■ Energy
US carmakers go small
With gasoline prices near records, US carmakers are gearing up to start selling fuel-efficient compact cars again, instead of pushing SUVs and powerful sedans, the Wall Street Journal reported. Most of the cars in the minicar range are priced at US$14,000 or lower, the newspaper said. Sales of cars less than 4.3m in length are expected to reach at least 410,000 by 2007, the newspaper reported, citing CSM Worldwide of Farmington Hills, Michigan. Sales of SUVs, such as the 5.2m Ford Expedition, have slowed, the Journal said.
■ Advertising
Chinese ad firm opens high
Chinese advertising company Focus Media Holdings Ltd (分眾傳媒) stock closed its first day of trading Wednesday at US$20.20 on the Nasdaq Stock Market, 19 percent higher than the offering price. The company, which sells advertising slots on a network of audiovisual television displays in lobbies and retail stores in China, sold 10.1 million American Depository Shares at US$17 a share, above its original expected range of US$14 to US$16 a share. Investors were drawn to the company's market share in China, as well as its exclusive agreements with landlords and property managers.
■ Coffee
Starbucks wins dispute
Starbucks Corp, the world's largest coffee-shop chain, won the rights to its trademark in Russia, ending a three-year legal dispute that kept the US company out of the US$500 million brewed-coffee market, Vedomosti said. Starbucks registered its trademark in 1997, only to lose it 2002 after a company called Press successfully appealed to Russia's Patents and Trademark Committee to annul it for lack of use, the newspaper said, citing unidentified patent officials. In September, a Russian company, OOO Starbucks, registered the brand, prompting Starbucks Corp to sue, which it did successfully on July 11, the daily said.
■ Home appliances
Maytag gets go-ahead
Maytag Corp said Wednesday it has received Federal Trade Commission approval for the appliance maker's proposed acquisition by an investor group led by Ripplewood Holdings LLC. Earlier in May, the home and commercial appliance company agreed to be acquired by Triton Acquisition Holding Co, an entity organized by the Ripplewood investor group, for US$14 a share, in a deal valued at about US$1.13 billion. Last month, China's Haier Electronics Group (海爾) and US private equity groups Bain Capital Inc and Blackstone Group made a rival bid, offering to buy Newton-based Maytag for US$16 a share, and raising concerns that the Ripplewood deal could be jeopardized.
■ Automotive
Ford veteran to help SAIC
Shanghai Automotive Industry Corp (上海汽車工業) is set to team up with the former chief executive of Ford Europe in an attempt to revive the Chinese carmaker's failed bid for MG Rover, the Financial Times said yesterday. Citing people close to the executive, Martin Leach, and SAIC, the newspaper said an agreement on terms for a bid to restart the aborted rescue of the troubled carmaker was imminent. If negotiations were to go ahead it would put SAIC head to head with rival Chinese competitor Nanjing Automobile (南京汽車) to buy the remains of Rover, the newspaper said.
LANDMARK: Taiwan and Haiti are set to mark the 70th anniversary of diplomatic relations next year, the president said, adding that the two would deepen bilateral ties President William Lai (賴清德) yesterday pledged continued support for Haiti, particularly in food aid and healthcare, as the Caribbean nation faces ongoing social and economic challenges. Speaking at a meeting with Haitian Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste, Lai said Taiwan would step up bilateral cooperation to help improve Haiti’s social infrastructure. Taiwan would continue supporting Haiti through initiatives aimed at improving healthcare, food security and overall development, he said. Taiwan and Haiti are set to mark the 70th anniversary of diplomatic relations next year, the president said, adding that the two nations would continue to support each other and deepen bilateral
MONTHS OF WORK: The core mission of Taiwan’s negotiators is to safeguard the national interest, public health and food security, President William Lai said Taiwan is still hoping to reach a deal with the US in ongoing tariff talks after it was not among the first batch of 14 nations to receive tariff notification letters. The US issued its first batch of tariff notification letters on Monday, but Executive Yuan spokeswoman Michelle Lee (李慧芝) yesterday confirmed that Taiwan has yet to receive one. Vice Premier Cheng Li-chun (鄭麗君) and Minister Without Portfolio Yang Jen-ni (楊珍妮), who lead the Office of Trade Negotiations, are in the US negotiating the tariff issue, the Executive Yuan said yesterday. The US in early April announced sweeping tariffs on imported goods, including
‘A SERIOUS THREAT’: Japan has expressed grave concern over the Strait’s security over the years, which demonstrated Tokyo’s firm support for peace in the area, an official said China’s military drills around Taiwan are “incompatible” with peace and stability in the Taiwan Strait, Japanese Minister of Foreign Affairs Takeshi Iwaya said during a meeting with his Chinese counterpart Wang Yi (王毅) on Thursday. “Peace and stability across the Taiwan Strait is important for the international community, including Japan,” Iwaya told Wang during a meeting on the sidelines of the ASEAN-related Foreign Ministers’ Meetings in Kuala Lumpur. “China’s large-scale military drills around Taiwan are incompatible with this,” a statement released by the Japanese Ministry of Foreign Affairs on Thursday cited Iwaya as saying. The Foreign Ministers’ Meetings are a series of diplomatic
The New York Yankees are to host Taiwanese Heritage Day for the first time this year, the event’s organizer announced on Monday. The annual event, which has been held nearly every year since 2005, has often been hosted by the New York Mets at Citi Field, but this year it would be hosted by the New York Yankees on Sept. 10 at Yankee Stadium, organizer ROF International Sport Marketing wrote on social media. The event, which is being co-organized by the Taiwanese Chambers of Commerce of North America (TCCNA), is one of many cultural events hosted by the Yankees, the announcement said,
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