■ ENERGY
Hyundai signs power deal
South Korea's third-largest builder Hyundai Engineering and Construction said yesterday it had signed a US$680 million deal with the Libyan government to build a power plant. The plant will be 20km west of Tripoli, it said in a regulatory filing, and will take 52 months to complete. Last October the firm signed a preliminary deal to build two power plants. Hyundai Engineering said it had yet to sign a formal contract for the second one.
■ INVESTMENT
China to invest in UK stocks
Chinese banks will be able to invest client money in British stocks and mutual funds, China said after striking a deal with the European nation's regulators. Britain will become only the second overseas investment destination after Hong Kong for Chinese banks, which can invest client money overseas under China's Qualified Domestic Institutional Investor program. The China Banking Regulatory Commission said banks would be able to invest in the US stock market once it strikes a similar arrangement with US regulators.
■ MEDICINE
Bristol to sell imaging unit
Drug developer Bristol-Myers Squibb Co said on Monday it will sell its medical imaging unit to private equity firm Avista Capital Partners for about US$525 million in cash. The unit makes and sells medical imaging products used during ultrasound and diagnostic procedures. It had been on the sales block since earlier this month, when the company announced a series of restructuring moves. Earlier this month, the company said it would lay off about 4,300 employees and close more than half of its manufacturing plants in a move to save US$1.5 billion in costs by 2010.
■ TOBACCO
Loews to spin off Lorillard
US conglomerate Loews Corporation said on Monday that it had decided to spin off its ownership interest in Lorillard, one of the US' oldest tobacco companies. Loews said the spinoff, if approved by regulators, would see Lorillard become a separate publicly traded company. It is presently a subsidiary of Loews, which owns a range of businesses straddling finance, leisure and hospitality, energy and luxury goods. Lorillard claims to be the US' oldest tobacco firm. It was founded by Pierre Lorillard in New York in 1760. Loews' shareholders will still be able to own stakes in Lorillard under the deal's terms. The conglomerate wants to complete the spin-off by the middle of next year.
■ INVESTMENT
Centro shares plummet
Stocks in Australia's second-largest shopping center owner Centro plummeted 40 percent yesterday in the wake of a profit warning prompted by the global credit crunch. The losses added to a 75 percent plunge recorded on Monday, when Centro announced it was considering asset sales because it could not secure sufficient financing in the tight credit market. The stock opened the week at A$5.79 (US$4.98), but has sunk to less than a tenth of its initial value over the past two days. Shares hit A$0.82 in afternoon trading on a falling overall market. Centro warned on Monday that it was reviewing its structure after failing to secure short-term loans worth A$1.3 billion.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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
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