■AUTOMOBILES
BMW sales dipped last year
The German group BMW said yesterday that sales last year slipped 4.7 percent as the luxury car market was hit by the global recession, but added that it expected to sell more than 1.3 million autos this year. Group sales fell to 50.68 billion euros (US$70.64 billion), it said in a statement that provided provisional results. Final results are to be published on March 17, with the BMW chief saying the company expected to post a pre-tax profit. Germany’s leading high-end automobile group is placing hopes for this year in a new Series 5 sedan expected to be released in March.
■ELECTRONICS
Toshiba books smaller loss
Toshiba Corp said yesterday it booked a much smaller loss in the quarter ending last month compared with a year earlier, bolstered by a recovery in its electronic component business. The Japanese conglomerate said third-quarter net loss narrowed to ¥10.64 billion (US$118.5 million) from ¥121.14 billion. Quarterly revenue rose 6 percent to ¥1.58 trillion from ¥1.49 trillion. Toshiba lowered its revenue target for the full fiscal year through March, saying it now expected revenues of ¥6.4 trillion, down from an earlier forecast of ¥6.8 trillion. The company kept its forecast for a ¥50 billion loss for the year.
■ELECTRONICS
Fujitsu returns to profit
Fujitsu Ltd, Japan’s biggest computer-services provider, swung to a profit in the third quarter after the company sold its money-losing hardware businesses. Net income was ¥4.1 billion in the three months ended Dec. 31, compared with a ¥40.8 billion loss a year earlier, the Tokyo-based company said in a statement yesterday. Fujitsu posted a ¥112.4 billion loss last fiscal year. The company completed the sale of its hard-disk-drive business to Toshiba Corp in October and has agreed to outsource some chipmaking to Taiwan Semiconductor Manufacturing Co (台積電) to cut spending.
■INDIA
Central Bank retains rates
The central bank kept interest rates on hold yesterday, but moved to drain liquidity from the banking system to hedge off surging inflation without hurting economic recovery. The Reserve Bank of India boosted its cash reserve ratio — the sum commercial banks keep on deposit —by a higher-than-expected 75 basis points to 5.75 percent in what it said was a bid to tame “inflationary expectations.” Inflation last month surged to 7.31 percent year-on-year, propelled by soaring food prices. The two-stage increase, 25 basis points higher than analysts’ forecasts, will suck 360 billion rupees (US$7.7 billion) from the banking system. The rise was seen as a move toward monetary tightening after a period of aggressive easing to shield the country from the global slump.
■SOUTH KOREA
Industrial output up 33.9%
Industrial output last month jumped 33.9 percent from a year earlier, official data showed yesterday, as the economy continued to recover from the global slowdown. The steep rise was mainly attributed to a low base in December 2008, when industrial production dropped 18.7 percent year-on-year at the height of the slump, Statistics Korea said. Month-on-month output expanded 3.5 percent. Strong demand for semiconductors, cars and machinery contributed to the growth, it said.
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MAKING PROGRESS: Officials and industry leaders who participated in a defense forum last month agreed that Taiwan has the capabilities to work with the US, the report said Taiwan’s high-tech defense industry is to enhance collaboration with the US to produce weapons needed for self-defense, the Ministry of National Defense said in a report to the Legislative Yuan. Deputy Minister of National Defense Hsu Yen-pu (徐衍璞) discussed building regional and global industry alliances with US partners at the US-Taiwan Defense Industry Conference in Philadelphia held from Sept. 22 to Tuesday last week, the ministry said in the declassified portion of the report. The visit contributed to maintaining bilateral ties, facilitated Taiwan’s efforts to acquire weapons and equipment, and strengthened the resilience of the two nation’s defense industries, it said. Taiwan-US ties
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering