■ Automakers
Iacocca stars in Chrysler ad
The man who pulled Chrysler Corp out of near-bankruptcy in the 1980s is coming back. And he's bringing his old tagline: "If you can find a better car, buy it." Retired chairman and CEO Lee Iacocca has been drafted to star in a US$75 million advertising campaign touting the automaker's new "Employee Pricing Plus" discount program as it goes head to head with rivals General Motors Co and Ford Motor Co in a summer price war. Some have questioned whether the 81-year-old auto executive -- who was once so popular that many thought he should run for president -- will resonate with younger consumers. But Chrysler said market research has shown the venerable executive, whose 1980s ads became one of the most successful corporate-image repairing campaigns in US history, has maintained his iconic status.
■ Securities
Purcell to get US$44m
Morgan Stanley will pay former chairman and chief executive Philip Purcell about US$44 million in cash after he agreed to step down from the world's biggest securities firm, ending a drawn-out effort by shareholders and dissident alumni to oust him. The final amount will be based on the difference between Morgan Stanley's fiscal 2005 and 2004 pretax profit, the New York-based firm said in a regulatory filing yesterday. For example, a 10 percent increase in profit would give Purcell, 61, an additional US$4.4 million. So far this fiscal year, Morgan Stanley's pretax profit is down about 6 percent. Purcell's package ranks among Wall Street's biggest golden handshakes. In his eight years running the firm, Purcell received a total of US$190.6 million in salary, bonuses, restricted stock and employee stock options.
■ Electronics
LG Philips to raise funds
LG Philips, one of the world's largest manufacturers of liquid-crystal displays, said yesterday it would raise US$1.2 billion in overseas markets to expand production facilities. LG Philips LCD will offer 26.85 million common shares to global investors in the form of American Depositary Shares during the third quarter of this year. This share offering worth US$1.2 billion is part of the company's new investment plan, which requires a total of 5.3 trillion won (US$5.02 billion). LG Philips LCD is a joint venture between LG Electronics of South Korea and Royal Philips Electronics of the Netherlands. The offering plan came after LG Philips LCD's board approved the sale of as much as US$300 million of the stake owned by Philips.
■ Oil
G8 leaders voice concern
World leaders gathered at Gleneagles, Scotland, for the G8 summit voiced concerns on Thursday over the soaring price of oil, agreeing that it is a major factor in the world economy, a Russian delegate said. Russian President Vladimir Putin told his fellow G8 leaders that "Russia is doing what it can to produce more oil and gas, and we will do all we can to develop the transport infrastructure for ensuring these resources get to our partners," a member of the Russian delegation here told reporters late on Thursday. Oil prices retreated from record highs on Thursday after a stormy session that started with panic selling sparked by the London bomb blasts and ended with US traders fretting over hurricane weather. New York's main contract, light sweet crude for delivery in August, finished at US$60.73, off a new record high of US$62.10 set earlier in the day.
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