP’: A representative of a Japanese group that co-organized a memorial, said he hopes Japanese never forget Taiwan’s kindness President William Lai (賴清德) yesterday marked the 15th anniversary of the Tohoku earthquake and tsunami, urging continued cooperation between Taiwan and Japan on disaster prevention and humanitarian assistance. Lai wrote on social media that Taiwan and Japan have always helped each other in the aftermath of major disasters. The magnitude 9 earthquake struck northeastern Japan on March 11, 2011, triggering a massive tsunami that claimed more than 19,000 lives, according to data from Japanese authorities. Following the disaster, Taiwan donated more than US$240 million in aid, making it one of the largest contributors of financial assistance to Japan. In addition to cash donations and
RSS