■ Monopolies
China fears foreigners
Multinationals like Microsoft and Eastman Kodak play such a dominant role in China's economy that officials have sounded the alarm, warning of monopolies and anti-competitive practices, state media said yesterday. The crushing influence of foreign companies in a range of industries illustrates the need for effective anti-monopoly legislation, according to the China Daily, citing a new government-sponsored report prepared by the fair trade bureau of the State Administration for Industry and Commerce. Microsoft's operating software, for instance, accounts for a 95 percent share of the Chinese market, the newspaper quoted the report as saying.
■ Banking
Japanese back in profit
Five of Japan's top seven banks on Monday reported a return to annual profit, but the good news was tempered by fears that their 10-year struggle to offload trillions of yen in bad loans is not over. The country's biggest bank, Mizuho, was among those to have turned in a net profit for last year, but UFJ and Resona both remained in the red, dragged down by attempts to pay off bad loans. Better earnings by borrowers, coupled with the upturn in Japan's economic outlook, have seen the banks' combined debts fall to ?14 trillion over the past year. That figure was almost half the record ?26 trillion they were saddled with in March 2002, prompting officials to declare they were within reach of the government's goal of halving the proportion of bad loans to outstanding lending to about 4 percent of 2002 levels by the end of March next year.
■ Phone Carriers
Bank eyes Japan Telecom
Japanese Internet investor Softbank Corp said yesterday it was considering buying fixed-line phone carrier Japan Telecom Co from US investment fund Ripplewood Holdings LLC. But it said, "nothing concrete has been decided," responding to a media report that Softbank wanted to turn Japan Telecom into a subsidiary. The Nihon Keizai Shimbun said Softbank and Ripplewood have been discussing such options as Softbank's purchase of a majority stake in Japan Telecom, the third largest fixed-line phone company, from Ripplewood. If the deal goes through, Softbank may have to pay Ripplewood more than ?100 billion (US$882.6 million), the newspaper said. Ripplewood acquired Japan Telecom from British telecom giant Vodafone Group Plc for ?261.3 billion last fall.
■ Hong Kong
Consumers more confident
Hong Kong people are shopping with their customary zeal for the first time since 1997 as the territory's economy bounces back, according to a survey published yesterday. People are more likely to go out and spend money on new cars, electrical gadgets and items for their homes than at any other time over the past seven years, according to market research giant ACNielsen. The survey also found that confidence in the territory's economy was at one of its highest levels since 1997, when the property market was at its peak and before the Asian economic crisis hit. Nearly one in five people said they were prepared to splash out on major purchases, while the proportion of people who said they would hold onto their money fell from 40 percent in January to 32 percent.
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