■ Takeovers
Mittal rebuffed again
Mittal Steel, the world's largest steelmaker, said yesterday it had been in renewed contact with Luxembourg-based rival Arcelor over a takeover bid but had once more been rebuffed. Mittal chief executive Lakshmi Mittal said he was willing to consider a revised offer, as the company held its annual general meeting in Amsterdam. Mittal has offered 18.6 billion euros (US$23 billion) for Arcelor but has met opposition from Arcelor's board and the French government, which owns a stake in the company. "I am disappointed that at this stage I do not discern a willingness on the part of Arcelor to enter into meaningful discussions to reach a recommended transaction, which would surely be in the best interests of all stakeholders," Mittal said.
■ Film
CGI firm files for bankruptcy
Silicon Graphics Inc, a pioneer in computerized special effects for movies like Jurassic Park, filed for bankruptcy protection, with an agreement to give noteholders a majority stake in the company. The filing comes two months after Silicon Graphics said it would reduce its global workforce by about 250 jobs, or 12 percent, by the end of the year in a move to cut costs. Silicon Graphics said it will file a plan within 30 days that will outline a strategy to exit bankruptcy and repay creditors. The company reached an agreement with noteholders, who have agreed to lend the company US$70 million on the terms of the plan yesterday, according to papers filed with the US Bankruptcy Court in New York.
■ Banking
Lone Star head arrested
The head of US investment fund Lone Star's office in South Korea was arrested yesterday as part of a probe into the company's alleged illegal activities, prosecutors said. Yoo Hoe-won, 56, was arrested on charges of embezzlement and breach of trust, prosecutors said. Lone Star, which bought a 51 percent stake in Korea Exchange Bank (KEB) for 1.38 trillion won (US$1.5 billion) in October 2003, has been investigated for allegedly evading tax payments and illegally transferring US$8.6 million overseas. Prosecutors are also looking into allegations that the government rushed through the 2003 sale of KEB. Critics say the authorities artificially lowered KEB's capital ratios, which measure the health of a bank, to below statutory minimums to ensure a quick sale to Lone Star.
■ Automobiles
Accused boss steps down
Toyota Motor North America's president and chief executive officer, accused in a sexual harassment lawsuit, has stepped down, the company said yesterday. To replace him, Toyota named the first American president of its US subsidiary. Hideaki Otaka, 65, who had been scheduled to leave his post in June, has voluntarily left earlier, saying his staying on was not in the company's interests. He said he was innocent of the charges. Replacing him as the new president is Jim Press, now president of Toyota Motor Sales, the US sales unit of Toyota Motor Corp. Otaka was accused in a US$190 million sexual harassment lawsuit filed in New York. In the suit, Sayaka Kobayashi accused him of repeatedly making unwanted sexual advances after she began working as his personal assistant in the middle of last year.
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
RSS