■SOFTWARE
Sony fixes PS3 bug
Japanese electronics giant Sony assured millions of users on Monday a system bug that had been halting play on older versions of the PlayStation 3 was “resolved.” Sony “verified that the symptoms are now resolved and that users are able to use their PS3 normally,” spokesman Patrick Seybold said on the PlayStation blog. Sony earlier indicated that the problem, which has left many PS3 owners unable to connect to the Internet for more than a day and some unable to even play games, was only affecting models released before last year’s PS3 Slim. “We are aware that the internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year,” Seybold said. “If the time displayed on the XMB is still incorrect, users are able to adjust time settings manually or via the Internet.”
■MANUFACTURING
Cookson forecasts rebound
British industrial materials firm Cookson said it expected its performance to recover significantly this year after reporting a slump in last year’s profits caused by the sharp drop in worldwide steel demand. The company, which supplies ceramics products to the steel, glass and solar industries, saw pretax profit drop 57 percent to £75.7 million (US$112.9 million). Analysts were expecting the firm to report profit of about £68.8 million for the year, data from Thomsonreuters I/B/E/S show. “The improvement in steel production and electronics end-markets experienced in the second half of 2009 has continued so far into 2010,” the firm said in a statement yesterday. “Performance should continue to recover significantly as end-markets improve.”
■PHARMACEUTICALS
OSI rejects Astellas’ bid
US drug maker OSI Pharmaceuticals on Monday rejected a US$3.5 billion takeover bid from Japan’s Astellas, describing the offer as undervalued. A formal offer of US$52 per share was expected to be made to OSI shareholders yesterday, but OSI issued a statement on Monday saying the Astellas proposal “very significantly undervalues the company.” The Tokyo-based firm, which manufactures pharmaceuticals, defended the cash offer as a 53 percent premium on OSI’s average three-month stock price. Astellas said the rejection from OSI’s board was “the latest indication ... that OSI is not interested in engaging in substantive discussions.” The Japanese firm said the acquisition would propel it to become a global leader in oncology. OSI, which focuses on molecular-targeted therapies, saw its share price soar on news of the hostile takeover, finishing the day up 51.94 percent at US$56.25 a share. RBC Capital Market analyst Jason Kantor recommended OSI shareholders sell shares at US$55 to US$56 each, and added that the Astellas offer could spark a rival bid from Roche.
■ARGENTINA
Reserves used to pay debt
Argentina withdrew US$6.5 billion from its central bank reserves on Monday to pay some of its foreign debt, as President Cristina Kirchner circumvented court orders and defied fierce opposition from some lawmakers. A central bank spokesman said the funds had been transferred to two accounts of the government treasury “following the decrees of the president.” Kirchner had signed two new decrees to draw from the reserves, getting around a court order earlier this year blocking the effort. She is tapping in to foreign currency reserves to pay off a hefty chunk of the debt due this year to international lenders and holders of bonds on which the country defaulted in 2001.
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
VIOLATION OF NORMS: China’s CCTV broadcast claimed that Beijing could use Interpol to issue arrest warrants, which the MAC slammed as an affront to order The Mainland Affairs Council (MAC) yesterday condemned the Chinese Communist Party (CCP) for attempts to intimidate Taiwanese through “transnational repression.” The council issued the remarks after state broadcaster China Central Television (CCTV) yesterday during a news broadcast aired a video targeting Democratic Progressive Party (DPP) Legislator Puma Shen (沈伯洋), threatening him with “cross-border repression” and saying: “Stop now, or you will be next,” in what Taipei officials said was an attempt to intimidate not only Shen, but also the broader Taiwanese public. The MAC in a statement condemned the threat, accusing Beijing of trying to instill fear and self-censorship among Taiwanese and
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