■ STEEL
ArcelorMittal signs deal
ArcelorMittal, the world's largest steel producer, said yesterday it had signed a deal to take over China Oriental as it tries to gain further inroads into the world's biggest steel market. ArcelorMittal will raise its stake to 73.13 percent from 28.02 percent of shares in the Hong Kong-listed steel maker, the two companies said in a joint statement, a move which will cost around US$1 billion. It will also make an offer to buy out minority shareholders. The deal still needs the approval of the Chinese authorities, who are yet to permit a foreign owner to take control of a large domestic producer.
■ BIOTECHNOLOGY
Biogen stays independent
Biogen Idec Inc said on Wednesday it would remain an independent company after a search for a possible buyer failed to yield any definitive offers. The company's shares plunged nearly 28 percent. The strategic review began on Oct. 12 after Carl Icahn bought up shares of the biotechnology firm. That led to speculation that the activist billionaire investor could be preparing a buyout bid or that he might seek to increase the value of his shares by encouraging a bid by a major pharmaceutical company. But Biogen Idec said its board had decided the firm "will continue on its present course as an independent company."
■ PHARMACEUTICALS
Merck recalls vaccines
US giant Merck said on Wednesday it was recalling 13 lots of vaccines against childhood meningitis because it cannot assure they were properly sterilized. "The potential for contamination of any individual vaccine is low, and, if present, the level of contamination would be low. However, because the company cannot assure the sterility of these specific lots of vaccine, it is conducting this recall," Merck said in a statement. Merck said 11 lots contain a vaccine called PEDVAXHIB and two lots contained a vaccine called COMVAX.
■ SOFTWARE
Microsoft buys Multimap
US software giant Microsoft announced on Wednesday that it had bought British online mapping specialty firm Multimap. The purchase comes as Microsoft strives to break the stride of rival Google, which recently upgraded its mapping service to automatically locate people using mobile devices to get online. Microsoft billed Multimap as one of the world's leading online mapping services and said its technology will complement the US firm's Virtual Earth, Live Search, Windows Live and MSN features. Multimap is to operate as a subsidiary of Microsoft.
■ TOURISM
Thailand sees record year
Thailand is set for another record year in tourism, with 14.8 million foreign visitors bringing 547.5 billion baht (US$1.6 billion) into the country, an official said yesterday. In the first nine months of the year, arrivals were up three percent over last year, according to Pornsiri Manoharn, head of the Tourism Authority of Thailand. Arrivals in October jumped by 15 percent, she said, because of a drop-off in tourism last year in the wake of the military coup. Japanese were the biggest group of arrivals, with 1 million visitors, followed by South Korea at 760,000 and China at 705,000. Next year is expected to be another record year, with 15.7 million tourists earning the country about 600 billion baht.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
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