■ Fast Food
Chicken boosts McDonald's
McDonald's Corp, the world's largest chain of hamburger restaurants, had a fourth-quarter net income of US$125.7 million after new menu offerings such as white-meat Chicken McNuggets spurred the biggest sales gain in more than eight years. Net income of 10 cents a share compares with a loss in the year-earlier quarter, the company's first ever, of US$343.8 million, or 27 cents, McDonald's said in a statement. Revenue surged 17 percent to US$4.56 billion from US$3.9 billion.
■ Fraud
Credit card warning issued
The Bank of New Zealand yesterday issued a warning to companies about shipping goods to foreign countries -- especially Indonesia and in Africa -- that are paid for on the Internet by credit cards. It said stolen credit cards drawn on American banks were being used in "standard textbook scams" and warned merchants should be particularly wary if they received an order requesting goods to be shipped to a country where they would normally be readily available in the local market. Hugh Kavanagh, the bank's head of sales for domestic and international payments, said Indonesia and African countries were "the hot locations for this type of credit card fraud."
■ Banking
China to get more cash
International Finance Corporation (IFC), the World Bank's private-sector arm, said yesterday it plans to double its annual investment in China to about US$500 million within two years. The new investment level represents a sharp increase from the US$250 million IFC pumped into the country last year, said Karin Finkelston, an official for the IFC in Beijing. "We're looking in the financial sector where the state is allowing the private sector in," said Finkelston, adding there was no official investment quota and all decisions were market driven. IFC already holds shares in five Chinese retail banks -- Industrial Bank, Bank of Shanghai, Nanjing City Commercial Bank, China Minsheng Banking Corp and Xian City Commercial Bank.
■ Rogue Trades
Bank loses millions
Four rogue foreign currency traders have cost Australia's biggest bank A$360 million (US$270 million), National Australia Bank Ltd announced yesterday. The amount is double the estimate given last week and increases pressure on senior managers to resign over the scandal. "The total pre-tax loss includes A$185 million announced last week and an additional A$175 million from revaluation of the trading book," NAB said in a statement. "This will result in a post-tax loss of A$252 million."
■ Currencies
Call for stability of euro
Irish Finance Minister Charlie McCreevy said on Monday that the euro must keep its value over the medium to long term, and reiterated concerns over "excessive exchange rate moves." McCreevy, whose country currently holds the EU presidency, also said members of the 12-nation eurozone must respect the Stability and Growth Pact which underpins Europe's single currency. "The euro must keep its value over the medium- and long-run, in line with economic fundamentals. In the present circumstances we particularly stress stability and we are concerned about excessive exchange rate moves," he said.
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