■ Oil
Chinese consumption grows
China, the world's second biggest consumer of oil, imported a record 130 million tonnes of crude last year, up 3.3 percent from the previous year, official data showed yesterday. The figure, in line with domestic experts' forecasts, was well below the rise of 34.8 percent in crude oil imports seen in 2004. The China General Administration of Customs, which released the import figures for last year, did not give any more details. In 2004, China consumed 314 million tonnes of crude oil, of which it imported more than 120 million tonnes, accounting for 8.0 percent of world consumption. China became a crude oil importer in 1993 and has since been racing to secure resources abroad to power its booming economy as domestic production has fallen into decline.
■ Entertainment
Casino bidder pulls out
Australian gaming giant Tabcorp said yesterday it has pulled out of the bidding for the second Singapore casino project because of rising costs, the expected return and the emergence of other opportunities worldwide. The number of bidders for the Singapore casino projects has been whittled down to four from 14 when the city state announced last year it was building two casino resorts to spice up its staid image and boost tourism receipts. Still in the running are Harrah's Entertainment of the US with Singapore's Keppel Land, Sands and local partner City Developments, Malaysia's Genting International and Star Cruises, and MGM Mirage and CapitaLand of Singapore.
■ Takeovers
Mergers on the up
The Asia-Pacific region has re-emerged as a hot spot for deals with merger and acquisitions (M&A) hitting record levels last year, an investment banking analysis firm said yesterday. For the first time, China overtook Australia as the top target country, according to Dealogic. Excluding Japan, M&A volume increased by 19 percent to US$249.4 billion from US$209.3 billion in 2004, the breakdown showed. The previous high of US$243.3 billion was posted in 2000. Within Asia, China dominated M&A transactions with US$65 billion or 23 percent of deals, of which US$37.7 billion involved cross-border transactions. US companies were the single-largest foreign buyers. Australia was second although deal volume fell 32 percent to US$48.5 billion.
■ Software
Microsoft releases patches
Microsoft Corp released two patches on Tuesday that carry its maximum rating of critical, to fix software problems that could allow an attacker to take control of another person's computer. Microsoft said one patch is to fix a flaw in Windows desktop and server software that could let an attacker gain control of an Internet-connected computer if a user were tricked into visiting a malicious Web site. The fix is for operating systems dating back to Windows 2000. The other patch is to fix a flaw in the part of Microsoft's Office business software and Exchange Server software that lets users change and manage language preferences. The fix is for versions of the software dating back to Office 2000. The patches, released on Tuesday as part of Microsoft's regular monthly security update, follow the release last week of another critical fix for a flaw in an element of Windows that is used to view images.
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