■ Lse Takeover
Bids threaten competition
The UK's financial watchdog said yesterday that two takeover bids for the London Stock Exchange (LSE) would substantially lessen competition, raising the prospect they will need to cede control of their clearing operations to win approval. The Competition Commission said in its provisional findings that a takeover by either Deutsche Boerse or Euronext would make it more difficult for other exchanges to compete with the LSE in trading UK equities because of both bidders' ownership or control over clearing services to the LSE. The watchdog said remedies could include Deutsche Boerse selling or divesting operational control of Eurex Clearing, or a requirement that Eurex is not used as a clearer for the LSE. It said Euronext could divest control of LCH.Clearnet or divest operational control of the business, or make a commitment that it would allow competitors access to its clearing services.
■ Automakers
Honda tops in fuel economy
Honda Motor Co posted the highest average fuel economy for its new vehicles this year, but automakers made little progress in making automobiles more fuel-efficient, the US Environmental Protection Agency reported. The agency said on Thursday in its annual findings that the estimated average fuel economy for 2005-model vehicles was 8.93km per liter, a fleet-wide average that increased 0.08km per liter from the previous year. It was 5 percent below the peak of 9.4km per liter in 1987, the agency said. Honda led the automakers with a fleet average of 10.67km per liter, followed by Toyota Motor Corp with 9.99km per liter. Ford Motor Co posted the lowest average at 8.29km per liter, but that represented an increase of 0.17km per liter over the previous model year. DaimlerChrysler AG had a fleet average of 8.42km per liter, and General Motors Corp had 8.72km per liter.
■ Auto recalls
Mitsubishi to sue executives
Mitsubishi Motors said yesterday it was taking legal action seeking US$10 million from former executives over defect and recall cover-ups that have helped make it the worst performing Japanese automaker. Japan's fourth-largest carmaker filed a suit against seven former company officials, including a chairman and two presidents, in the Tokyo District Court, charging that they had "inflicted tremendous losses" on the company. The suit seeks a total of ¥1.1 billion (US$10 million) in damages. Former chairman Hirokazu Nakamura faces the biggest sum, ?394 million, for having failed to "abide by laws." Nakamura held the post from 1995 to 1997.
■ Airlines
China to buy 50 Boeing 787s
Chinese national airlines will sign contracts early next month worth a combined US$6 billion dollars for 50 Boeing 787 aircraft, the National Development and Reform Commission said yesterday. The agreement was part of a deal initially aired in January and was not a new order from the Chinese government, said George Liu, vice-president of communications at Boeing China. "We are finalizing the commitments for 787s that have been signed back in January. This is not a new order," Liu told reporters. The airlines include Air China, China Eastern Airlines, Hainan Airlines, Xiamen Airlines and Shanghai Airlines, with the first aircraft delivery slated for June 2008, a commission statement said.
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