■ EQUITIES
Apple’s market value soars
Apple, maker of the Macintosh computer, the iPod, iPhone and iPad, surpassed Chinese oil giant PetroChina (中石油) during trading on Thursday to become the world’s second-largest company in terms of market value. Apple shares hit a record US$292.76 during trading on Wall Street, giving the California gadget-maker a market capitalization of US$266 billion, more than PetroChina’s US$265 billion. Apple shares eventually closed at US$288.92, putting PetroChina back on top at the end of the day. ExxonMobile is the largest company in the world with a market capitalization of US$310 billion.
■ CONGLOMERATES
Branson eyeing hotels
After venturing into space tourism, British billionaire Richard Branson is seeking to expand his Virgin Group into the luxury hotel sector in North America. Already established as one of the world’s leaders in services ranging from mobile phones and music to air transportation, Branson now wants to enter the highly competitive hotel market. According to its Web site, Virgin Hotels aims to acquire up to US$500 million in properties in a number of key US cities, including New York, Las Vegas and Miami, over the next three years.
■ COMMODITIES
Olam, Louis Dreyfus in talks
Singapore-based commodities trader Olam International said yesterday it held “preliminary confidential discussions” with French rival Louis Dreyfus Commodities that could lead to a merger. In a statement to the Singapore Exchange where it is listed, Olam said the talks were still in their preliminary stage. Olam told shareholders that “it had engaged in preliminary confidential discussions with Louis Dreyfus Commodities in relation to a possible business collaboration which may take the form of, among others, a merger.” It emphazised, however, that the talks “are still preliminary and that no definitive agreements in relation to the possible collaboration have been entered into as at the date of this announcement.”
■ OIL
KNOC’s Dana bid picks up
South Korea’s state oil firm said yesterday its takeover bid for British oil explorer Dana Petroleum had won support from 64 percent of its shareholders. Korea National Oil Corp (KNOC), which plans to secure at least 75 percent so it can delist the Aberdeen-based company, said in a statement its £18-a-share offer is now wholly unconditional. The Korean firm made its first approach to Dana in July, but the two companies’ management could not agree on a price. On Aug. 20 KNOC went straight to the shareholders with a £1.87 billion (US$2.9 billion) bid.
■ GERMANY
Business confidence up: Ifo
A closely watched survey showed that German business confidence has improved slightly this month — its fourth consecutive monthly increase. The Ifo institute said yesterday that its business confidence index edged up to 106.8 points this month from 106.7 last month. The index is a key indicator for the German economy, Europe’s biggest. Ifo said companies were increasingly positive about their current situation, but were more skeptical about the outlook for the coming six months. Strong exports helped the German economy grow 2.2 percent in the April-June period compared with the previous quarter. However, that pace is expected to slow in the year’s second half.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source