■ Privatization
India cancels plan
India's finance ministry yesterday said it has scrapped plans made by the previous government to privatize 13 state-run companies, all of which are profitable. The junior finance minister told parliament of the decision to call off the planned divestment in 13 companies was made in keeping with an agreement that the governing Congress party signed with its left-wing political allies when it came to power last year. The 13 companies include the National Aluminum Co, Hindustan Petroleum Corp Ltd, Engineers India Ltd, Shipping Corp of India Ltd, National Building Construction Corp Ltd and National Fertilizers Ltd.
■ Aviation
China to open up west
China plans to allow overseas carriers to operate an unlimited number of international flights in the country's west in hopes of boosting growth in the relatively underdeveloped region, state media said yesterday. "There will be no more limits on overseas carriers' applications for operating international flights in western areas," the China Daily newspaper quoted civil aviation official Yang Guoqing (楊國慶) as saying. The report gave few specifics, but Yang appeared to indicate that restrictions would be lifted over six provinces and autonomous regions in western China that are now home to 32 airports. Passenger traffic in those areas, which include the important tourism regions of Tibet and Yunnan Province, rose 35 percent last year over the previous year, the report said.
■ Regional groups
ASEAN integration needed
ASEAN "needs more work" on economic integration and has a long way to go before the 10-nation grouping can match the level found in Europe, the next head of the WTO said, according to media reports yesterday. "There is no ASEAN budget, no customs union and no single currency," as in a large part of Europe, Pascal Lamy, the EU's former trade commissioner, told the Lee Kuan Yew School of Public Policy in a Monday lecture marking the institution's first anniversary yesterday. The 10 leaders of the Association of Southeast Asian Nations have yet to commit to deep economic integration, though targets have been set to deliver "some progress" by 2020, said Lamy, who takes over next month as the new WTO head. European economic integration, which evolved after the devastation of World War II, cannot serve as a model for ASEAN nations due to the huge difference between the regions, Lamy said.
■ Banking
China mulls foreign control
China is considering selling control of a state-owned bank to foreign investors for the first time, news reports said yesterday. The government is reviewing proposals to sell a major stake in the Guangdong Development Bank (廣東開發銀行), a mid-size lender based in southern China, the Financial Times and the Asian Wall Street Journal reported, citing unidentified sources. Chinese rules limit foreigners to owning 25 percent of a Chinese bank, but the Financial Times said regulators were considering a possible deal that could let buyers control up to 51 percent of Guangdong Development's shares through local joint ventures. The Journal said five to 10 possible investors had expressed interest in the bank and the government is expected to make a decision by the end of the year.
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