■ Incomes
Salaries to be disclosed
The German Cabinet on Wednesday approved a bill that would require the disclosure of executives' annual salaries in an effort to make corporate Germany more transparent. "The aim of the bill is to strengthen shareholders' controlling rights," Justice Minister Brigitte Zypries said. The bill requires listed companies to disclose the annual earnings of every board member, including the composition of their pay -- for example, fixed income, variable income and stock options. At present, listed companies only have to disclose the total pay for their management board. Fines of up to 50,000 euros (US$63,000) are foreseen for companies that fail to comply with the new rules, which will apply starting with the 2006 business year.
■ Currency
Fake money floods China
Chinese authorities confiscated fake bank notes with a face value of 1.16 billion yuan (US$140 million) last year, a large increase from the year before, the government said. The police seized 550 million yuan, a jump of 140 percent, the official Xinhua News Agency said, citing Ye Yingnan, who heads the anti-counterfeit money office of China's Cabinet. Another 610 million yuan was discovered by financial institutions, a 45 percent increase, he said. The report did not give any details on how or where the money was found. The counterfeit money is mostly manufactured in southern China's Guangdong Province and traded in central Henan Province, Ye said.
■ Automotives
Lexus to hit Japan's market
Toyota is bringing back home to Japan its Lexus luxury brand, which has marked big success in the US, with 150 dealers opening nationwide by the end of the year, the Japanese automaker said yesterday. Toyota Motor Corp is eager to strengthen its image by promoting the Lexus in Japan, where it's still largely unknown and most luxury car buyers still prefer European brands like BMW and Mercedes Benz. Takeshi Yoshida, overseeing Lexus development, said the brand will differentiate itself from European rivals that boast a historical legacy by appealing to younger buyers who aren't afraid to assert their Japanese sensibilities.
■ Credit
Credit card firms raise rates
Poorer people would find it harder to obtain credit cards under new controls planned in Malaysia aimed at stemming reckless spending and rising bankruptcies, news reports said yesterday. Other controls include raising the minimum payment level and setting up a central information system to share the credit ratings of prospective customers, Finance Ministry secretary Hilmi Yahya was quoted as saying by the Star and New Straits Times newspapers. The new measures are being drafted by the central bank, Bank Negara, following a Universiti Malaya study that showed about 11 percent of the 16,251 new bankrupts declared last year were credit card defaulters.
■ Hong Kong
Kodak, Disneyland in pact
The Eastman Kodak Company has signed a deal to be the exclusive supplier of products and photo processing services at the Hong Kong Disneyland park that opens on Sept. 12, the companies said yesterday. Kodak's services will include "roving photographers" who will walk around the park and snap pictures of families, the firm said. The images can be purchased before guests leave.
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