■Airlines
BA weighs bid for Virgin
British Airways is weighing a bid for Virgin Atlantic Airways, in an attempt to foil a proposed merger between Virgin and BMI British Midland, the Financial Times reported yesterday. Top managers from British Airways were to meet in emergency session Monday, in what is seen as a bid to put the brakes on BA's two largest rivals at Heathrow going in together. A BA spokesman said Sunday the heavy-weight airline was not ruling out any option following confirmation last week that Richard Branson's Virgin and BMI had held talks on merging. Those talks have been scaled back and the two -- both privately held carriers -- are discussing ways to better cooperate.
■ Automobiles
Mitsubishi reports profits
Japan's Mitsubishi Motors Corp said yesterday its group net profit rose 231.9 percent to a record ?37.4 billion (US$322 million) in the fiscal year ended March. Mitsubishi, owned by DaimlerChrysler AG, attributed the record profit to cost-cutting efforts and favorable exchange rates. Material costs were lowered by 15 percent in the fiscal year from the previous year, according to Mitsubishi. The Japanese auto maker also said its group net profit jumped 358.1 percent to ?54.3 billion, while sales rose 21.4 percent to ?3.9 trillion. Mitsubishi said passenger car sales overseas topped 1.2 million units for the first time in the company's history.
■ Free trade
Bangladeshis get new cars
Despite economic woes, Bangladeshis may soon be able to enjoy the luxury of owning new cars as importers hold their first auto show this week. In the past, Bangladeshis have mostly imported cheaper reconditioned cars, particularly from Japan, rather than buying new vehicles from abroad. But, citing environmental concerns, the government last year banned the import of reconditioned vehicles. Under pressure from the industry it has allowed the trade to continue for another three years, but taxes on reconditioned cars have increased, while import taxes on new cars have been reduced to make them more affordable. The Bangladesh Automobile Distributors Association will be showcasing more than 20 brands, including luxury ones such as Mercedes Benz, in this cash-strapped country's first ever motor show which begins tomorrow.
■ Automobiles
Honda returns to China
Honda Motor Co said on yesterday the company lifted a business trip ban to its Chinese production foothold in Guangdong Province, hit hard by SARS. The move came as the World Health Organization (WHO) last Friday lifted its travel warning to the SARS-hit region. Honda will send about 50 employees to its joint venture in Guangzhou city from June 1 for the start of production of its Fit Saloon subcompact sedan, a Honda spokesman said. "But we will carefully watch the development of SARS," said the Honda spokesman. Honda initially planned to start producing the Fit Saloon in China in July for sale in August. It now expects a delay of one and a half months in the start of production and sales. But the effects of the delay will be offset by an increase in production of the Accord model at the same plant, the Honda official said.
Agencies
Beijing’s continued provocations in the Taiwan Strait reveal its intention to unilaterally change the “status quo” in the area, the US Department of State said on Saturday, calling for a peaceful resolution to cross-strait issues. The Coast Guard Administration (CGA) reported that four China Coast Guard patrol vessels entered restricted and prohibited waters near Kinmen County on Friday and again on Saturday. A State Department spokesperson said that Washington was aware of the incidents, and urged all parties to exercise restraint and refrain from unilaterally changing the “status quo.” “Maintaining peace and stability across the Taiwan Strait is in line with our [the
EXTENDED RANGE: Hsiung Sheng missiles, 100 of which might be deployed by the end of the year, could reach Chinese command posts and airport runways, a source said A NT$16.9 billion (US$534.93 million) project to upgrade the military’s missile defense systems would be completed this year, allowing the deployment of at least 100 long-range Hsiung Sheng missiles and providing more deterrence against China, military sources said on Saturday. Hsiung Sheng missiles are an extended-range version of the Hsiung Feng IIE (HF-2E) surface-to-surface cruise missile, and are believed to have a range of up to 1,200km, which would allow them to hit targets well inside China. They went into mass production in 2022, the sources said. The project is part of a special budget for the Ministry of National Defense aimed at
READY TO WORK: Taiwan is eager to cooperate and is hopeful that like-minded states will continue to advocate for its inclusion in regional organizations, Lai said Maintaining the “status quo” in the Taiwan Strait, and peace and stability in the Indo-Pacific region must be a top priority, president-elect William Lai (賴清德) said yesterday after meeting with a delegation of US academics. Leaders of the G7, US President Joe Biden and other international heads of state have voiced concerns about the situation in the Strait, as stability in the region is necessary for a safe, peaceful and prosperous world, Lai said. The vice president, who is to be inaugurated in May, welcomed the delegation and thanked them for their support for Taiwan and issues concerning the Strait. The international community
COOPERATION: Two crewmembers from a Chinese fishing boat that sank off Kinmen were rescued, two were found dead and another two were still missing at press time The Coast Guard Administration (CGA) was yesterday working with Chinese rescuers to find two missing crewmembers from a Chinese fishing boat that sank southwest of Kinmen County yesterday, killing two crew. The joint operation managed to rescue two of the boat’s six crewmembers, but two were already dead when they were pulled from the water, the agency said in a statement. Rescuers are still searching for two others from the Min Long Yu 61222, a boat registered in China’s Fujian Province that capsized and sank 1.03 nautical miles (1.9km) southwest of Dongding Island (東碇), it added. CGA Director-General Chou Mei-wu (周美伍) told a