■ Finance
JPMorgan penalized
Japan's financial watchdog plans to penalize JPMorgan Trust Bank for failing to properly evaluate real estate used to obtain loans, a news report said yesterday. The Financial Services Agency is expected to suspend part of the operations of the JPMorgan Chase & Co group firm and also order it to improve internal controls, the leading business newspaper Nihon Keizai reported, citing unnamed sources. The watchdog said the trust bank failed to conduct thorough investigations of real estate used to secure loans, despite its obligation to determine whether a building was properly built in accordance with Japan's construction law, the newspaper said.
■ Computers
NEC, EMC expand alliance
NEC Corp and US data storage company EMC Corp are expanding their partnership to work together in developing, making and selling future data storage technologies and products, both sides said yesterday. Japanese electronics maker NEC and Hopkinton-based EMC will license technologies from each other for new products made by both companies, they said. They would jointly develop ways to manage and store data to help customers better address regulatory compliance and security to sell them globally, especially in Japan, they said. "Today's agreement combines NEC's capabilities with EMC's best-of-breed solutions to extend a common vision for the future of information technology," said EMC Chief Executive Joe Tucci, who appeared with the NEC president in a joint news conference.
■ Internet
Google may challenge Apple
Google Inc, the most-used Internet search engine, may add a music download service to compete with Apple Computer Inc's iTunes, an analyst said. Google managers last week met with music industry executives at a networking event, Caris & Co analyst Mark Stahlman said on Monday in a note to clients. Google has added video downloads and personal finance information to its Web sites, to lure more users and advertisers. Stahlman, who recommends buying shares of Mountain View, California-based Google, said music companies are unhappy with Apple's US$0.99 per song pricing policy and the lack of subscription options and would welcome an alternative service. "I suspect a year from now, we will think of Google as one of the major suppliers of downloaded content," Stahlman said.
■ Telephony
Qualcomm raided in Seoul
The South Korean unit of Qualcomm, a world leader in mobile phone technology, has been raided by fair trade regulators, the California-based company said yesterday. Fair Trade Commission officials entered the company's office in Seoul on Tuesday and searched the site, said Oh Jae-ha, executive vice president of Qualcomm Korea. The investigation came amid alleged frictions between Qualcomm and its South Korean clients over the royalty rate. It collects 5.25 percent of local handset sales and 5.75 percent of exports as royalties from South Korean manufacturers, such as Samsung Electronics and LG Electronics, according to Yonhap news agency. Samsung denied there had been friction with Qualcomm but an LG official said it and other manufacturers had often disputed the royalty rate with the US wireless company.
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
BULLY TACTICS: Beijing has continued its incursions into Taiwan’s airspace even as Xi Jinping talked about Taiwan being part of the Chinese family and nation China should stop its coercion of Taiwan and respect mainstream public opinion in Taiwan about sovereignty if its expression of goodwill is genuine, the Ministry of Foreign Affairs (MOFA) said yesterday. Ministry spokesman Jeff Liu (劉永健) made the comment in response to media queries about a meeting between former president Ma Ying-jeou (馬英九) and Chinese President Xi Jinping (習近平) the previous day. Ma voiced support for the so-called “1992 consensus,” while Xi said that although the two sides of the Taiwan Strait have “different systems,” this does not change the fact that they are “part of the same country,” and that “external
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