■TELECOMS
PCCW scraps US$2.1bn bid
Hong Kong telecoms giant PCCW (電訊盈科) yesterday scrapped a US$2.1 billion bid by chairman Richard Li (李澤楷) to take the firm private after he lost a dramatic court showdown with the city’s regulators. Li said he was “disappointed” by Wednesday’s appeal court ruling but added the case had become a burden to the company and “unnecessarily divisive to society.” “From a commercial perspective and taking into account the company’s interests ... the privatisation proposal will now lapse,” he said in a statement.
■INTERNET
eBay posts drop in profits
Online auction site eBay posted a 22-percent decline in profits on Wednesday as the slump in online sales hit its revenue. The company said that income fell to US$357.1 million, compared with US$459.7 million a year ago. Revenue slumped 8 percent to US$2.02 billion as the value of the goods it sold through its auction business dropped 16 percent to US$10.8 billion. The firm’s internet telephony business Skype posted US$153 million in revenue in the first quarter, a 21-percent gain over the same quarter a year ago. Ebay’s Internet payments unit Paypal recorded strong growth, with revenue increasing 11 percent to US$643 million and net total payment volume rising 10 percent to US$15.86 billion.
■AUTOMOBILES
Toyota ahead of Volkswagen
Toyota Motor said yesterday it had sold about 1.76 million vehicles worldwide in the first quarter, staying ahead of Germany’s Volkswagen in the race to be this year’s top selling automaker. Toyota suffered a 26.7 percent drop in sales in the three months through last month from a year earlier, company spokesman Paul Nolasco said. But the company managed to easily keep its lead over Volkswagen, Europe’s biggest carmaker, which on Wednesday reported global sales of 1.35 million vehicles in the first quarter, down 15.7 percent from a year earlier.
■MINING
Minmetals bid approved
Australia yesterday approved a revised takeover offer from China’s Minmetals (五礦集團) for debt-laden miner OZ Minerals worth A$1.21 billion (US$850 million). Australian Treasurer Wayne Swan scuttled the first bid on national security grounds last month because it included Prominent Hill copper-gold mine in South Australia, which is located near a military rocket testing range. “Today I approve a revised application by China Minmetals Non-ferrous Metals Co Ltd to acquire certain mining assets of OZ Minerals Ltd, but not including the Prominent Hill mine, conditional on legally enforceable undertakings,” he said.
■AUTOMOBILES
Seoul approves injection
South Korea said yesterday it had agreed with banks to provide a multimillion-dollar cash injection for contractors working for the local unit of US auto giant General Motors (GM). The GM Daewoo contractors, as well as those of local firm Ssangyong Motors, will receive a total of 240 billion won (US$178 million) from today, the Grand National Party said.
■FOOD SAFETY
Chinese meat recalled
A major Chinese meat processor has recalled 100 boxes of luncheon meat containing a banned chemical, media reported yesterday. China Yurun Food Group destroyed the products, made of unspecified minced meat, the National Business Daily said, citing the provincial quality watchdog and an unnamed Yurun official.
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MAKING PROGRESS: Officials and industry leaders who participated in a defense forum last month agreed that Taiwan has the capabilities to work with the US, the report said Taiwan’s high-tech defense industry is to enhance collaboration with the US to produce weapons needed for self-defense, the Ministry of National Defense said in a report to the Legislative Yuan. Deputy Minister of National Defense Hsu Yen-pu (徐衍璞) discussed building regional and global industry alliances with US partners at the US-Taiwan Defense Industry Conference in Philadelphia held from Sept. 22 to Tuesday last week, the ministry said in the declassified portion of the report. The visit contributed to maintaining bilateral ties, facilitated Taiwan’s efforts to acquire weapons and equipment, and strengthened the resilience of the two nation’s defense industries, it said. Taiwan-US ties
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering
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