■GERMANY
Sales fall beats expectations
Retail sales fell 1.8 percent last year, final figures showed yesterday, better than a preliminary estimate of a 2 percent drop given last month, the national statistics office said. The figures suggested that consumption in Europe’s biggest economy held up better than expected in the midst of its worst post-war recession. “Apparently, German consumers did not let the financial crisis ruin their Christmas shopping,” ING senior economist Carsten Brzeski said. “Still, private consumption seems to be caught in a zig-zag pattern without getting to a real upward trend.”
■INSURANCE
Munich Re profits soar
The world’s biggest reinsurer, Munich Re, reported yesterday that net profit soared 62 percent last year, exceeding the group’s own forecast. Munich Re posted a net profit of 2.56 billion euros (US$3.56 billion), up from 1.58 billion euros in 2008, and said it would raise its dividend by 4.5 percent to 5.75 euros. “This is another good result that demonstrates Munich Re’s earnings strength,” a statement quoted finance director Jorg Schneider as saying. “We are realistic in our expectations and remain dependable for investors.”
■INDUSTRY
Siemens doubles investment
German industrial conglomerate Siemens AG said yesterday it would double its annual investment in India to 250 million euros, as it continues to grow in emerging market economies. Siemens, based in Munich, said it was expected that the Indian economy would grow 7 percent this year and 8 percent next year and that it wants to expand its market share to 10 percent by 2012. The bulk of the new investment will go to energy technology. The company said that currently about 30 percent of India’s population has no access to power, which is why the Indian government is planning to add 150 gigawatts over the next seven years — an amount equal to Germany’s entire installed capacity. In addition, 20 percent of the energy mix should be generated from renewable sources by the year 2020.
■FINANCE
Normura still in the black
Japan’s top securities firm Nomura reported yesterday a third straight quarter in the black, boosted by its purchase of large parts of failed Wall Street bank Lehman Brothers. Nomura Holdings posted net earnings of ¥10.2 billion (US$113 million) for the fiscal third quarter through December — a significant improvement on a year-earlier loss of ¥343.0 billion. “We were profitable for the third straight quarter, booking increased revenues and net income in both the retail and wholesale businesses,” Nomura chief executive Kenichi Watanabe said in a statement.
■REAL ESTATE
Singapore tycoon dies
Property tycoon Ng Teng Fong (黃廷芳), listed by Forbes business magazine as Singapore’s richest man with a fortune of more than US$8 billion, died yesterday, his flagship company said. The 82-year-old founder of privately held Far East Organization (遠東機構) suffered a brain hemorrhage on Jan. 23 and underwent an operation before he passed away peacefully in Singapore, a company press release said. Far East Organization and its Hong Kong-based sister company Sino Group (信和集團) comprise one of Asia’s biggest property groups, with a combined annual turnover of US$5.5 billion and total assets valued at more than US$40 billion, the company Web site said.
ANNOUNCEMENT: People who do not comply with the ban after a spoken warning would be reported to the police, the airport company said on Friday Taoyuan International Airport Corp on Friday announced that riding on vehicles, including scooter-suitcases (also known as “scootcases”), bicycles, scooters and skateboards, is prohibited in the airport’s terminals. Those using such vehicles should manually pull them or place them on luggage trolleys, the company said in a Facebook post. The ban intends to maintain order and protect travelers’ safety, as the airport often sees large crowds of people, it said, adding that it has stepped up publicity for the regulation, and those who do not comply after a spoken warning would be reported to the police. The company yesterday said that
NEW YEAR’S ADDRESS: ‘No matter what threats and challenges Taiwan faces, democracy is the only path,’ William Lai said, urging progress ‘without looking back’ President William Lai (賴清德) yesterday urged parties across the political divide to democratically resolve conflicts that have plagued domestic politics within Taiwan’s constitutional system. In his first New Year’s Day address since becoming president on May 20 last year, Lai touched on several issues, including economic and security challenges, but a key emphasis was on the partisan wrangling that has characterized his first seven months in office. Taiwan has transformed from authoritarianism into today’s democracy and that democracy is the future, Lai said. “No matter what threats and challenges Taiwan faces, democracy is the only path for Taiwan,” he said. “The only choice
QUIET START: Nearly a week after applications opened, agencies did not announce or promote the program, nor did they explain how it differed from other visitor visas Taiwan has launched a six-month “digital nomad visitor visa” program for foreign nationals from its list of visa-exempt countries who meet financial eligibility criteria and provide proof of work contracts. To apply, foreign nationals must either provide proof that they have obtained a digital nomad visa issued by another country or demonstrate earnings based on age brackets, the Bureau of Consular Affairs said. Applicants aged 20 to 29 must show they earned an annual salary of at least US$20,000 or its equivalent in one of the past two years, while those aged 30 or older must provide proof they earned US$40,000 in
UNITY MESSAGE: Rather than focusing on what Trump said on the campaign trail about Taiwan, Taipei should be willing to engage with the US, Pompeo said Taiwan plays a key role in Washington’s model of deterrence against China, former US secretary of state Mike Pompeo said in a speech in Taipei yesterday. During US president-elect Donald Trump’s first term, “we had developed what we believe was a pretty effective model of deterrence against adversaries who wanted to undermine the set of rules and values that the people of Taiwan and the people of the US hold dear,” Pompeo said at a forum organized by the Formosa Republican Association. “Succeeding in continuing to build this model will not solely rest at the feet of president Trump and his team,
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