■ Monetary policy
Bush wants Greenspan
US President George W. Bush said he supports the reappointment of Alan Greenspan as chairman of the Federal Reserve when Greenspan's term expires in 2004. In an interview with financial reporters, Bush complimented Greenspan's performance and said: "I think Greenspan should get another term," according to a White House transcript. The Fed chairman, who underwent prostate surgery today, had come under fire from administration officials for his recent criticism of Bush's tax cut package. That had raised speculation about how long the 77-year-old would run monetary policy in the world's largest economy.
■ SARS
Internet sales soar
Sohu.com Inc, Sina Corp and other Chinese Internet companies are selling more surgical masks, kung-fu videos and other products as Chinese consumers turn to online shopping to protect themselves from severe acute respiratory syndrome (SARS). Beijing-based Sohu recorded a 40 percent jump in Internet orders this month from the same period last year as people shun shopping in stores. Sina sales rose, and a fifth more people browsed its shopping site. Sohu's shares have risen 14-fold the past year, making them the third best performer on the Nasdaq Composite Index. Netease ranks first and Sina sixth.
■ Retail
Kmart goes to creditors
Kmart Corp won a US federal judge's approval to conclude the largest retail bankruptcy in US history by early next month and transfer ownership of the company to creditors. US Bankruptcy Judge Susan Pierson Sonderby's approval will let Kmart, the third-largest US discount retailer, wipe out about US$7.8 billion in debt. During four days of hearings that started last week and resumed on Tuesday, the Troy, Michigan-based company resolved more than 188 objections from creditors including Wal-Mart Stores Inc.
■ China
SARS closes show
Shanghai's heavily hyped biennial car show is to shut today, three days ahead of schedule, as officials try to block the spread of severe acute respiratory syndrome (SARS) in the city. The move coincided with a visit by World Health Organization experts in Shanghai, where there have been two confirmed and 10 suspected cases of SARS. "Now is a crucial period in preventing SARS," the Shanghai International Exhibition Co Ltd said in a statement. "The government has decided to safeguard people's health and close the show early," organizers said, stressing no one at the exposition had come down with the virus. Hundreds of thousands were expected to visit the exhibition, which opened on Monday. More than 86,000 turned up on the first two days.
■ Russia
Pirated goods rule market
Russia is the second largest market for pirated goods after China, the director of Russian certification agency Rospatent declared Tuesday. Over 90 percent of computer software sold in Russia is pirated, along with 40 to 50 percent of books and 80 to 90 percent of CDs and videos.In December, the Russian interior ministry estimated annual sales of pirated consumer durables in Russia at over US$20 billion. Criminal gangs in Russia have well-equipped factories for producing counterfeit products.
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
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
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