■ MINING
BHP Billiton still in talks
The world's biggest miner, BHP Billiton, has responded to a deadline from British authorities on its proposed takeover bid for Rio Tinto by saying it is still seeking discussions with its rival. BHP Billiton said it was aware of a UK Takeover Panel Executive ruling that it must either announce a firm intention to make an offer for Rio Tinto or state that it does not intend to make an offer for the miner by Feb. 6. The ruling on Friday came after Rio Tinto invoked Britain's so-called "put up or shut up" laws, which allow a firm to put a time limit on potential buyers to clarify their position during a takeover bid.
■ MEDIA
News Corp sells stations
News Corp, the media company controlled by Rupert Murdoch, agreed to sell eight of its Fox network-affiliated TV stations in the US to Oak Hill Capital Partners LP for about US$1.1 billion in cash. The sale leaves Fox with 27 owned-and-operated stations and will probably be completed in the third quarter, New York-based News Corp said in a statement on Saturday. Oak Hill will add the stations to nine existing ones, according to its Web site. The purchase will help Oak Hill, the buyout firm founded by Texas oil billionaire Robert Bass, create a broader US network after it paid US$575 million to acquire stations from New York Times Co in May.
■ ENERGY
Chavez, Castro ink deals
Venezuelan President Hugo Chavez and Acting Cuban President Raul Castro signed agreements on Saturday in the energy, mining and oil sectors, including a US$170 million deal to build a new power plant in northeastern Holguin. The agreements, closing a four-day visit by Chavez to Cuba, also include a US$122 million loan for Cuba to purchase tanker ships to transport crude oil and its derivatives. Two agreements will almost double the new southeastern Cienfuegos oil refinery's capacity from 65,000 to 150,000 barrels per day and reopen an oil pipeline between the eastern Matanzas and the refinery 260km south of Havana.
■ CHINA
Law could bar cheap sales
Chinese lawmakers are mulling a law to prevent state-owned assets from being sold too cheaply, state press reported yesterday, legislation that is likely to tighten Beijing's control over business. The draft law details procedures for the restructuring of state assets, including accurate audits before firms are merged or sold, the official Xinhua news agency reported. "The state assets should be transferred at reasonable prices," it said. China has moved to tighten rules involving the sale of its state-owned companies amid criticism that it has been selling off valuable state assets, often to foreigners at firebrand prices.
■ RETAIL
Ex-CFO of Hilfiger charged
Former Tommy Hilfiger Handbag chief financial officer Martin Bodner was charged with defrauding his employer of more than US$4 million. Bodner, 59, allegedly began stealing from the company in 2004 by issuing checks or transferring funds from Hilfiger to his own personal accounts, prosecutors said in a statement on Saturday. The executive first told his employer that his prior boss "authorized him to be reimbursed for personal expenses," US Attorney Michael Garcia of New York said. Bodner was arrested yesterday.
AIR DEFENSE: The Norwegian missile system has proved highly effective in Ukraine in its war against Russia, and the US has recommended it for Taiwan, an expert said The Norwegian Advanced Surface-to-Air Missile Systems (NASAMS) Taiwan ordered from the US would be installed in strategically important positions in Taipei and New Taipei City to guard the region, the Ministry of National Defense said in statement yesterday. The air defense system would be deployed in Taipei’s Songshan District (松山) and New Taipei City’s Tamsui District (淡水), the ministry said, adding that the systems could be delivered as soon as the end of this year. The US Defense Security Cooperation Agency has previously said that three NASAMS would be sold to Taiwan. The weapons are part of the 17th US arms sale to
SERIOUS ALLEGATIONS: The suspects formed spy networks and paramilitary groups to kill government officials during a possible Chinese invasion, prosecutors said Prosecutors have indicted seven retired military officers, members of the Rehabilitation Alliance Party, for allegedly obtaining funds from China, and forming paramilitary groups and assassination squads in Taiwan to collaborate with Chinese troops in a possible war. The suspects contravened the National Security Act (國家安全法) by taking photos and drawing maps of key radar stations, missile installations and the American Institute in Taiwan’s headquarters in Taipei, prosecutors said. They allegedly prepared to collaborate with China during a possible invasion of Taiwan, prosecutors said. Retired military officer Chu Hung-i (屈宏義), 62, a Republic of China Army Academy graduate, went to China
CONFLICT RISK: China’s hostile actions toward Taiwan could ‘precipitate a severe cross-strait crisis involving the United States,’ the report said There is a “moderate” likelihood of a cross-strait war this year that could have a “high” impact on US interests, a survey by the New York-based Council on Foreign Relations said on Tuesday. “Intensified military and economic pressure by China toward Taiwan” is listed among other “top conflicts to watch in 2025” as a “Tier I (High Priority)” potential war, the think tank’s Center for Preventative Action (CPA) said in a report. China’s hostile actions toward Taiwan could “precipitate a severe cross-strait crisis involving the United States and other countries in the region,” the report said, adding that such a scenario could
REGIONAL PEACE: The US is supporting Taiwan’s self-defense capabilities by providing the nation with defensive arms and services, as it aims to maintain cross-strait stability The US on Friday reiterated its support for Taiwan’s self-defense capabilities in a statement affirming its commitment to the Indo-Pacific region. The White House said that Washington has supported Taiwan’s self-defense capabilities through a range of security assistance authorities and resources, including the first-ever use of Foreign Military Financing (FMF) and Presidential Drawdown Authority (PDA) for Taiwan, as well as International Military Education and Training (IMET). US President Joe Biden had identified the Indo-Pacific as the critical region for the future of the US and the world, it said. “In pursuit of regional peace, security and stability, we have reinvested in our defense
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