■ TAKEOVERS
BHP mum on bid rumors
Fresh rumors that BHP Billiton Ltd was preparing a takeover bid for either aluminum producer Alcoa or its rival Alcan had little impact on Australia's stock market yesterday, as some analysts doused the idea with cold water. BHP Billiton, the world's largest mining company, declined to comment on media reports citing unnamed sources that it was reviving plans for a US$40 billion offer for Alcoa and that it had hired investment bank Merrill Lynch to advise it on a possible bid for Alcan. BHP shares dipped in early trade, then rose 0.69 percent to A$34.92 (US$24.95) on the news.
■ ENERGY
Temasek to sell companies
Singapore's state-owned investment company Temasek Holdings Pte Ltd said yesterday it will sell three Singapore power generation companies over the next 12 to 18 months. Potential buyers have been showing interest since last year in PowerSeraya Ltd, Senoko Power Ltd and Tuas Power Ltd, Temasek said in a statement. Temasak wholly owns the three companies, which supply about 90 percent of Singapore's power and have a combined generating capacity of 9,070 megawatts. Temasek said it expects the sale to be completed by end of next year or in early 2009.
■ TRADE
Seoul wants talks on FTA
South Korea said yesterday it will hold talks with the US this week to discuss possible revisions for a free trade agreement after a US call for changes. Last week, the US formally proposed making changes to the trade pact to reflect its new guidelines that call for stricter labor and environment standards. The US proposal called for changes in seven sectors -- including labor and environment -- of the deal, which was reached in April and awaits legislative approval in both countries. South Korea will hold discussions on the matter when a US delegation visits Seoul tomorrow and Friday.
■ AUTOMOBILES
Automakers to cooperate
Vehicle makers DaimlerChrysler AG and Fiat SpA said yesterday they signed an agreement calling for strategic cooperation to provide the German-US automaker's truck group with engine and powertrain technology from Italy. "The first step of this agreement concerns the long-term supply of light-duty diesel engines ... to the Mitsubishi Fuso Bus & Truck Corporation, to be used in the Canter light commercial vehicle which will be marketed in major markets, including Europe and Japan," the two companies said in a joint statement. Under the agreement, Turin-based Fiat will supply some 80,000 engines to DaimlerChrysler's Mitsubishi Fuso unit starting in 2009, with the number rising as needed.
■ ELECTRONICS
Philips eyes LED maker
Royal Philips Electronics NV said yesterday it will offer US$34 per share for US lighting company Color Kinetics Inc, in a management-supported bid that values the company at 516 million euros (US$688 million). The offer is a 14 percent premium to Color Kinetic's closing price on Monday of US$29.79. Boston, Massachusetts-based Color Kinetics is a maker of light emitting diode (LED) lighting systems, with sales of US$65 million last year. Philips said Color Kinetics also holds "important patents relating to intelligence and control technology for LED lighting."
LONG FLIGHT: The jets would be flown by US pilots, with Taiwanese copilots in the two-seat F-16D variant to help familiarize them with the aircraft, the source said The US is expected to fly 10 Lockheed Martin F-16C/D Block 70/72 jets to Taiwan over the coming months to fulfill a long-awaited order of 66 aircraft, a defense official said yesterday. Word that the first batch of the jets would be delivered soon was welcome news to Taiwan, which has become concerned about delays in the delivery of US arms amid rising military tensions with China. Speaking on condition of anonymity, the official said the initial tranche of the nation’s F-16s are rolling off assembly lines in the US and would be flown under their own power to Taiwan by way
OBJECTS AT SEA: Satellites with synthetic-aperture radar could aid in the detection of small Chinese boats attempting to illegally enter Taiwan, the space agency head said Taiwan aims to send the nation’s first low Earth orbit (LEO) satellite into space in 2027, while the first Formosat-8 and Formosat-9 spacecraft are to be launched in October and 2028 respectively, the National Science and Technology Council said yesterday. The council laid out its space development plan in a report reviewed by members of the legislature’s Education and Culture Committee. Six LEO satellites would be produced in the initial phase, with the first one, the B5G-1A, scheduled to be launched in 2027, the council said in the report. Regarding the second satellite, the B5G-1B, the government plans to work with private contractors
‘NARWHAL’: The indigenous submarine completed its harbor acceptance test recently and is now under heavy guard as it undergoes tests in open waters, a source said The Hai Kun (海鯤), the nation’s first indigenous defense submarine, yesterday began sea trials, sailing out of the Port of Kaohsiung, a military source said. Also known as the “Narwhal,” the vessel departed from CSBC Corp, Taiwan’s (台灣國際造船) shipyard at about 8am, where it had been docked. More than 10 technicians and military personnel were on deck, with several others standing atop the sail. After recently completing its harbor acceptance test, the vessel has started a series of sea-based trials, including tests of its propulsion and navigational systems, while partially surfaced, the source said. The Hai Kun underwent tests in the port from
MISSION: The Indo-Pacific region is ‘the priority theater,’ where the task of deterrence extends across the entire region, including Taiwan, the US Pacific Fleet commander said The US Navy’s “mission of deterrence” in the Indo-Pacific theater applies to Taiwan, Pacific Fleet Commander Admiral Stephen Koehler told the South China Sea Conference on Tuesday. The conference, organized by the Center for Strategic and International Studies (CSIS), is an international platform for senior officials and experts from countries with security interests in the region. “The Pacific Fleet’s mission is to deter aggression across the Western Pacific, together with our allies and partners, and to prevail in combat if necessary, Koehler said in the event’s keynote speech. “That mission of deterrence applies regionwide — including the South China Sea and Taiwan,” he
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