■ Banking
HSBC eyes bank stake
HSBC Holdings Plc, Europe's largest bank by market value, seeks to increase its 20 percent stake in China's Bank of Communications (交通銀行) should the Chinese government change its banking rules, the Observer reported yesterday, citing an HSBC executive. HSBC, which acquired its stake last year for US$1.8 billion, would like to raise its holding if rules limiting foreign investment are changed, Peter Wong, head of HSBC's Hong Kong and China operations, told the newspaper. The investment in one of China's big four banks contributed US$90 million in profits in its first year, Wong said, the newspaper reported. Chinese government rules restrict single foreign investors to a 20 percent stake in a Chinese bank, and two or more foreign investors to 25 percent, the Observer said.
■ Internet
Amazon may do downloads
Amazon.com is exploring a possible entry into the music and video download business, music industry executives said Friday. The Seattle-based company, which pioneered the sale of books, CDs and other products over the Internet, has been in talks with major record labels about licensing and pricing issues for the service, said executives at three labels involved in the discussions. Amazon's discussions with the music labels were preliminary and more concrete steps, if taken, are likely still weeks away, said the executives, who spoke on condition of anonymity because nothing has been officially announced. The service Amazon is considering would sell individual tracks as well as offer songs on a monthly subscription basis, one of the executives said. Amazon also told at least one record company that it may use the New York-based music service MusicNet to power the subscription component of its service.
■ Automobiles
Audi touts writing system
Navigational systems of the future will be able to recognize their driver's handwriting. That is the plan at auto maker Audi, fuelled by the idea that the technology will minimize distraction and open electronic navigation for new language zones as well. Audi developers are working on a touch-sensitive monitor that would be linked to a handwriting recognition system, the company reports. Instead of cumbersome letter-by-letter touch screen or knob-driven entry, as is currently common, the driver will be able to write out the destination onscreen using a finger. This step would not only make it easier to enter in destinations, but would also allow the navigation system to be used in more exotic language zones, says Audi researcher Carlo Rummel. "Conventional systems have no chance on the growing Chinese market because the alphabet there includes 60,000 characters, including 3,000 that are used actively," Rummel says.
■ Telecom
News Corp made Skype bid
Rupert Murdoch's News Corp. made a failed bid for Skype Technologies SA that may have valued the Internet phone company at almost US$3 billion, the Independent reported yesterday, citing unidentified people. Talks broke down last month and Skype has denied it is for sale, the newspaper said. Skype, based in Luxembourg and operated out of London, would have fit well with News Corp.'s satellite interests including DirecTV Group Inc. in the US and British Sky Broadcasting Plc in the UK, the Independent said yesterday.
NO-LIMITS PARTNERSHIP: ‘The bottom line’ is that if the US were to have a conflict with China or Russia it would likely open up a second front with the other, a US senator said Beijing and Moscow could cooperate in a conflict over Taiwan, the top US intelligence chief told the US Senate this week. “We see China and Russia, for the first time, exercising together in relation to Taiwan and recognizing that this is a place where China definitely wants Russia to be working with them, and we see no reason why they wouldn’t,” US Director of National Intelligence Avril Haines told a US Senate Committee on Armed Services hearing on Thursday. US Senator Mike Rounds asked Haines about such a potential scenario. He also asked US Defense Intelligence Agency Director Lieutenant General Jeffrey Kruse
INSPIRING: Taiwan has been a model in the Asia-Pacific region with its democratic transition, free and fair elections and open society, the vice president-elect said Taiwan can play a leadership role in the Asia-Pacific region, vice president-elect Hsiao Bi-khim (蕭美琴) told a forum in Taipei yesterday, highlighting the nation’s resilience in the face of geopolitical challenges. “Not only can Taiwan help, but Taiwan can lead ... not only can Taiwan play a leadership role, but Taiwan’s leadership is important to the world,” Hsiao told the annual forum hosted by the Center for Asia-Pacific Resilience and Innovation think tank. Hsiao thanked Taiwan’s international friends for their long-term support, citing the example of US President Joe Biden last month signing into law a bill to provide aid to Taiwan,
China’s intrusive and territorial claims in the Indo-Pacific region are “illegal, coercive, aggressive and deceptive,” new US Indo-Pacific Commander Admiral Samuel Paparo said on Friday, adding that he would continue working with allies and partners to keep the area free and open. Paparo made the remarks at a change-of-command ceremony at Joint Base Pearl Harbor-Hickam in Hawaii, where he took over the command from Admiral John Aquilino. “Our world faces a complex problem set in the troubling actions of the People’s Republic of China [PRC] and its rapid buildup of forces. We must be ready to answer the PRC’s increasingly intrusive and
STATE OF THE NATION: The legislature should invite the president to deliver an address every year, the TPP said, adding that Lai should also have to answer legislators’ questions The Chinese Nationalist Party (KMT) yesterday proposed inviting president-elect William Lai (賴清德) to make a historic first state of the nation address at the legislature following his inauguration on May 20. Lai is expected to face many domestic and international challenges, and should clarify his intended policies with the public’s representatives, KMT caucus secretary-general Hung Meng-kai (洪孟楷) said when making the proposal at a meeting of the legislature’s Procedure Committee. The committee voted to add the item to the agenda for Friday, along with another similar proposal put forward by the Taiwan People’s Party (TPP). The invitation is in line with Article 15-2