Fugitive bexecutive indicted
The former chairman of collapsed South Korean conglomerate Daewoo Group was indicted yesterday on fraud charges amounting to US$71 billion after living nearly six years abroad on the run. Kim Woo-choong, who returned to South Korea last month after fleeing the country in 1999, is accused of having falsified Daewoo's accounts to draw billions of dollars in illegal bank loans before diverting them overseas. Kim was indicted on charges of 40 trillion won (US$39 billion) in accounting fraud, obtaining 9.8 trillion won in illegal financing and diverting 23 trillion won out of the country, the Supreme Public Prosecutors's Office said in a statement.
Buffett lunch sold on EBay
A lunch for eight with billionaire investor Warren Buffett sold for US$351,100 in bidding on EBay Inc's Web site that benefited a San Francisco charity serving the homeless. A bidder going by the EBay screen name hanka3153 won the week-long auction that attracted 105 bids. Buffett, who is chairman of Berkshire Hathaway Inc and ranks as the world's second-richest person, has hosted the lunch for as many as eight people since 2000. The auction concluded at 10pm New York time and set a record price, topping the US$250,100 paid by Greenlight Capital LLC founder David Einhorn in 2003. The proceeds benefit San Francisco-based Glide Memorial Church's work to help the homeless. The winner will share a meal with Buffett in New York or Omaha, Nebraska, where Berkshire Hathaway is based.
■ Mobile Phones
Samsung, Motorola ink pact
Samsung Electronics Co and Motorola Inc, two of the world's top three makers of mobile phones, signed a preliminary agreement to share each other's technology for wireless communication. Suwon, South Korea-based Samsung and US-based Motorola signed the agreement yesterday, Samsung said in a regulatory filing after the market's 3pm close in Seoul. Samsung spokeswoman Cho Sung In declined to comment further on the statement, which didn't provide financial or technical details because of a confidentiality pact. Motorola, the second-largest handset maker, and No. 3 Samsung may be partnering in handsets based on more advanced technologies than those on sale now to help them gain ground on industry leader Nokia Oyj, said Michael Min, a Seoul-based analyst at Korea Investment & Securities Co.
Japan's outlook improves
Japanese manufacturers' economic sentiment about the world's second-largest economy has improved, the Japanese central bank said yesterday in its April-June Tankan survey, which strongly influences the bank's monetary policy. The latest quarterly survey by the Bank of Japan showed the diffusion index of business sentiment among big manufacturers stood at positive 18 in the June survey. The figure was 14 in the March survey. A positive number means optimists outnumber pessimists. It hit a 13-year-high of 26 in September last year. The index of major non-manufacturers was also up to positive 15 from the March survey at positive 11. The central bank's index gauges the percentage of companies reporting a pickup in business conditions, minus the percentage of companies reporting otherwise.
‘WEAK POSITIVE’: The man arrived in Taiwan in May and was quarantined for two weeks, Chen Shih-chung said, adding that he might be infected a long time ago The government is considering tightening mask-wearing rules again in light of a potential domestic COVID-19 infection, Minister of Health and Welfare Chen Shih-chung (陳時中) said yesterday. The Central Epidemic Command Center (CECC) confirmed seven new COVID-19 cases, six of which are imported. The other case involves a Belgian engineer who entered Taiwan on May 3 and remained in quarantine until May 17, said Chen, who heads the CECC. Although the source of infection has yet to be identified, the case could end the nation’s record of not having any domestic cases in the previous 110 days. The Belgian, in his 20s, is a technician
BRIBERY CASE: President Tsai Ing-wen accepted Su Jia-chyuan’s resignation as he said that he deeply regretted causing trouble for the president due to the investigation Presidential Office Secretary-General Su Jia-chyuan (蘇嘉全) yesterday resigned after his nephew, Democratic Progressive Party (DPP) Legislator Su Chen-ching (蘇震清), was implicated in a bribery case related to a dispute over the ownership of Pacific Sogo Department Store (太平洋崇光百貨). “I resigned from the post so that President Tsai Ing-wen (蔡英文) would not be bothered by it anymore, and the prosecutors can investigate the case in a fair and just manner. I thank President Tsai once again for supporting me. May the country continue to prosper under her leadership,” Su Jia-chyuan said in a statement. The Presidential Office said that Tsai has accepted
ALEX AZAR: The first visit by a head of the Department of Health and Human Services would strictly observe the CECC’s special regulations, the Ministry of Foreign Affairs said US Secretary of Health and Human Services (HHS) Alex Azar is to lead a delegation to Taiwan — the highest-level visit by a US Cabinet official since the two sides cut formal relations in 1979. The plan was announced yesterday morning by the US Department of Health and Human Services and confirmed by the Ministry of Foreign Affairs (MOFA). Beijing has expressed its concerns to Washington, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin (汪文斌) said later yesterday. Taiwan and the US only issued statements saying that the visit would happen “in the coming days.” MOFA said that due to security concerns, it would
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did