■ Oil
IEA forecasts rising demand
Global demand for oil will grow by 1.8 percent in 2007 and increase by an average of 2 percent annually during the five years to the end of 2011, the International Energy Agency (IEA) forecast yesterday. The IEA said that the current high prices of crude oil were constraining demand, but that economic expansion in Asia and rising consumption in the Middle East would outweigh this effect during the period to 2011. In a sign of the shifting of power in the world economy, the IEA forecast that oil demand from Asia would exceed that of North America by 2011.
■ Beverages
Recipe three indicted
Three people were indicted on Tuesday for conspiring to steal the secret ingredients of a new Coca-Cola drink and sell them to rival Pepsi, the US Justice Department said. Ibrahim Dimson, 30, of New York, and Edmund Duhaney, 43, and Joya Williams, 41, both of Georgia, were indicted in Atlanta, Georgia by a federal grand jury for conspiring to steal and to sell soft drink giant The Coca-Cola Company's trade secrets. The three were each accused of one count of conspiracy to steal trade secrets, a charge which brings up to 10 years in prison and a fine of up to US$250,000.
■ Banking
Phishing hits Singapore
Two Singapore banks have been hit by scammers trying to con customers into revealing their Internet and telephone banking passwords, the banks said yesterday. An unidentified con artist pretending to be from OCBC Bank's security department sent out thousands of e-mail messages on Tuesday asking customers to log onto the bank's Web site to update personal information. Citibank Singapore was hit on Monday by an almost identically worded e-mail that directed users to at least two different fake Web sites. So far, none of the customers' accounts at either bank have been compromised.
■ Economy
Interest hike recommended
China's efforts to rein its runaway economy have had little effect and a further interest rate hike is the only choice available to the central bank, a leading state-run newspaper said yesterday. The China Securities Journal argued in a front-page story that a rate hike was "a practical choice" for officials facing the challenge of carrying out effective macro-economic controls. "Excess liquidity has an impact on the real economy, bringing about the risk of inflation and asset bubbles," the newspaper said. "Going forward, an interest rate hike is the only choice available to the central bank."
■ Markets
Indices unaffected by blasts
India's benchmark stock index rose yesterday, after opening slightly lower, mitigating fears that the serial bomb blasts in Mumbai would dampen investor confidence, reports said. The 30-issue Bombay Stock Exchange (BSE) index was up 0.84 percent at 10,702.99. Share prices remained firm as IT major Infosys Technologies Ltd announced forecast-beating earnings, with a 50 percent rise in quarterly net profit, placing the benchmark index Sensex considerably higher by 170.46 points. Other technology scripts registered upward jumps in prices, which helped stabilize the stock index, said reports.
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
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