■ ENERGY
BP's Moscow offices raided
Raids on the Moscow offices of British oil giant BP on Wednesday were conducted by secret service agents and may be part of a looming "redistribution" of oil assets in Russia, newspapers said yesterday. "Market sources do not exclude that the measures could be a new serious step in the redistribution of assets in large companies" as Russian President Vladimir Putin prepares to leave power in May, the Vremya Novostei daily said. An interior ministry spokeswoman said on Wednesday that the raids on BP and its joint venture TNK-BP were part of a long-running criminal inquiry into Sidanko, a company that was merged to form TNK-BP in 2003. But the newspapers did not find that argument convincing and quoted company officials as well as security officers saying that the Sidanko inquiry has long been wrapped up. TNK-BP is Russia's third-largest oil company.
■ INVESTMENT
Ping An eyes Fortis stake
China's Ping An Insurance (平安保險) said it plans to buy a 50 percent stake in the asset management arm of Belgian-Dutch financial group Fortis for 2.15 billion euros (US$3.35 billion). The insurer has entered a non-binding memorandum of understanding with Fortis on the purchase of the stake in Fortis Investment Management NV/SA, Ping An said in a statement to the Shanghai Stock Exchange late on Wednesday. The companies will continue talks on the proposed deal, aiming to reach a final agreement by the middle of next month, Ping An said, adding that the proposed deal would improve its integrated platform of financial services, increase its asset management capability and "enhance the process of the company's globalization."
■ METALS
Australian gold firms merge
Australian gold producers Lahir and Equigold said yesterday they are merging, a deal that will create one of the world's largest gold companies with combined assets of A$9 billion (US$8.4 billion). Equigold had agreed to a Lahir offer of 33 shares for every 25 Equigold shares, valuing Equigold at A$5.33 a share or A$1.1 billion, the companies said. The combined group will have assets in Australia, West Africa and Papua New Guinea, producing in excess of 34,000kg of gold a year from next year, they said. The deal, expected to be completed in June, subject to regulatory approval.
■ SOUTH KOREA
Import tariffs to be lifted
The government said yesterday that import tariffs on dozens of grains and raw materials will be lifted and it will try to freeze public utility charges in an effort to battle inflation. The announcement came after the Korean won plunged to a 26-month low against the US dollar this week. Starting on April 1, tariffs will be lifted on imports of about 70 grains and raw materials, including wheat, corn, soybean cake and coffee cream, and will be cut on 18 other items, the president's office said in a statement.
■ AVIATION
Alitalia deal in jeopardy
A bid by Air France-KLM to take over Alitalia was under threat as the head of the French-Dutch company warned unions at the loss-making Italian airline there was little or no room for negotiation. "It's not a traditional negotiation," chairman Jean-Cyril Spinetta told a news conference in Rome on Wednesday, a day after failed talks with union leaders over the bid.
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
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
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
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