■ Investment
China may revise IPO rules
The China Securities Regulatory Commission may revise its two-month-old rules on initial public share sales after finding some institutions are unfairly pricing stock, the Economic Observer reported, citing Yao Gang (姚剛), director of the listing department of the regulatory body. Yao criticized some institutions for engaging in speculative pricing in the sale by new shares last month by Huadian Power International Corp (華電國際電力), the first company to sell shares in China in five months, the Beijing-based weekly reported. China resumed share sales last month after implementing new rules that give institutional investors more say in setting offer prices.
■ Energy
Shell gets Qatar contract
Royal Dutch/Shell Group, Europe's second-largest oil company, will build a multibillion-dollar liquefied natural gas plant in Qatar to help meet surging global demand for the fuel, a Qatari official said. State-run Qatar Liquefied Natural Gas Co, or QatarGas, was slated to sign with Shell last night for the plant, which will chill natural gas for export in tankers, QatarGas chairman Faisal al-Suwaidi said in an interview in the capital, Doha. The plant will produce enough gas, 7.8 million tonnes a year, to power almost 8 million homes. Some may be for Italy. Shell, the world's largest producer of liquefied natural gas, beat four companies including ConocoPhillips Co for the contract in Qatar, where Exxon Mobil Corp leads foreign investors in tapping the nation's gas reserves.
■ Energy
Takeover rules to toughen
Japan's Financial Services Agency (FSA) will toughen rules for companies making takeover bids after Livedoor Co's purchase of Nippon Broadcasting System Inc shares through off-floor trading, the Nihon Keizai newspaper said. The financial watchdog will make companies disclose their plans before buying more than a third of the outstanding shares in other companies in off-floor trading, the newspaper reported today, without saying where it obtained the information. Companies may be fined as much as 5 million (US$47,515) for violations of the new rules, the report said. The FSA aims to submit proposals to change the Securities and Exchange Law during the current Diet sessions, the report said.
■ Aviation
US carriers raise fares
American Airlines, Delta Air Lines Inc, United, Continental and other carriers raised fares as much as US$20 on round-trip flights in the US and Canada, matching an increase by Northwest Airlines Corp to blunt rising fuel costs. The carriers joined Northwest in adding US$5 each way on flights of less than 1,600km and US$10 each way on longer trips. America West Airlines, AirTran Airways and Air Canada also matched Northwest, spokesmen said. US airlines are seeking to increase revenue after fuel prices rose the past year and competition prevented major carriers from raising fares. US Airways, the seventh-largest US carrier, said it adopted the Northwest increase in about 50 percent of its markets. Delta maintained a US$499 one-way price cap for coach fares the carrier adopted when it revised its fare system last month, cutting some prices as much as 50 percent to win back customers from low-fare competitors.
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
SHOT IN THE ARM: The new system can be integrated with Avenger and Stinger missiles to bolster regional air defense capabilities, a defense ministry report said Domestically developed Land Sword II (陸射劍二) missiles were successfully launched and hit target drones during a live-fire exercise at the Jiupeng Military Base in Pingtung County yesterday. The missiles, developed by the Chungshan Institute of Science and Technology (CSIST), were originally scheduled to launch on Tuesday last week, after the Tomb Sweeping Day holiday long weekend, but were postponed to yesterday due to weather conditions. Local residents and military enthusiasts gathered outside the base to watch the missile tests, with the first one launching at 9:10am. The Land Sword II system, which is derived from the Sky Sword II (天劍二) series, was turned