■ Transportation
China to make big shipyard
Construction has begun on what China says will eventually be the world's biggest shipyard, part of the country's plan for taking a dominant role in the industry. China's biggest shipbuilding company began building the 8km-long facility late last week on an island in the Yangtze river, north of Shanghai, state media reported. The US$3.6 billion new shipyard is meant to quadruple Shanghai's current shipbuilding capacity to 12 million tonnes by 2015. China, the world's third-largest shipbuilder, now holds about 10 percent of the world shipbuilding market; South Korea and Japan combined now make three-quarters of the world's ships.
■ Pharmaceuticals
Bristol-Myers to settle
Pharmaceutical company Bristol-Myers Squibb Co is expected to settle a federal probe of its past accounting practices for US$300 million, according to published reports. As part of the so-called "deferred prosecution" agreement, the New York-based company would be able to avoid criminal charges if it complies with certain terms of the settlement, the New York Times and the Wall Street Journal both reported Sunday night on their Web sites, citing unnamed sources familiar with the settlement talks. An announcement of the agreement could come this week, the reports said. Among the terms of the deal with the US Justice Department are expected to be the separation of the chairman and chief executive titles currently held by Peter Dolan, and other changes in the company's corporate governance practices, according to the Journal.
■ Technology
IBM loses contract
International Business Machines Corp, the world's largest computer-services provider, said Hong Kong's Treasury Department canceled the company's contract to create a financial management information system. IBM wouldn't disclose the reason for the cancelation. The South China Morning Post said today in a report citing unidentified government officials that IBM lost the HK$350 million (US$45 million) contract because of delays. "IBM will work with the Treasury to ensure a smooth transition," the company said in a four-sentence e-mailed statement. "IBM continues to enjoy a broad relationship with the Hong Kong government." Delays in completing the contract may in turn hold up the Hong Kong government's plan to shift in 2007 to accrual accounting, used by most businesses, from cash accounting, the Hong Kong-based Post said. IBM missed an initial April 1 deadline.
■ Transportation
China to allow investment
China is considering allowing private or foreign investment in one of the country's most important infrastructures, its railways, in order to make up for a funding shortfall, state media said yesterday. The government this year announced plans to expand the existing 74,000km of railway to 100,000km by 2020 -- a project that will cost 2,000 billion yuan (US$240 billion). "Multiple investment entities including private and foreign capital are encouraged into the rail construction and operation sector on the market-oriented basis," the China Daily quoted Zhang Jianping, vice director of the railway ministry's planning department, as saying. To attract capital, the ministry plans to invite bids for projects on passenger lines and container stations which are profitable, Zhang said.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique