■ Steel
Severstal reveals LSE plans
Severstal, Russia's second-largest steel maker, said yesterday it would hold an initial public offering on the London Stock Exchange by the end of the year. "Severstal announces today its intention to list Global Depositary Receipts [GDRs] representing its ordinary shares on the London Stock Exchange," it said in a statement. "It is currently anticipated that the global offering will take place and that the GDRs will be admitted to trading on the London Stock Exchange by the end of the year."
■ Banking
Deutsche Bank eyes growth
Deutsche Bank AG said on Thursday it is targeting a big jump in earnings over the next two years with both organic growth and acquisitions. Germany's biggest bank said it was aiming to raise its pre-tax profit to 8.4 billion euros (US$10.7 billion) in 2008, It posted pre-tax profit of 6.1 billion euros last year. Chief executive Josef Ackermann said in a statement that several recent takeovers "prove our determination to expand our franchise." Ackermann said the group wants to expand units including private banking and asset management while becoming more competitive in corporate and investment banking.
■ Taxation
Euro tax plans on course
Plans for a pan-European tax system will go ahead, despite opposition from seven EU member states, the EU's tax commissioner said in an interview published in the Financial Times yesterday. Laszlo Kovacs said if seven member states continue to oppose the plans, thus far strongly backed by 10 states, and tentatively by the remaining eight, the common tax base could be used by a limited group of countries, much like the euro or Schengen agreement. Among the many obstacles facing the creation of a pan-European corporate tax system is how to distribute revenues between jurisdictions, along with issues raised by income earned outside the EU.
■ Computers
Hitachi to recall batteries
Japan's Hitachi Corp said yesterday that it plans to recall about 16,000 laptop battery packs made by Sony Corp, a company spokesman said, the latest in a massive global recall of the batteries that can overheat and catch fire. The battery packs were installed in the company's Flora 210W and Flora Se210 laptop personal computers for the Japanese market, Hitachi spokesman Masahiro Takahashi said. Hitachi has not received any reports of problems with the batteries, the company said in a statement. It said it is undertaking the recall "for its customers' peace of mind." Almost every major laptop maker has told customers to return Sony-made lithium-ion batteries, which can overheat and catch fire.
■ Trade
PRC slams EU shoe tariffs
China criticized EU antidumping tariffs on Chinese shoes as unlawful and threatened possible retaliation. The tariffs violate WTO regulations and the EU's own antidumping laws, the Chinese Commerce Ministry said on Thursday. The Chinese government "reserves the right to take relevant measures," a ministry spokesman said in the statement. EU ministers agreed on Thursday to impose higher tariffs on Chinese and Vietnamese shoes for two years in order to prevent low-cost imports from flooding European markets. Shoes from China will be charged an extra 16.5 percent duty.
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MAKING PROGRESS: Officials and industry leaders who participated in a defense forum last month agreed that Taiwan has the capabilities to work with the US, the report said Taiwan’s high-tech defense industry is to enhance collaboration with the US to produce weapons needed for self-defense, the Ministry of National Defense said in a report to the Legislative Yuan. Deputy Minister of National Defense Hsu Yen-pu (徐衍璞) discussed building regional and global industry alliances with US partners at the US-Taiwan Defense Industry Conference in Philadelphia held from Sept. 22 to Tuesday last week, the ministry said in the declassified portion of the report. The visit contributed to maintaining bilateral ties, facilitated Taiwan’s efforts to acquire weapons and equipment, and strengthened the resilience of the two nation’s defense industries, it said. Taiwan-US ties
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering
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