■ Power
China OKs nuclear plants
China has approved two new nuclear-power projects in provinces particularly hard hit by electricity shortages, state media said yesterday. The China National Nuclear Corp received the green light for the projects at a Cabinet meeting on accelerating the construction of nuclear power stations using local technology, the Xinhua news agency reported. The two projects include the second phase of the Lin'ao nuclear power plant in Guangdong Province and the first phase of the San-men nuclear-power project in Zhejiang Province, Xin-hua said. Nuclear energy accounts for only 1.4 percent of China's total electricity supply.
■ Advertising
Mao's cook beats PepsiCo
A former cook for Mao Zedong (毛澤東) has won a lawsuit against US food giant PepsiCo after it used his picture to advertise Lay's potato chips, China's state media reported yesterday. PepsiCo Foods (China) Co had no immediate comment on the report that it owes Dong Linfa 10,000 yuan (US$1,200) and a public apology following the ruling by Shanghai's Xuhui District Court, a Shanghai news-paper reported. It said that last year PepsiCo asked Dong for permission to use his picture for ads, but that the deal fell through when it would not pay the 50,000 yuan (US$6,000) he wanted. Months later, Dong found packages of Lay's chips in a supermarket adorned with his photo and information about him, the paper said. PepsiCo argued that it had permission to use Dong's photos because he had participated in a gourmet program it sponsored at a lvocational school, the report said.
■ Entertainment
Dreamworks files for IPO
DreamWorks Animation said on Wednesday that it filed to go public in a deal that would raise up to US$650 million for the studio behind the hit Shrek movies. Goldman Sachs and JP Morgan are listed as lead underwriters of the initial public offering for the com-pany. The main Dream-Works group reported a first-quarter loss of US$25.9 million and operating revenue of US$40.8 million in the latest quarter. First-quarter earnings were hit
by pre-release marketing and promotion expenses associated with the May release of Shrek 2 and an increase in expenses asso-ciated with interest rate swap agreements allocated to it by DreamWorks Studios.
■ Financing
Samsung Group cuts debt
South Korea's financial watchdog said yesterday that investment restrictions placed on the Samsung Group had been lifted after an improvement in the industrial giant's debt position. The Fair Trade Commission said the decision was made after Samsung cut its debt load, pushing its debt-equity ratio below100 percent. At the end of last month the Samsung Group's debt-to-equity ratio had fallen to 84.26 percent, largely as a result of debt restructuring efforts and the strong performance of subsidiary Samsung Electronics.
■ Automobiles
Mitsubishi cuts US jobs
Mitsubishi Motors said on Wednesday that it will slash 1,200 jobs at its only US assembly plant as part of a plan to turnaround its ailing North American operation. The jobs will go at the Normal, Illinois, plant, in October, when the auto-maker eliminates one of two shifts at the plant.
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
BULLY TACTICS: Beijing has continued its incursions into Taiwan’s airspace even as Xi Jinping talked about Taiwan being part of the Chinese family and nation China should stop its coercion of Taiwan and respect mainstream public opinion in Taiwan about sovereignty if its expression of goodwill is genuine, the Ministry of Foreign Affairs (MOFA) said yesterday. Ministry spokesman Jeff Liu (劉永健) made the comment in response to media queries about a meeting between former president Ma Ying-jeou (馬英九) and Chinese President Xi Jinping (習近平) the previous day. Ma voiced support for the so-called “1992 consensus,” while Xi said that although the two sides of the Taiwan Strait have “different systems,” this does not change the fact that they are “part of the same country,” and that “external
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