■ Appliances
Haier strikes NBA deal
A Chinese appliance maker is boosting production at its South Carolina plant and teaming up with the National Basketball Association as it tries to gain a competitive edge against more familiar US brands. NBA commissioner David Stern announced an advertising campaign Monday with Haier Group (海爾) at the government-owned firm's refrigerator manufacturing facility in Camden with China's Vice Premier Wu Yi (吳儀) attending. The company also revealed plans to increase production at the plant, boosting the number of employees from 200 to 1,000 and investing an additional US$100 million. Under the NBA deal, US television viewers could see pro basketball players encouraging them to buy Haier products, including high-definition televisions as well as other electronics and appliances.
■ Banking
KDIC sells Shinhan shares
Korea Deposit Insurance Corp (KDIC) said yesterday it had sold most of its stake in Shinhan Financial Group Co to France's BNP Paribas. The sale made the French financial group the largest shareholder of Shinhan, the second-largest financial service company in South Korea after Kookmin Bank. KDIC sold 90 percent of its stakeholdings to BNP Paribas for 46,600 won (US$48.8) per share and the remainder to local and overseas institutional investors in deals totaling some US$1.1 billion. "We were able to maximize our returns by selling a 90 percent stake to BNP Paribas, Shinhan's strategic investor, without discount," KDIC said in a statement. The sale boosted BNP Paribas's interest in Shinhan Financial to 9.38 percent from 3.77 percent.
■ Energy
SolarTec eyes Singapore JV
A German-based firm is looking to Singapore to further develop its solar-panel technology, the chief executive officer said in a published report yesterday. Erich Merkle, head of SolarTec AG, told the Business Times that his company would like to establish partnerships in the city-state in joint research to bring its patented technology closer to market. The technology can reduce the module production costs of solar cells by up to 50 percent because of the smaller amount of materials required, he said. Conventional solar cells are made of silicon, but SolarTec uses a combination of materials. "In Germany, we have only 800 to 1,000 hours of sunshine a year," Merkle said, "so countries in Southeast Asia are much more interesting for us in the production and application of solar energy."
■ Auto industry
GM sells Isuzu holdings
Cash-strapped General Motors Corp is selling the shares it holds in truckmaker Isuzu to two Japanese trading companies and a bank, the US automaker said yesterday. GM, which needs cash to fund an ongoing revival effort, said last month that it was selling the 7.9 percent stake it held in Isuzu Motors Ltd. Previously, the Detroit-based manufacturer had been the top stakeholder in Isuzu. GM already said that it was talking with Mitsubishi Corp, Itochu Corp and Mizuho Corporate Bank about the stake. It said yesterday that the cooperation it has with Isuzu will remain. Disposing of the Isuzu stake marks the latest retreat for a company besieged by staggering losses, labor problems and mounting competition from Asian automakers.
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