■RUSSIA
Retail sales rose 13.8%
Retail sales growth slowed last month as average wages rose at a slower pace. Sales climbed an annual 13.8 percent last month, compared with a revised 14.5 percent in May, the Moscow-based Federal Statistics Service said in an e-mailed statement yesterday. That was less than the 14.5 percent median forecast of 16 economists surveyed by Bloomberg. Russia has entered its 10th consecutive year of economic growth, helping to boost wages and spending on food, clothes and other consumer goods. Average wages have increased sixfold since 2000. Wages increased an annual 11.7 percent last month, reaching 17,808 rubles (US$766.94), the Statistics Service said.
■AVIATION
SkyEurope to cut routes
Slovak low-cost airline SkyEurope plans to cut its routes this winter in the face of spiraling oil prices, the idnes.cz news Web site reported on Sunday, citing company officials. The airline is to cut flights from Prague to Sofia and Lisbon and from Slovakia’s Bratislava and Kosice to Irish and British destinations Dublin, Cork and Birmingham, the report said. The company, which flies to 41 European destinations, will also slash a planned route from the Czech capital to Larnaca, Cyprus. “We are canceling our longest flights that are understandably the most burdened by oil prices,” idnes.cz cited CEO Jason Bitter as saying. The company also plans to ground at least two from its 15 planes this winter, Bitter said. SkyEurope has been in the red since transporting its first passenger in 2002.
■ENERGY
Vopak obtains financing
Royal Vopak NV, the world’s largest oil and chemical storage company, said it got 745 million euros (US$1.2 billion) in financing for its Rotterdam liquefied natural gas terminal. Vopak got the financing from the European Investment Bank and a group of banks, the Rotterdam-based company said in an e-mailed statement yesterday. The company is building the 800 million euro terminal with Dutch gas distribution company Gasunie NV.
■AUTOMOBILES
Ssangyong to freeze facility
South Korea’s smallest automaker, Ssangyong Motor, will shut down its plant for almost three weeks this summer because of sluggish demand for its gas-guzzling SUVs, union officials said yesterday. The management and union at the Chinese-owned carmaker had agreed to the shutdown from July 31 through Aug. 17 at the plant in Pyeongtaek, union officials said. Workers will get 70 percent of their regular pay during the shutdown. The paint shop will be refurbished during this period. Ssangyong, owned by China’s Shanghai Automotive Industry Corp (上海汽車工業), was the only automaker among the country’s five players to report a fall in vehicle sales last month, with sales plunging 67 percent from a year earlier.
■FASHION
Esprit deputy chair quits
Esprit Holdings Ltd, the Hong Kong-based worldwide retailer of its own-brand clothes, said John Poon (潘祖明) resigned as deputy chairman and chief financial officer on Sunday to “pursue other interests.” Paul Cheng (鄭明訓), a 71-year-old independent non-executive director, was to take over as deputy chairman immediately, Esprit said in a statement to Hong Kong’s stock exchange yesterday. Ernst-Peter Vogel, senior vice president for finance in Europe at the firm, was named deputy chief financial officer.
The CIA has a message for Chinese government officials worried about their place in Chinese President Xi Jinping’s (習近平) government: Come work with us. The agency released two Mandarin-language videos on social media on Thursday inviting disgruntled officials to contact the CIA. The recruitment videos posted on YouTube and X racked up more than 5 million views combined in their first day. The outreach comes as CIA Director John Ratcliffe has vowed to boost the agency’s use of intelligence from human sources and its focus on China, which has recently targeted US officials with its own espionage operations. The videos are “aimed at
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
US Indo-Pacific Commander Admiral Samuel Paparo on Friday expressed concern over the rate at which China is diversifying its military exercises, the Financial Times (FT) reported on Saturday. “The rates of change on the depth and breadth of their exercises is the one non-linear effect that I’ve seen in the last year that wakes me up at night or keeps me up at night,” Paparo was quoted by FT as saying while attending the annual Sedona Forum at the McCain Institute in Arizona. Paparo also expressed concern over the speed with which China was expanding its military. While the US
SHIFT: Taiwan’s better-than-expected first-quarter GDP and signs of weakness in the US have driven global capital back to emerging markets, the central bank head said The central bank yesterday blamed market speculation for the steep rise in the local currency, and urged exporters and financial institutions to stay calm and stop panic sell-offs to avoid hurting their own profitability. The nation’s top monetary policymaker said that it would step in, if necessary, to maintain order and stability in the foreign exchange market. The remarks came as the NT dollar yesterday closed up NT$0.919 to NT$30.145 against the US dollar in Taipei trading, after rising as high as NT$29.59 in intraday trading. The local currency has surged 5.85 percent against the greenback over the past two sessions, central
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