■ Banking Sumitomo to sue UFJ \n \nJapan's Sumitomo Trust and Banking Co plans to file a damages suit worth US$913 million against UFJ Hold-ings over its abrupt switch of merger partners, news reports said yesterday. As a first step, Sumitomo Trust is considering filing a lawsuit with the Tokyo District Court next month, seeking a court order to halt merger talks between UFJ Holdings and Mitsubishi Tokyo Finan-cial Group Inc, news reports said. Mitsubishi Tokyo and UFJ announced in mid-July plans to merge all of their operations but UFJ had previously agreed in prin-ciple to combine its trust bank unit with Sumitomo Trust. The Supreme Court in late August rejected Sumi-tomo Trust's request for a provisional injunction against the UFJ-Mitsubishi Tokyo merger talks, saying Sumitomo Trust will not "suffer from considerable damage" in the case. But the court also acknowledged Sumitomo Trust's exclusive negotiating rights to bid for UFJ's trust arm. \n \n■ Aviation \nNorthwest pilots OK pay cut \n \nLeaders of the union for Northwest Airlines pilots voted unanimously to endorse a tentative agree-ment that will cut pilot compensation by US$265 million annually. The Master Executive Council of the Northwest branch of the Air Line Pilots Association voted 10-0 ON Saturday to submit the two-year deal to union members for their ratification. ``We believe this agreement is in the best interest of Northwest pilots and our company,'' council chairman Mark McClain said in a statement. North-west has said it needs US$950 million a year in worker concessions to avoid bankruptcy. The pilots were the first bargaining unit at the carrier to agree. \n \n■ Automobiles \nOpel workers want promise \n \nWorkers at an Opel car plant in Germany demanded assurances that there would be no compulsory layoffs as a condition for ending a stoppage prompted by parent company General Motors' announcement of sweeping job cuts. The stoppage at the plant in Bochum started on Thurs-day after GM said it likely would cut 12,000 jobs in Europe by the end of 2006 under a cost-cutting pro-gram for its money-losing Opel, Vauxhall and Saab operations. The majority of the job cuts would be in Germany. GM Europe presi-dent Carl-Peter Forster singled out the aging factory in Bochum as having a "competitiveness issue." GM Europe's program is aimed at saving US$620 million in annual costs by 2006. \n \n■ Market research \nJD Power explores options \n \nJD Power & Associates, the research firm best known for its surveys of cars and other consumer products, has hired a firm to explore options that could include selling the privately held company, according to newspaper reports. The company hired Evercore Partners Inc, an investment firm with offices in New York and Los Angeles, according to The Wall Street Journal and Los Angeles Times. ``We're in the early stage and every option is on the table,'' said Tom Shaver, a senior partner at JD Power. He said the company was mulling whether to raise additional funding for "ambitious growth opportunities" that were identified in a recent in-house study. JD Power, which has more than 600 employees worldwide, built its reputation researching consumers' opinions and preferences toward automobiles, surveys frequently quoted by auto makers.
NINE NEW CASES: The CECC said two locally transmitted cases of COVID-19, and seven imported ones – five women and two men – brought the nation’s total to 348 People who refuse to wear a mask on public transportation after being asked to do so would face a NT$3,000 to NT$15,000 fine, effective immediately, the Central Epidemic Command Center (CECC) said yesterday after announcing nine additional COVID-19 cases. In a move to curtail the spread of the novel coronavirus, the Ministry of Transportation and Communications on Tuesday announced that people must wear masks on trains and intercity buses, while Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, on Tuesday said that people should wear them when they cannot maintain a social distance of 1.5m indoors. Chen yesterday
TRILLION PROPOSED: The premier said the goal was to keep ‘businesses solvent, the unemployment rate down, transportation and logistics going, and cash flowing’ The Executive Yuan yesterday announced an expanded economic stimulus package totaling NT$1.05 trillion (US$34.64 billion), including NT$81.6 billion in subsidies for employers to prevent a spike in unemployment. The increased budget comprises a special budget of NT$210 billion, up from the NT$60 billion already passed by the Legislative Yuan; NT$140 billion — up from NT$40 billion — to be appropriated from the general budget; and NT$700 billion in loans to industries affected by the COVID-19 pandemic, Directorate-General of Budget, Accounting and Statistics Minister Chu Tzer-ming (朱澤民) told a news conference at the Executive Yuan in Taipei. The NT$150 billion increase in the
TARGETED TEXTS: The center’s head said that visitor numbers at scenic spots were greater than expected and people did not do a very good job of social distancing The Central Epidemic Command Center (CECC) yesterday sent two warning text messages to urge people to practice social distancing, especially by avoiding crowded scenic areas. The two messages were sent at 11:55am on the third day of the four-day Tomb Sweeping Day weekend, reminding people about social distancing and hand hygiene to help prevent COVID-19 infection. “When visiting crowded scenic spots during the Tomb Sweeping Day weekend, please keep a social distance of at least 1.5m indoors and 1m outdoors, wear a mask and wash your hands frequently. Please wear a mask and seek immediate medical attention if you are feeling ill
The US National Security Council yesterday thanked Taiwan for its support amid the COVID-19 pandemic following President Tsai Ing-wen’s (蔡英文) announcement that Taiwan would donate 10 million masks to hard-hit countries. The donation includes 2 million masks to the US on top of the weekly 100,000 announced previously; 7 million to Europe; and 1 million to diplomatic allies, on top of 1 million Taiwan procured for allies from their neighboring countries, the Ministry of Foreign Affairs said on Wednesday. After European Commission President Ursula von der Leyen expressed appreciation for the donations, the US body yesterday wrote its thanks on Twitter. “We