■ 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.
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
STEADFAST FRIEND: The bills encourage increased Taiwan-US engagement and address China’s distortion of UN Resolution 2758 to isolate Taiwan internationally The Presidential Office yesterday thanked the US House of Representatives for unanimously passing two Taiwan-related bills highlighting its solid support for Taiwan’s democracy and global participation, and for deepening bilateral relations. One of the bills, the Taiwan Assurance Implementation Act, requires the US Department of State to periodically review its guidelines for engagement with Taiwan, and report to the US Congress on the guidelines and plans to lift self-imposed limitations on US-Taiwan engagement. The other bill is the Taiwan International Solidarity Act, which clarifies that UN Resolution 2758 does not address the issue of the representation of Taiwan or its people in
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
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