■ENERGY
BP, partners strike deal
BP agreed to a deal with the oligarch co-owners of TNK-BP yesterday that overhauls the Russian oil’s major management and sets a possible flotation of up to 20 percent of the company, ending months of increasingly hostile dispute. BP has agreed in principle to a number of its partners’ demands, including the removal of TNK-BP’s BP-nominated chief executive Bob Dudley and the appointment of independent directors. The British oil company said in a statement the two sides had signed a memorandum of understanding, which would be finalized in the coming months. “It will create a stable base from which to grow the joint venture to the benefit of everyone involved, including the Russian state for which strong capital investment and continued technical innovation to boost declining oil output are so important,” BP chairman Peter Sutherland said in the statement.
■FINANCE
MUFG denies news report
Mitsubishi UFJ Financial Group Inc (MUFG) yesterday denied a news report that the Japanese megabank was considering bidding for a stake in troubled US investment bank Lehman Brothers. “The report is not true,” MUFG spokesman Takashi Miwa said without elaborating further. The Times reported on Wednesday that MUFG would make a bid for a “substantial” stake in Lehman, which suffered billions of dollars in writedowns and credit losses in the crisis triggered by the meltdown in US subprime mortgages. It possibly even aims to take control of Lehman, the newspaper said. Citing senior sources close to Japan’s largest financial group, the daily said MUFG viewed the possible acquisition of Lehman as a “once in a lifetime” opportunity.
■FOOD
Nestle Americas chief quits
Swiss food and drinks giant Nestle SA said yesterday that its Americas chief Paul Polman resigned. Polman is leaving to become chief executive of rival company Unilever PLC, Nestle said in a separate statement. The 52-year-old Dutchman was tipped as a possible successor to Nestle CEO Peter Brabeck-Letmathe, but lost out to Paul Bulcke last year. Nestle said its Europe chief Luis Cantarell would take over the Americas region from Polman.
■UNITED STATES
Economy slowing: Fed
The US economy is sputtering amid weak housing, difficult credit and “retrenchment” in consumer spending, while inflation pressures are high, the US Federal Reserve said in its Beige Book report on Wednesday. The report, to be used by its policymakers for their Sept. 16 meeting on interest rates, indicated little improvement from the sluggish pace of activity since July. Data from the 12 regional Fed banks “indicate that the pace of economic activity has been slow in most districts,” the Beige Book said. Some regions showed “weakening,” with others seeing modest improvement and others “stabilization,” the report said.
■GAMING
Xbox price to drop: report
Microsoft Corp plans to cut US prices of its Xbox 360 video game machine, lowering the price of its entry-level console to US$50 below Nintendo Co Ltd’s top-selling Wii, BusinessWeek reported on Wednesday. In an article on its Web site, the magazine said Microsoft would cut prices for its entry-level Xbox 360 Arcade to US$199 from its current price of US$279 and the prices of its mid-range and high end Xbox 360 consoles by US$50 each today, BusinessWeek said.
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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