■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.
A Chinese freighter that allegedly snapped an undersea cable linking Taiwan proper to Penghu County is suspected of being owned by a Chinese state-run company and had docked at the ports of Kaohsiung and Keelung for three months using different names. On Tuesday last week, the Togo-flagged freighter Hong Tai 58 (宏泰58號) and its Chinese crew were detained after the Taipei-Penghu No. 3 submarine cable was severed. When the Coast Guard Administration (CGA) first attempted to detain the ship on grounds of possible sabotage, its crew said the ship’s name was Hong Tai 168, although the Automatic Identification System (AIS)
An Akizuki-class destroyer last month made the first-ever solo transit of a Japan Maritime Self-Defense Force ship through the Taiwan Strait, Japanese government officials with knowledge of the matter said yesterday. The JS Akizuki carried out a north-to-south transit through the Taiwan Strait on Feb. 5 as it sailed to the South China Sea to participate in a joint exercise with US, Australian and Philippine forces that day. The Japanese destroyer JS Sazanami in September last year made the Japan Maritime Self-Defense Force’s first-ever transit through the Taiwan Strait, but it was joined by vessels from New Zealand and Australia,
SECURITY: The purpose for giving Hong Kong and Macau residents more lenient paths to permanent residency no longer applies due to China’s policies, a source said The government is considering removing an optional path to citizenship for residents from Hong Kong and Macau, and lengthening the terms for permanent residence eligibility, a source said yesterday. In a bid to prevent the Chinese Communist Party (CCP) from infiltrating Taiwan through immigration from Hong Kong and Macau, the government could amend immigration laws for residents of the territories who currently receive preferential treatment, an official familiar with the matter speaking on condition of anonymity said. The move was part of “national security-related legislative reform,” they added. Under the amendments, arrivals from the Chinese territories would have to reside in Taiwan for
CRITICAL MOVE: TSMC’s plan to invest another US$100 billion in US chipmaking would boost Taiwan’s competitive edge in the global market, the premier said The government would ensure that the most advanced chipmaking technology stays in Taiwan while assisting Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in investing overseas, the Presidential Office said yesterday. The statement follows a joint announcement by the world’s largest contract chipmaker and US President Donald Trump on Monday that TSMC would invest an additional US$100 billion over the next four years to expand its semiconductor manufacturing operations in the US, which would include construction of three new chip fabrication plants, two advanced packaging facilities, and a research and development center. The government knew about the deal in advance and would assist, Presidential
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