■ Electronics
Siemens offices searched
Investigators probing suspected corruption at Siemens AG have searched the offices of top managers, including CEO Klaus Kleinfeld, officials said on Monday. Prosecutors searched the offices of the electronics conglomerate across Germany last week as part of an investigation into the alleged embezzlement of company funds and possible bribery. Anton Winkler, a prosecutor in Munich, and a spokesman for Siemens said Kleinfeld's office was among those searched. The prosecutors are investigating 12 people, including two former Siemens managers, on suspicion that they embezzled more than 20 million euros (US$25.6 million) from the company's landline communications unit, COM. Four of the suspects are in custody.
■ Finance
Mitsubishi settles suit
Mitsubishi UFJ Financial Group Inc said yesterday it had agreed to pay ¥2.5 billion (US$21.2 million) to Sumitomo Trust and Banking Co to settle a two-year legal battle over the scrapping of a partial merger in favor of a deal to create the world's largest bank. Sumitomo Trust had agreed in principle in May 2004 to buy the trust banking unit of then UFJ Holdings Inc, which was buckling under a mountain of bad debts. But in a merger battle that was unusually bitter by Japanese standards, UFJ later abandoned the plan in favor of a full merger with Mitsubishi.
■ Aviation
Korean Air to buy 25 planes
South Korea's flag carrier Korean Air said yesterday it would buy 25 aircraft from Boeing Co for around US$5.5 billion, the largest aviation deal in the nation's history. Under the agreement, Boeing will deliver 15 passenger aircraft and 10 freighters to Korean Air Co -- the world's biggest mover of air cargo -- over a 10-year period beginning in 2009, the airline said in a statement. Korean Air will purchase 10 long-haul 777-300s and five medium-range 737-900/700 passenger jets, as well as 10 freighters, five 747-8Fs and five 777-200s. It has an option on an additional eight planes: four 777-300s, two 747-8Fs and two 737-900s.
■ United States
Paulson issues warning
US Treasury Secretary Henry Paulson called for a "more agile" regulatory framework for publicly traded US firms on Monday, citing a drop in the number of initial public offerings (IPOs). Paulson, in a speech to the Economic Club of New York, said the decline in the number of companies seeking a public listing on US exchanges could raise a challenge to the country's economic competitiveness. Paulson said the US regulatory system had also become "complex and confusing," citing the existence of four separate banking regulators. "Excessive regulation slows innovation, imposes needless costs on investors, and stifles competitiveness and job creation," Paulson said.
■ Automobiles
Proton stirs local interest
Two Malaysian firms are interested in forming a pact with troubled automaker Proton, Second Finance Minister Nor Mohamed Yakcop said yesterday as the government holds talks with PSA Peugeot Citroen and Volkswagen AG. Yakcop said that the government has not excluded local firms from buying the 43 percent stake in Proton held by Khazanah Nasional Bhd, the state's investment arm. Local motor giant, Naza Group said it had submitted a letter of intent to buy Khazanah's controlling stake. DRB-Hicom has also expressed an interest.
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
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
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from
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