■ 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.
‘UPHOLDING PEACE’: Taiwan’s foreign minister thanked the US Congress for using a ‘creative and effective way’ to deter Chinese military aggression toward the nation The US House of Representatives on Monday passed the Taiwan Conflict Deterrence Act, aimed at deterring Chinese aggression toward Taiwan by threatening to publish information about Chinese Communist Party (CCP) officials’ “illicit” financial assets if Beijing were to attack. The act would also “restrict financial services for certain immediate family of such officials,” the text of the legislation says. The bill was introduced in January last year by US representatives French Hill and Brad Sherman. After remarks from several members, it passed unanimously. “If China chooses to attack the free people of Taiwan, [the bill] requires the Treasury secretary to publish the illicit
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
A senior US military official yesterday warned his Chinese counterpart against Beijing’s “dangerous” moves in the South China Sea during the first talks of their kind between the commanders. Washington and Beijing remain at odds on issues from trade to the status of Taiwan and China’s increasingly assertive approach in disputed maritime regions, but they have sought to re-establish regular military-to-military talks in a bid to prevent flashpoint disputes from spinning out of control. Samuel Paparo, commander of the US Indo-Pacific Command, and Wu Yanan (吳亞男), head of the People’s Liberation Army (PLA) Southern Theater Command, talked via videoconference. Paparo “underscored the importance
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
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