■ Advertising
China bans Nike kung-fu ad
Nike has been forced to withdraw a TV ad in China showing basketball star LeBron James tackling kung-fu fighters after viewers said it was insulting, a news report said yesterday. The 90-second ad shows the US sportsman defeating a succession of animated Chinese kung-fu opponents, the South China Morning Post reported. The ad set off an outcry against Nike on Web sites in China and has now been banned by the government which ruled that it "blasphemes ethnic customs and habits," the newspaper said. China's State Administration of Radio and Television said commercials must "maintain the state dignity and interest and respect the country's traditional culture."
■ Mobile Phones
Nokia sets aside funds
Nokia Oyj, the world's biggest mobile-phone maker, set aside US$100 million for investments in more mature wireless technology companies which already have a commercially available product. The US$100 million fund will be invested in "mid- to late-stage" companies worldwide and will complement Nokia's existing investment activities, the company said in an e-mailed release yesterday. Nokia already has funds invested in "early-stage" technology firms.
■ Mobile Services
Virgin in talks with Chinese
British conglomerate Virgin Group Ltd announced yesterday it is in talks with a Chinese telecommunications company to set up a joint venture to provide mobile services in China. Virgin Chairman Richard Branson said in Hong Kong that his company has set aside US$300 million to invest in a 50-50 joint venture with a potential partner in China, who he declined to name. "We are in the early stages of discussion. I suspect the whole thing would take 12 to 18 months before we'll launch," Branson said.
■ Economics
ADB pares estimates
The Asian Development Bank trimmed its economic growth forecasts for next year for the region, citing higher oil prices that may hurt global demand and push up inflation. The revision was made because of the impact of higher oil prices, Jean-Pierre Verbiest, assistant chief economist at the bank, told reporters after a conference in Kuala Lumpur yesterday. Other factors include "some slowdown in China," he said, adding "monetary policy is probably tightening a little bit more than we originally thought throughout the region because of inflation." The 42 economies of Asia excluding Japan will grow 6.3 percent next year, Verbiest said. That compares with the bank's 6.7 percent forecast made in September.
■ Banking
CSFB to be combined
Credit Suisse Group, Switzerland's second-largest bank, said yesterday it will combine its US-based Credit Suisse First Boston investment unit with its retail and private banking business within two years. A company statement said the move would "better address client needs in a rapidly changing market environment, as well as making more efficient use of its resources." It said combining Credit Suisse and CSFB would take between 18 months and two years. It gave no indication whether jobs would be cut. The group has 60,000 employees worldwide. The company said that its Winterthur insurance arm would "continue its strategy of profitable growth with the aim of preparing for a capital market flotation."
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