■ INVESTMENT
Lone Star loses appeal
US buyout firm Lone Star Funds lost a tax appeal over the 2004 sale of a building in South Korea. The National Tax Tribunal rejected Lone Star's appeal in three cases totaling 101.7 billion won (US$110 million) in taxes linked to the sale of Star Tower, South Korea's finance ministry said in a statement yesterday. "According to tax treaties between [South] Korea and the US, it is possible to tax Lone Star's capital gains in real estate and equity transactions because it happened in [South] Korea," the ministry said in the statement. Lone Star "is disappointed in this decision and will appeal it to the [South] Korean courts," it said yesterday.
■ TELECOMS
BlackBerry coming to China
Research in Motion (RIM) has received clearance to sell its popular BlackBerry device in China after eight years of trying. The Canadian-based company said it was finalizing the delivery of its products there. RIM co-chief executive Jim Balsillie, speaking on a conference call with analysts last week, said the company was planning to serve corporate customers in key Chinese cities, including Beijing, Shanghai and Guangzhou. A manager in RIM's Beijing office was quoted in the Globe and Mail newspaper on Wednesday as saying RIM expected to start selling its 8700g handset in Chinese shops at the end of next month and has already received 5,000 advance orders.
■ ECONOMY
`Old Lady' raises UK rates
The Bank of England lifted official interest rates by a quarter of a percentage point to 5.75 percent yesterday, the fifth increase in less than a year. British interest rates are now at a six-year high as the bank struggles to contain rising prices and a booming housing market. The bank's monetary policy committee said that it determined an increase was necessary because "the balance of risks to the outlook for inflation in the medium term continued to lie to the upside." The announcement gave the pound another push, lifting it to US$2.0190 in afternoon trading.
■ PROPERTY
DLF surged on debut trade
Shares of top real-estate firm DLF, which raised US$2.24 billion in India's biggest ever public share offering, leapt nearly 36 percent on their first day of trading yesterday before retreating. DLF opened at 582 rupees (US$14.36) on the Bombay Stock Exchange and climbed to a day's high of 714.25 rupees before sliding 23.3 percent or 166.75 rupees on profit-taking to 547.5 rupees. DLF sold 175 million shares at a price of 525 rupees a share on strong fund demand, with the offer oversubscribed 3.47 times.
■ ENERGY
Power consumption surges
China may not achieve its much-trumpeted five-year goal on improving energy efficiency because of runaway economic growth, the nation's top planning officials said in comments published yesterday. "The trend of overheated economic development has not been contained," Beijing News quoted Ma Kai (馬凱), China's top economic planner, as saying on Wednesday. Ma pointed to previously released data showing that industrial output increased 18.1 percent in the first five months of the year, which he said was the highest in recent years. Ma also said that energy consumption nationwide grew 15.8 percent during the first five months of the year, the highest in three years.
NATIONAL SECURITY: The Chinese influencer shared multiple videos on social media in which she claimed Taiwan is a part of China and supported its annexation Freedom of speech does not allow comments by Chinese residents in Taiwan that compromise national security or social stability, the nation’s top officials said yesterday, after the National Immigration Agency (NIA) revoked the residency permit of a Chinese influencer who published videos advocating China annexing Taiwan by force. Taiwan welcomes all foreigners to settle here and make families so long as they “love the land and people of Taiwan,” Premier Cho Jung-tai (卓榮泰) told lawmakers during a plenary session at the Legislative Yuan in Taipei. The public power of the government must be asserted when necessary and the Ministry of
CROSSED A LINE: While entertainers working in China have made pro-China statements before, this time it seriously affected the nation’s security and interests, a source said The Mainland Affairs Council (MAC) late on Saturday night condemned the comments of Taiwanese entertainers who reposted Chinese statements denigrating Taiwan’s sovereignty. The nation’s cross-strait affairs authority issued the statement after several Taiwanese entertainers, including Patty Hou (侯佩岑), Ouyang Nana (歐陽娜娜) and Michelle Chen (陳妍希), on Friday and Saturday shared on their respective Sina Weibo (微博) accounts a post by state broadcaster China Central Television. The post showed an image of a map of Taiwan along with the five stars of the Chinese flag, and the message: “Taiwan is never a country. It never was and never will be.” The post followed remarks
Proposed amendments would forbid the use of all personal electronic devices during school hours in high schools and below, starting from the next school year in August, the Ministry of Education said on Monday. The Regulations on the Use of Mobile Devices at Educational Facilities up to High Schools (高級中等以下學校校園行動載具使用原則) state that mobile devices — defined as mobile phones, laptops, tablets, smartwatches or other wearables — should be turned off at school. The changes would stipulate that use of such devices during class is forbidden, and the devices should be handed to a teacher or the school for safekeeping. The amendments also say
CONSISTENT COMMITMENT: The American Institute in Taiwan director said that the US would expand investment and trade relationships to make both nations more prosperous The US would not abandon its commitment to Taiwan, and would make Taiwan safer, stronger and more prosperous, American Institute in Taiwan Director Raymond Greene said. “The US’ commitment to Taiwan has been consistent over many administrations and over many years, and we will not abandon our commitment to Taiwan, including our opposition to any attempt to use force or coercion to change Taiwan’s status,” he said in an exclusive interview with the Liberty Times (the sister newspaper of the Taipei Times) on Friday last week, which was published in the Chinese-language newspaper yesterday. The US would double down on its efforts
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