■ Energy
US advises Iraq
Washington is advising Iraq on establishing a state company to take over management of the oil sector by July as US-led occupation forces hand power to a new Iraqi government, a US official said on Sunday. "We are helping set up a mechanism that allows them to have a state oil company but also allows a significant outside investment into the industry," said Robert McKee, the outgoing oil chief in the US-led administration of Iraq. McKee, who will be replaced by Mike Stinson from yesterday, said Iraq had no choice but lure international investment even if the oil industry remained in state hands. He said Iraq needed tens of billions of dollars to double output to 5 million barrels per day in the next five years.
■ Cellphones
Alcatel to sell handset unit
Alcatel SA, the world's biggest maker of broadband Internet equipment, is about to sell its handset unit to China's Nanjing Panda Electronics Co, La Tribune said, citing unnamed people in the industry. Paris-based Alcatel reached an agreement with the Chinese phonemaker 10 days ago, according to the daily. Alcatel, which began talks last year via its Chinese unit, Alcatel Shangai Bell, had shortlisted Panda and TCL, the newspaper said.
■ Aircraft
UPS looks to cancel order
United Parcel Service Inc (UPS), the world's largest package-delivery company, is in talks to cancel more than US$1.6 billion of aircraft ordered from European Aeronautic, Defense & Space Co's Airbus SAS division as clients shift to cheaper ground-based services, the Wall Street Journal Europe said. UPS aims to cancel at least 20 of the 90 Airbus 300-600 planes it ordered in 1998 and 2001, the paper said, citing people familiar with the situation. It had received 32 of the planes by the end of January.
■ Telecoms
NTT expects profit jump
Japanese telecoms giant NTT said yesterday it expects recurring profit to grow 52 percent in the year to March next year from an estimated profit for the current year. Nippon Telegraph and Telephone Corp plans to generate ¥117 billion (US$1.07 billion) in group recurring profit, up ¥40 billion from its forecast for the year to this month. According to its business plan filed with the government, which still owns a stake in the former monopoly, NTT aims to increase revenue by 7.4 percent to ¥363 billion in the next fiscal year while cutting total costs by 5.7 percent to ¥246 billion.
■ Petroleum
Singapore firm to expand
Singapore Petroleum Co Ltd said yesterday it will buy British Petroleum Singapore's one-third stake in Singapore Refining Company Pte Ltd and one-sixth equity interest in Tanker Mooring Services Co Pte Ltd in a deal worth about US$140 million. Singapore Petroleum said the acquisition would double its refining capacity and strengthen its position as a leading petroleum products supplier in the Asia Pacific region. It said the acquisition is expected to be completed by June 30. The Singapore Refining Company is owned by a consortium that includes Singapore Petroleum and BP Singapore and runs an oil refinery situated on Singapore's Jurong Island with a maximum capacity of 285,000 barrels per day.
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