■RETAIL
German sales slip 1.8%
German retail sales slipped 1.8 percent in June from the previous month, disappointing expectations for a slight increase, provisional data released on Monday by the national statistics office showed. Analysts polled by Dow Jones Newswires had penciled in a modest rise of 0.5 percent for the biggest European economy. In May, sales fell 1.3 percent after gaining 1.4 percent in April, figures from the Destatis office showed. The office based its estimate for June on seven German states that represent around 76 percent of the country’s total retail sales. On a 12-month basis, sales shed 1.6 percent at constant prices, Destatis said in a statement.
■RETAIL
Metro bounces back
Germany’s biggest retailer, Metro, on Monday reported a second-quarter profit despite a drop in sales. Metro AG said it had reversed a 453 million euro (US$645.3 million) loss in the second quarter last year to post a net profit of 48 million euros in the three months to the end of June. Metro, which has operations in Asia, the Middle East and Eastern and Western Europe, said it was retaining its medium-term sales and earnings forecasts. This, despite the group reporting a 3.8 percent fall in revenue to 15.3 billion euros, with revenue hit by lower food prices and a weak performance by currencies in Eastern Europe.
■TELECOMS
CEO dies after triathlon
Calvin Lee, chief executive officer for Asia at Deutsche Telekom AG, died after he took part in a triathlon in Singapore yesterday, a company official said. Lee, 42, was pronounced dead at the Changi General Hospital at 2.35pm, the Straits Times reported. Paramedics and doctors failed to revive Lee after he was rescued from the sea during the swim segment of the Osim Singapore International Triathlon, the newspaper said. The cause of death is being investigated, the Singapore newspaper cited the organizers as saying.
■FINLAND
Trade surplus continues
The country posted its second consecutive trade surplus in May as falling orders prompted companies to cut output and import fewer raw materials. The surplus was 92 million euros, compared with a surplus of 683 million euros the month before and a surplus of 186 million euros a year earlier, Finnish Customs said on its Web site yesterday. The country’s industry, which has seen output plunge more than 20 percent in four out of five months this year, is purchasing fewer raw materials abroad, causing both imports and exports to drop. New industrial orders plummeted an annual 40 percent in May. Exports plunged 41 percent to 3.43 billion euros in May from a year earlier, the same as the decline in imports, which fell to 3.34 billion euros.
■ELECTRONICS
Panasonic books net loss
Japan’s Panasonic Corp yesterday announced a net loss of ¥52.98 billion (US$560 million) for the second quarter, blaming weak sales of electronic goods during the recession. Panasonic, which made a profit of ¥73.03 billion in the same period last year, left unchanged its forecast for a loss of ¥195 billion in the full business year to next March. The group, which changed its corporate name from Matsushita Electric Industrial in October, is cutting 15,000 jobs and closing dozens of plants as it struggles to recover from its first annual loss in six years.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
SUPPORT: Arms sales to NATO Plus countries such as Japan, South Korea and Israel only have to be approved by the US Congress if they exceed US$25m The US should amend a law to add Taiwan to the list of “NATO Plus” allies and streamline future arms sales, a US commission said on Tuesday in its annual report to the US Congress. The recommendation was made in the annual report by the US-China Economic and Security Review Commission (USCC), which contained chapters on US-China economic and trade ties, security relations, and Taiwan and Hong Kong. In the chapter on Taiwan, the commission urged the US Congress to “amend the Arms Export Control Act of 1976 to include Taiwan on the list of ‘NATO Plus’ recipients,” referring to
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Minister of Labor Ho Pei-shan (何佩珊) said she would tender her resignation following criticism of her handling of alleged bullying by Ministry of Labor Workforce Development Agency branch director Hsieh Yi-jung (謝宜容) resulting in the death of an employee. The ministry yesterday gave Hsieh two demerits and said she is subject to review by the Disciplinary Court. The severest possible punishment would be her removal from office and being barred from government jobs indefinitely. Workforce Development Agency Director-General Tsai Meng-liang (蔡孟良) also received a major demerit and was transferred to another position. Premier Cho Jung-tai (卓榮泰) issued a formal apology
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