■MINING
Rio Tinto to cut production
Rio Tinto Ltd said yesterday it would cut production and jobs at an Australian diamond mine because of the global economic downturn. Underground expansion work at the Argyle Diamonds mine in the state of Western Australia would be “slowed to only critical development activities,” the company said in a statement. “Given global market conditions, we will also reduce diamond production by taking an extended maintenance shutdown of the diamond processing facilities for up to three months, commencing in March,” Argyle Diamonds chief operating officer Kevin McLeish said in the statement.
■SOFTWARE
Oracle cut 500 jobs: report
Oracle Corp eliminated about 500 jobs in its North American sales and consulting businesses last Friday, the Wall Street Journal reported, citing people familiar with the matter. The Redwood Shores, California, software maker had 33,526 employees in the Americas at the end of November and 86,657 worldwide, the report said. An Oracle spokeswoman declined to comment, the paper said.
■BANKING
RBS sells PRC bank stake
Royal Bank of Scotland (RBS) sold its entire stake in Bank of China (中國銀行), the third-largest lender in China, for nearly US$2.37 billion, joining a recent string of investors who have cut their holdings in Chinese banks. RBS sold its 4.3 percent stake, about 10.8 billion shares, in the Bank of China for HK$1.71 per share, representing as 7.6 percent discount over Tuesday’s closing price, a person familiar with the matter said.
■COMPUTERS
Satyam names new auditors
India’s fraud-hit Satyam Computer Services Ltd named new auditors yesterday, the first step by the government-appointed board as the company battles for survival after unveiling the country’s biggest corporate scandal. KPMG and Deloitte were appointed as the auditors, said Deepak Parekh, a senior Indian banker and part of the outsourcer’s new three-member board. Satyam’s founder and chairman Ramalinga Raju quit last week and confessed the company’s profits had been falsely inflated for years. The new audit firms replace PricewaterhouseCoopers.
■THAILAND
Bank of Thailand cuts rate
Thailand’s central bank cut its interest rate more than economists expected for a second month after inflation cooled to the slowest pace in six years and political protests sent confidence to a record low. The Bank of Thailand lowered its one-day bond repurchase rate by three-quarters of a percentage point to 2.00 percent. “We still have lots of ammunition,” Duangmanee Vongpradhip, a Bank of Thailand assistant governor, told a press briefing. “Domestic demand continued to soften, both in consumption and investment, partly as a result of fragile sentiment. We can be less aggressive now as we see fiscal measures in place.”
■ECONOMY
China overtakes Germany
China’s economy overtook Germany’s in 2007 to become the world’s third largest, underscoring the nation’s increasing economic and political clout. Its GDP expanded 13 percent from a year earlier, more than a previous estimate of 11.9 percent, to 25.731 trillion yuan (US$3.38 trillion), the statistics bureau said on its Web site yesterday. That topped Germany’s 2.424 trillion euros (US$3.32 trillion), using average exchange rates for 2007.
Taiwan aims to open 18 representative offices and seven Taiwan Tourism Information Centers worldwide by next year to attract international visitors, the Tourism Administration said on Saturday. The agency has so far opened three representative offices abroad this year and would open two more before the end of the year, it said. It has also already opened information centers in Jakarta, Mumbai and Paris, and is to open one in Vancouver next month and in Manila in December, it said. Next year, it would also open offices in Amsterdam, Dubai and Sydney, it added. While the Cabinet did not mention international tourists in its
EYES AT SEA: Many marine enthusiasts have expressed interest in volunteering for coastal patrols, which would help identify stowaways and illegal fishing, the CGA said Six thousand coastal patrol volunteers are to be recruited for 159 inspection offices to enhance the nation’s response to “gray zone” conflicts, Coast Guard Administration (CGA) sources said yesterday. Volunteer teams would be established to increase the resilience of coastal defense systems in the wake of two unlawful entries attempted by Chinese over the past three months, Ocean Affairs Council Minister Kuan Bi-ling (管碧玲) said. A former Chinese navy captain drove a motorboat into the Tamsui River (淡水河) in Taipei on the eve of the Dragon Boat Festival in June, while another Chinese man sailed in a rubber boat into the Houkeng
NEXT LEVEL: The defense ministry confirmed that a video released last month featured personnel piloting new FPV drone systems being developed by the Armaments Bureau Taipei and Washington are pushing for their drone companies to work together to establish a China-free supply chain, the Financial Times reported on Friday. A delegation of high-level executives and US government officials were yesterday to arrive in Taipei to discuss with their Taiwanese counterparts collaboration on drone technology procurement and development, the report said. The executives represent 26 US manufacturers of drone and counter-drone systems, while the officials are from the US Department of Commerce and the US Department of Defense’s Defense Innovation Unit, along with Dev Shenoy, principal director for microelectronics in the Office of the Under Secretary of Defense
‘ANONYMOUS 64’: A national security official said that it is an attempt by China to increase domestic anti-Taiwanese sentiment and inflame cross-strait tensions The Ministry of National Defense’s (MND) Information, Communications and Electronic Force Command (ICEFCOM) yesterday denied accusations by China that it had undermined regional security by carrying out cyberattacks against targets in China, adding instead that Beijing was responsible for raising tensions and undermining regional peace. The Chinese Ministry of State Security on WeChat accused a hacker group called “Anonymous 64” of targeting China, Hong Kong and Macau starting earlier this year through frequent cyberattacks. The group carried out cyberattacks to seize control of Web sites, outdoor electronic billboards and video-on-demand platforms in China, Hong Kong and Macau, it said, adding the hackers’