■ Stock Market
Mastercard readies for IPO
MasterCard Inc on Monday said that more than 90 percent of shareholder votes were cast in favor of the company's new ownership and governance structure, paving the way for the company's initial public offering. Purchase-based Mastercard plans to raise about US$2.45 billion in an IPO early next year, broadening its ownership beyond the current 1,400 financial institutions. The new structure also includes the formation of a charitable foundation, the MasterCard Foundation, which will hold 10 percent of the company's shares.
■ Mining
Gold soars above US$500
The price of gold exceeded US$500 an ounce for the first time in 18 years in trading on Asian markets yesterday amid fears about rising inflation, dealers said. They said further increases in the gold price, traditionally seen as a safe haven in times of rising inflation, were expected although there may be some volatility in the short term. Gold was fetching US$500.5 an ounce, its highest level since 1987. "It feels like it is going to correct at one stage but I don't think it will get below US$475 an ounce as the trend is up," Tricom senior client advisor Ashok Sekar said. London-based Numis Corp said inflation fears were driving the metal higher, particularly after recent interest rate hikes in the US.
■ Drugs
Cheerleaders sell pills
US drug manufacturers facing increasingly tough competition to market their wares to doctors have found a new, all-American weapon: cheerleaders. So many young college graduates have traded their pom-poms for a saleswoman's briefcase that a company has been set up in Memphis, Tennessee, to help corporations talent-scout cheerleaders around the country. Gregory Webb, the founder and president of Spirited Sales Leaders, says he is aware of several hundred former cheerleaders who have been hired by pharmaceutical companies as saleswomen. He rejected suggestions that drug corporations were simply seeking to exploit cheerleaders' wholesome good looks in the hope of luring mostly male doctors into prescribing their products. "Today's cheerleader is not a 1950s cheerleader. These are true campus leaders," Webb said.
■ Crime
Fraud rife in UK firms
More than half of UK companies suffered from fraud in the past two years, losing an average of ?1 million (US$1.7 million) each, and the most common method of detecting it was by accident, a report yesterday showed. Around 55 percent of British firms reported being hit by economic crime or fraud, compared with an average of 45 percent of businesses worldwide, a survey by auditor PriceWaterhouseCooper found. Despite the high rate of economic crime, around 75 percent of companies did not think it likely that they would suffer fraud over the next five years, while 74 percent said they were satisfied with their internal controls, even though the most common method of detecting fraud in the UK was by accident. Internal audit departments uncovered 24 percent of fraud cases. The report showed that half the incidents of fraud were perpetrated by a company's employees and the average UK fraudster was male, between the ages of 31 and 40 and who held a position in middle management or below.
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