■STOCKS
Kuwait Telecom goes public
Kuwait yesterday launched an initial public offering (IPO) for the emirate’s third mobile phone company, which is expected to start operating later this year, officials said. Under the IPO, open until Sept. 18, half of Kuwait Telecom Company’s capital of 500 million shares will be available to Kuwaiti citizens only for a nominal price of 100 fils (US$0.37) plus a 5 fils premium per share. Salman al-Badran, head of the new mobile phone project, said in a statement the IPO would raise 26.25 million dinars (US$98.3 million). In November, Saudi Telecom, the largest Arab telecommunications firm, won a 26 percent stake in Kuwait Telecom Company after bidding 248.7 million dinars to become the main operator. The government will hold the remaining 24 percent.
■POLICY
Seoul, Beijing to cooperate
South Korea’s Finance Minister Kang Man Soo and his Chinese counterpart Zhang Ping (張平) agreed to cooperate on policies to counter a global slowdown. Kang, in an annual meeting with the head of China’s National Development and Reform Commission in Seoul yesterday, “shared opinions for the needs for policy cooperation to effectively counter global economic concerns,” the South Korean finance ministry said in a statement. The release was distributed to reporters on Friday in Gwacheon. “The two ministers agreed to closely cooperate and exchange information on the economy,” the ministry said. “They will strengthen cooperation in the environment sector and exchange views on the aging population.” China surpassed the US in 2003 to become South Korea’s largest export market, lifting its share last year to 22 percent from 18 percent in 2003.
■BANKING
NBK opens Dubai branch
The National Bank of Kuwait (NBK), the Gulf emirate’s largest bank, announced yesterday the opening of its first branch in the booming emirate of Dubai. NBK Chief Executive Officer Ibrahim Dabdoub said the new branch, the first in the United Arab Emirates, is part of the bank’s successful expansion strategy in the region. The bank now has more than 50 branches in 13 foreign countries including the US, Britain and France. In recent years it has acquired banks in Iraq, Qatar, Turkey and Egypt. Founded by Kuwait’s leading merchant families in 1952 as the Gulf state’s first commercial bank, NBK maintains the highest financial strength rating among Arab banks and emerging market banks from international rating agencies.
■INTERNET
BSI warns of security hole
The German Federal Agency for Security in Information Technology (BSI) in Bonn is warning about a new and especially tricky security hole affecting Internet users. The hole is related to the Domain Name System (DNS) and hence potentially affects all Web users. The DNS translates the names typed by the user into a numeric-based IP address. It’s has been no secret for some time that hackers can manipulate DNS servers to redirect users to different sites without the users’ knowledge. “But now there are malicious programs that actually exploit this hole in the DNS,” says BSI’s Matthias Gaertner. “And unfortunately, not all providers have patched the hole on their DNS servers.” Internet users may not be able to control whether their provider has updated their DNS servers, but they can at least check to see whether they are at risk. The site DNS-OARC (www.dns-oarc.net/oarc/services/dnsentropy) tests whether the user’s provider has dealt with the issue.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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