■ 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.
AIR SUPPORT: The Ministry of National Defense thanked the US for the delivery, adding that it was an indicator of the White House’s commitment to the Taiwan Relations Act Deputy Minister of National Defense Po Horng-huei (柏鴻輝) and Representative to the US Alexander Yui on Friday attended a delivery ceremony for the first of Taiwan’s long-awaited 66 F-16C/D Block 70 jets at a Lockheed Martin Corp factory in Greenville, South Carolina. “We are so proud to be the global home of the F-16 and to support Taiwan’s air defense capabilities,” US Representative William Timmons wrote on X, alongside a photograph of Taiwanese and US officials at the event. The F-16C/D Block 70 jets Taiwan ordered have the same capabilities as aircraft that had been upgraded to F-16Vs. The batch of Lockheed Martin
GRIDLOCK: The National Fire Agency’s Special Search and Rescue team is on standby to travel to the countries to help out with the rescue effort A powerful earthquake rocked Myanmar and neighboring Thailand yesterday, killing at least three people in Bangkok and burying dozens when a high-rise building under construction collapsed. Footage shared on social media from Myanmar’s second-largest city showed widespread destruction, raising fears that many were trapped under the rubble or killed. The magnitude 7.7 earthquake, with an epicenter near Mandalay in Myanmar, struck at midday and was followed by a strong magnitude 6.4 aftershock. The extent of death, injury and destruction — especially in Myanmar, which is embroiled in a civil war and where information is tightly controlled at the best of times —
Taiwan was ranked the fourth-safest country in the world with a score of 82.9, trailing only Andorra, the United Arab Emirates and Qatar in Numbeo’s Safety Index by Country report. Taiwan’s score improved by 0.1 points compared with last year’s mid-year report, which had Taiwan fourth with a score of 82.8. However, both scores were lower than in last year’s first review, when Taiwan scored 83.3, and are a long way from when Taiwan was named the second-safest country in the world in 2021, scoring 84.8. Taiwan ranked higher than Singapore in ninth with a score of 77.4 and Japan in 10th with
SECURITY RISK: If there is a conflict between China and Taiwan, ‘there would likely be significant consequences to global economic and security interests,’ it said China remains the top military and cyber threat to the US and continues to make progress on capabilities to seize Taiwan, a report by US intelligence agencies said on Tuesday. The report provides an overview of the “collective insights” of top US intelligence agencies about the security threats to the US posed by foreign nations and criminal organizations. In its Annual Threat Assessment, the agencies divided threats facing the US into two broad categories, “nonstate transnational criminals and terrorists” and “major state actors,” with China, Russia, Iran and North Korea named. Of those countries, “China presents the most comprehensive and robust military threat
RSS