■ ECONOMY
Hu welcomes US plan
Chinese President Hu Jintao (胡錦濤) told his US counterpart George W. Bush yesterday that China welcomed Washington’s efforts to stabilize US financial markets and hoped they succeed, state media reported. Hu, who received a phone call from Bush, also said a US economic recovery would be good for China, state TV said. “We have noticed the important measures adopted by the United States to stabilize its financial markets and we hope these measures will have an impact soon and lead to an improvement and recovery of the US economy,” Hu was quoted as telling Bush. “This is in line with US interests, and it’s also in line with Chinese interests,” Hu said.
■ EQUITIES
S&P 500 could rally: broker
The S&P 500 could rally to between 1,300 and 1,350 following the government bailout, Credit Suisse Group AG strategists wrote in a research note on Friday. Other positive factors for global equities include the fall in the oil price and China’s monetary easing, the team wrote. “Structural problems remain. We believe the S&P 500 is capped at 1,350,” Credit Suisse said. “Hence, the market is ‘range bound’ as opposed to being in a ‘bull’ market.”
■ BANKING
DB gets stake in Postbank
The biggest German bank, Deutsche Bank (DB), said yesterday it will issue up to 40 million new shares to pay for its purchase of a stake in Postbank. Deutsche Bank said it would raise around 2 billion euros (US$2.9 billion) from the transaction, allowing it to maintain a “strong equity capitalization” even after paying 2.8 billion euros for 29.75 percent of Postbank. Details on the operation’s timing were not provided, but Deutsche Bank said it would sell the shares quickly and directly to institutional investors. “There will be no public offering,” a statement said. Deutsche Bank has an option to purchase another 18 percent of the shares in Postbank, but if the stake surpasses 30 percent, Deutsche Bank will be obliged to make an offer for all remaining shares listed on Germany’s DAX 30 index.
■ BEVERAGES
PepsiCo invests in India
US soft drinks giant PepsiCo Sunday announced plans to invest US$500 million in India over the next three years, a report said on Sunday. The fresh injection of funds is expected to generate tens of thousands of new jobs in India, the Press Trust of India news agency reported, quoting chief executive Indra Nooyi. “As a tangible sign of our continued confidence in India, I am delighted to announce that we will be investing US$500 million in the next three years with the goal of tripling our business here,” Nooyi was quoted as telling reporters in New Delhi. The investment would be spent on increasing manufacturing capacity and market infrastructure as well as research, product development and agriculture, the report said.
■ ENERGY
SK Energy eyes batteries
SK Energy Co, South Korea’s biggest oil refiner, is in talks with automakers to jointly develop batteries that will power gasoline-electric hybrid cars. “We’re tapping various opportunities with a number of automakers, but nothing has been decided,” Kim Woo-kyung, a spokeswoman at the Seoul-based company, said in response to a report by the Korea Economic Daily. SK Energy and Daimler AG may jointly develop lithium-ion polymer batteries for hybrid cars, the Korean-language newspaper reported today, citing company president Koo Ja-young.
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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