■GM food
US, Argentina may fight EU
Top US and Argentine trade officials said they held talks on the possibility of taking joint legal action against the EU for blocking imports of genetically modified food. Deputy US Trade Representative Peter Allgeier and Argentine Vice Minister of Foreign Relations Martin Redrado said the two countries shared a strong interest in making sure world markets remain open to the new biotech food products. The George W. Bush administration has been under pressure from US farmers and members of Congress to launch a WTO case against the EU for its four-year moratorium on approving imports of new biotech food and pharmaceuticals.
■ Personal wealth
McCartney richest rocker
Former Beatle Paul McCartney is at the top of the short list of rockers whose wealth has topped US$1 billion dollars, Rolling Stone magazine says. McCartney is thought to have earned some US$72.1 million last year after going on tour for the first time since 1993, the magazine says in its April 3 edition due on newsstands this weekend. Last year, he earned almost US$30 million more than the Rolling Stones, who still earned a staggering US$44 million, the magazine says. The Stones earned US$7 million dollars in one night for playing at a birthday bash for Texas multimillionaire David Bonderman. In third place was the Dave Matthews Band which last year earned US$31.3 million.
■ Bank of Japan
Nation wants a `Greenspan'
Ruling coalition officials urged Bank of Japan governor-designate Toshihiko Fukui to be the "Greenspan of Japan" yesterday and to pull out all the stops to restore health to Japan's faltering economy. Fukui's appointment was approved by the upper house of parliament yesterday morning, a day after getting the green light from the lower house. After yesterday's approval, Fukui met policy chiefs of the ruling coalition parties, who compared him to US Federal Reserve Chairman Alan Greenspan, credited with keeping the US economy rolling for much of his 15 years in office. "I told Fukui we want him to be the Greenspan of Japan," said Hidenao Nakagawa, parliament affairs chief of the ruling Liberal Democratic Party.
■ Technology
HP shares fall
Shares of Hewlett-Packard Co (HP) closed lower on Thursday, a day marked by gains in the technology sector, after the computer giant restated its operating cash flow for its recently ended first quarter. HP lowered its operating cash flow to US$647 million, 18 percent lower than the US$791 million it had previously reported, according to a Securities and Exchange Commission report filed Wednesday. The restated result doesn't change HP's total gross cash at the end of the quarter, which stood at US$13.2 billion, nor does it change HP's sales or earnings results. HP said it had erroneously classified some items as operating cash flow. Shares of HP closed at US$15.00, down US$0.57, or 4 percent, Thursday on the New York Stock Exchange. According to analysts at Merrill Lynch & Co and Buckingham Research, Hewlett-Packard management said the error was caused by a misallocation of proceeds from an investment disposition into the operating section instead of the investing section.
Agencies
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft