■ ENERGY
BP's Moscow offices raided
Raids on the Moscow offices of British oil giant BP on Wednesday were conducted by secret service agents and may be part of a looming "redistribution" of oil assets in Russia, newspapers said yesterday. "Market sources do not exclude that the measures could be a new serious step in the redistribution of assets in large companies" as Russian President Vladimir Putin prepares to leave power in May, the Vremya Novostei daily said. An interior ministry spokeswoman said on Wednesday that the raids on BP and its joint venture TNK-BP were part of a long-running criminal inquiry into Sidanko, a company that was merged to form TNK-BP in 2003. But the newspapers did not find that argument convincing and quoted company officials as well as security officers saying that the Sidanko inquiry has long been wrapped up. TNK-BP is Russia's third-largest oil company.
■ INVESTMENT
Ping An eyes Fortis stake
China's Ping An Insurance (平安保險) said it plans to buy a 50 percent stake in the asset management arm of Belgian-Dutch financial group Fortis for 2.15 billion euros (US$3.35 billion). The insurer has entered a non-binding memorandum of understanding with Fortis on the purchase of the stake in Fortis Investment Management NV/SA, Ping An said in a statement to the Shanghai Stock Exchange late on Wednesday. The companies will continue talks on the proposed deal, aiming to reach a final agreement by the middle of next month, Ping An said, adding that the proposed deal would improve its integrated platform of financial services, increase its asset management capability and "enhance the process of the company's globalization."
■ METALS
Australian gold firms merge
Australian gold producers Lahir and Equigold said yesterday they are merging, a deal that will create one of the world's largest gold companies with combined assets of A$9 billion (US$8.4 billion). Equigold had agreed to a Lahir offer of 33 shares for every 25 Equigold shares, valuing Equigold at A$5.33 a share or A$1.1 billion, the companies said. The combined group will have assets in Australia, West Africa and Papua New Guinea, producing in excess of 34,000kg of gold a year from next year, they said. The deal, expected to be completed in June, subject to regulatory approval.
■ SOUTH KOREA
Import tariffs to be lifted
The government said yesterday that import tariffs on dozens of grains and raw materials will be lifted and it will try to freeze public utility charges in an effort to battle inflation. The announcement came after the Korean won plunged to a 26-month low against the US dollar this week. Starting on April 1, tariffs will be lifted on imports of about 70 grains and raw materials, including wheat, corn, soybean cake and coffee cream, and will be cut on 18 other items, the president's office said in a statement.
■ AVIATION
Alitalia deal in jeopardy
A bid by Air France-KLM to take over Alitalia was under threat as the head of the French-Dutch company warned unions at the loss-making Italian airline there was little or no room for negotiation. "It's not a traditional negotiation," chairman Jean-Cyril Spinetta told a news conference in Rome on Wednesday, a day after failed talks with union leaders over the bid.
UNITY: Lai thanked the nations who spoke up for Taiwan, saying that democracies must stand together to face global authoritarian expansion Taiwan yesterday thanked eight European and Indo-Pacific countries for opposing unilateral changes to the “status quo” in the Taiwan Strait in a joint statement earlier this week, as well as three of Taiwan’s allies for speaking up for the nation’s participation in the UN at the body’s General Assembly in New York. Minister of Foreign Affairs Lin Chia-lung (林佳龍) welcomed the support and expressed his appreciation for the countries’ stance, the Ministry of Foreign Affairs said in a statement. Foreign ministers and senior representatives of Australia, France, Germany, Japan, New Zealand, Poland, South Korea and the UK issued a statement on Tuesday
PLEA: How the UN addresses Taiwan’s security issue would be a test of its strength and relevance, Marshall Islands President Hilda Heine told the UN General Assembly Only Taiwan’s elected government can represent the people of Taiwan, Marshall Islands President Hilda Heine said on Friday at the UN General Assembly, calling for the nation’s inclusion in the UN. Taiwan and its 23 million people are a reality, and only its democratically elected government can represent it, Heine said when addressing the 81st session of the UN General Assembly General Debate. Appropriate ways must be found for Taiwan’s substantive participation in UN meetings if the UN is to be truly inclusive and effective in years to come, she said. UN member states would experience pressure to accept a
AT-RISK GROUPS: Of the accumulated 1,586 severe cases and 304 related deaths in this flu season, 65.8% were older people and 83.2% had chronic diseases, an official said The Centers for Disease Control (CDC) yesterday said that 165 severe flu cases and 30 flu-related deaths were reported last week, the highest weekly numbers in this flu season, and that cases might continue to increase, urging people to take precautions. Medical visits for flu-like illnesses increased by 1.4 percent to 141,374 last week, with 11.8 percent being emergency visits, showing that the seasonal flu is still in its epidemic period, CDC Epidemic Intelligence Center Director Guo Hung-wei (郭宏偉) said. From Tuesday last week to Monday, 165 severe flu cases and 30 flu-related deaths were confirmed, the highest weekly numbers
FACTS DISTORTION: The MAC rejected Xi’s remarks that the US and ‘China’ fought side-by-side during WWII, saying the ROC was Washington’s true ally during the war Taiwan yesterday denounced Chinese President Xi Jinping’s (習近平) comments to US President Donald Trump on the nation’s future, after Xi appeared to push Trump for a subtle change in stance that could erode US support for Taiwan. Xi told Trump in Washington on Thursday that he hoped the US would adhere to the “correct position” of opposing Taiwanese independence, according to a Chinese readout of the talks. That would be a tougher version of Washington’s long-standing formulation that it does not “support” independence. There was no immediate White House readout of the exchange. Xi’s remarks represent “the consistent Chinese approach of distorting facts
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