■ Investment
Bank of Scotland goes east
Royal Bank of Scotland (RBoS), the second-biggest British bank, announced yesterday it would invest ?900 million (US$1.6 billion) in Bank of China. RBoS will lead a US$3.1 billion investment in 10 percent of China's second-largest bank, the group said in an official statement to the London Stock Exchange. The British bank will nominate a director to sit on the Bank of China board and has committed to retain its investment for at least three years. It has no plans to increase it. RBoS will raise its share through the disposal of its 2.2 percent shareholding in Spain's Santander Central Hispano (SCH) bank, it also announced. The transaction -- subject to regulatory approvals -- was expected to be completed by the fourth quarter of this year.
■ Corporate
Manners motivate workers
Good manners on the part of management influences to a high degree the motivation of employees and contributes to a positive company image, according to a survey by CGC Claus Goworr Consulting among 600 top managers in Germany. The respondents also saw a close link between good behavior and personal success which were crucial elements in networking. Some 90 percent of the executives polled said they would place greater emphasis on respectful behavior in their companies. Executives listed achievement ability as the most important criteria for up-and-coming leaders followed by credibility and self-esteem. Most of the executives however underestimated the importance of honesty, loyalty and respect, the consultancy firm said. Most managers linked a good working atmosphere and motivation among employees to behavior of management.
■ Asia
Office-space demand rises
Demand for office space and expansion of multinational corporations are helping to drive up the property market in Asia, a Jones Lang LaSalle (JLL) report said yesterday. Hong Kong posted a 12.4 percent increase in Grade A rentals compared with the previous quarter, JLL research showed, while Makati, the financial district of Manila, had the second highest quarter-on-quarter growth of 9 percent. Singapore's 6.6 percent followed. Increases in capital values were the highest in Seoul at 13.7 percent, followed by Bangkok at 5.4 percent. "The growth in office demand is showing no sign of letting up," said Jane Murray, JLL's head of research for the Asia-Pacific region. In major Chinese cities where new developments are still coming on stream, rental increases were more modest.
■ Indonesia
Power outage hits Java, Bali
A massive power outage throughout Indonesia's most crowded islands of Java and Bali brought businesses and commuters to a halt yesterday. Traffic on the streets of Jakarta, Bogor and other cities came to a stop, while thousands of commuters waiting for electric railway trains servicing the capital and suburbs were left stranded and businesses in the capital were disrupted. "Something happened with the Java-Bali network system," an official with the state power company PLN said. "Work is underway, but we still don't know what exactly happened." One power-company official said the outage was caused by damage to the steam-generated power plants on East Java, but an investigation was underway.
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
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
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
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