■ Macroeconomics
US economy looks bright
The US economy is speed-ing up across a broad front and employers have stepped up hiring of new workers, the Federal Reserve's Beige Book survey showed on Wednesday. "Economic activity increased across the nation from mid-February through early April," said the report, drawn from the central bank's 12 districts and released eight times a year. "The growth was widespread as retail sales moved up noticeably, and manufacturing, mining energy, tourism and services all grew," the Fed said. Labor supply tightened a little, producing "modest" wage increases, the report said. "Most districts indicated that hiring increased moderately." It was brightest Beige Book verdict in years.
■ Computers
Head of CAI resigns
The chief executive and chairman of Computer Associates International (CAI), Sanjay Kumar, has stepped down, the firm said on Wednesday, amid a two-year-long investigation into accounting practices at the world's largest manage-ment software company. Kumar also resigned from CAI's board, the statement said. A search for a new chief executive officer was under way, while director Lewis Ranieri will assume the role of chairman, the New York-based company said. Kumar's resignation could lead to settlements with the US Department of Justice and the federal markets watchdog Secur-ities and Exchange Com-mission. It launched an investigation in May 2002 into whether the company booked sales prematurely.
■ Aut0mobiles
Ford's earnings strong
The Ford Motor Co reported stronger-than-expected first-quarter earnings on Wednesday and promptly bumped up its full-year profit target. "This is the best quarter we have achieved since we began our back-to-basics efforts more than two years ago, and it clearly demonstrates our plan is working and building momentum," said chairman Bill Ford in a statement. The second-largest US automaker earned nearly US$2 billion in the quarter, or US$0.94 per share, well ahead of the US$0.44 called for by Wall Street. Total revenue over the period was US$44.7 billion, up from US$40.8 billion in first-quarter last year, while automotive revenue climbed to US$38.8 billion versus US$34.2 billion a year ago. Ford earned more money than rival General Motors Corp for the first time in three years.
■ Pharmaceuticals
Novartis talks with Aventis
The Swiss pharmaceuticals group Novartis said yes-terday that it was prepared to negotiate a deal with the French-German group Aventis, which has been seeking to merge with Novartis in order to ward off a take-over bid from a smaller French rival. The Novartis board of directors said it "has decided to accept the offer from Aventis' board and to negotiate conditions for a possible transaction." However it added that "no conclusion can be reached as regards the feasibility of an agreement." Aventis has been fighting a 48 billion euro (US$58 billion) hostile takeover bid from Sanofi-Synthelabo, a smaller French rival, and is seeking instead to merge with Novartis. The Swiss group said its profits for the first three months of this year jumped 22 percent to US$1.293 billion. Sales for the period were up 16 percent, to US$6.64 billion.
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