■ENERGY
E.ON to buy US subsidiary
E.ON, the biggest German power company, announced early yesterday the sale of its US subsidiary for about US$7.6 billion to US energy supplier PPL to boost its cash reserves. The group said in a statement it considered the price “very attractive,” adding that the transaction was conditional on approval by the US competition authorities. E.ON US includes two electricity and gas suppliers in Kentucky, Louisville Gas and Electric Co and Kentucky Utilities Co, which employ a total of more than 3,000 people and supply more than 1.2 million clients.
■CHEMICALS
BASF profit nearly triples
German chemical company BASF SE yesterday said it remained profitable for a second straight quarter, nearly tripling its net profit in the first three months of the year. The company, whose interests include plastics, chemicals, oil and gas and agriculture, reported a net profit of 1.03 billion euros (US$1.4 billion) for the January-March period, compared with 375 million euros a year earlier. Revenue rose 26.5 percent to 15.4 billion euros compared with 12.2 billion euros a year ago.
■CONGLOMERATES
Unilever Q1 profit up 33%
Unilever NV yesterday reported a 33 percent rise in first-quarter net profit, crediting good sales volume growth despite lower selling prices and stronger margins because of cost-cutting. The maker of Lipton tea, Dove soap and Ben & Jerry’s ice cream said net profit reached 973 million euros, versus 731 million euros in the same period a year ago. Sales rose 6.7 percent to 10.1 billion euros. CEO Paul Polman said in a statement that margins were helped by lower commodity costs and lower overhead costs.
■STEEL
ArcelorMittal in the black
ArcelorMittal SA, the world’s largest steelmaker, said yesterday it swung to a profit of US$679 million in the first quarter compared with a loss a year earlier and predicted the recovery would pick up throughout the year. The Luxembourg-based company’s first-quarter sales were US$18.6 billion, up from US$15.1 billion a year earlier, and earnings before interest, tax, depreciation and amortization (EBITDA) were US$1.89 billion. It forecast EBITDA of between US$2.8 billion and US$3.2 billion in the second quarter.
■CONGLOMERATES
Siemens net profit up 48%
German conglomerate Siemens AG yesterday reported that net profit for the second quarter increased 48 percent and said it was raising its outlook for the year. The firm that makes everything from trams to turbines said net profit rose to 1.49 billion euros in the January-March period compared with 1.01 billion euros a year earlier, led by its health care, industry and energy sectors. Revenues, however, slipped 4 percent to 18.2 billion euros from 18.9 billion euros a year earlier, a dip Siemens blamed on single digit declines in its energy and industry sectors.
■CHEMICALS
Bayer Q1 profit surged 63%
German chemical and pharmaceutical company Bayer AG yesterday said that first-quarter net profit rose 63 percent as sales increased more than 5 percent. The company expects 15 percent growth in its earnings per share this year. The firm, famous for its Bayer aspirin, reported a net profit of 693 million euros in the January-March period, compared with 425 million euros a year earlier. Revenue increased 5.3 percent to 8.3 billion euros in the quarter, compared with 7.8 billion euros last year.
RISK REMAINS: An official said that with the US presidential elections so close, it is unclear if China would hold war games or keep its reaction to angry words The Ministry of National Defense said it was “on alert” as it detected a Chinese aircraft carrier group to Taiwan’s south yesterday amid concerns in Taiwan about the possibility of a new round of Chinese war games. The ministry said in a statement that a Chinese navy group led by the carrier Liaoning had entered waters near the Bashi Channel, which connects the South China Sea and the Pacific Ocean and separates Taiwan from the Philippines. It said the carrier group was expected to enter the Western Pacific. The military is keeping a close watch on developments and “exercising an
FIVE-YEAR WINDOW? A defense institute CEO said a timeline for a potential Chinese invasion was based on expected ‘tough measures’ when Xi Jinping seeks a new term Most Taiwanese are willing to defend the nation against a Chinese attack, but the majority believe Beijing is unlikely to invade within the next five years, a poll showed yesterday. The poll carried out last month was commissioned by the Institute for National Defense and Security Research, a Taipei-based think tank, and released ahead of Double Ten National Day today, when President William Lai (賴清德) is to deliver a speech. China maintains a near-daily military presence around Taiwan and has held three rounds of war games in the past two years. CIA Director William Burns last year said that Chinese President Xi Jinping
REACTION TO LAI: A former US official said William Lai took a step toward stability with his National Day speech and the question was how Beijing would respond US Secretary of State Antony Blinken yesterday warned China against taking any “provocative” action on Taiwan after Beijing’s reaction to President William Lai’s (賴清德) speech on Double Ten National Day on Thursday. Blinken, speaking in Laos after an ASEAN East Asia Summit, called the speech by Lai, in which he vowed to “resist annexation,” a “regular exercise.” “China should not use it in any fashion as a pretext for provocative actions,” Blinken told reporters. “On the contrary, we want to reinforce — and many other countries want to reinforce — the imperative of preserving the status quo, and neither party taking any
President William Lai (賴清德) yesterday said that China has “no right to represent Taiwan,” but stressed that the nation was willing to work with Beijing on issues of mutual interest. “The Republic of China has already put down roots in Taiwan, Penghu, Kinmen and Matsu,” Lai said in his first Double Ten National Day address outside the Presidential Office Building in Taipei. “And the Republic of China and the People’s Republic of China [PRC] are not subordinate to each other.” “The People’s Republic of China has no right to represent Taiwan,” he said at the event marking the 113th National Day of
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