■ Banking
Travel fraud exposed
Japanese central bank employees have allegedly padded travel costs by ¥100 million (US$870,000), Kyodo News agency reported. The practice among some Bank of Japan staff members has been conducted over the last seven years, according to Dow Jones Newswires, which also reported the scandal, quoting unidentified sources close to the bank. The revelation is part of an ongoing investigation that began in January, when government auditors first discovered that Bank of Japan staff at two branches had charged too much for domestic business trips in recent years, Dow Jones said.
■ Aviation
HK to run Zhuhai airport
Hong Kong's airport has received approval from Beijing to manage Zhuhai Airport in the southern Chinese province of Guangdong under a joint venture agreement, in a move that aims to foster an integrated southern China aviation hub. The Hong Kong airport paid 198 million yuan (US$24.8 million) for a 55 percent stake in the joint venture, the Airport Authority said in a statement late on Wednesday. The Zhuhai municipal government contributed 162 million yuan. The new company, Zhuhai-Hong Kong Airport Management Co, will pay a franchise fee for the right to manage and operate Zhuhai Airport for 20 years.
■ Electronics
Ladies love gadgets: survey
A survey has found that women prefer tech gadgets like plasma televisions and iPods to more traditional luxuries like designer footwear and diamond jewelery. The Girls Gone Wired survey by women's cable television channel Oxygen Network found that 77 percent of women surveyed would prefer a new plasma television to a diamond solitaire necklace and 56 percent would opt for a new plasma TV over a weekend vacation in Florida. Oxygen CEO Geraldine Laybourne said the results showed that women have largely closed the technology gender gap with men.
■ Automobiles
Ford reports higher losses
Ford Motor Co said that its second-quarter loss was more than double what the automaker previously reported due to higher-than-expected pension costs, and added that its luxury car division will not turn a profit this year. In a filing with the Securities and Exchange Commission on Wednesday, Ford said it revised its loss to US$254 million, or US$0.14 per share, from the previously announced loss of US$123 million, or US$0.07 per share. That contrasts with a profit of US$946 million, or US$0.47 per share, posted in the second quarter of last year. Ford attributed the revision to an increase in full-year pension curtailment expenses to US$1.2 billion, up from its previous projection of US$1 billion.
■ Automobiles
Toyota to improve recalls
Toyota Motor Corp yesterday submitted a report to the government, pledging to improve its information system on vehicle claims and its defect-checking system. In a report, Toyota said it would keep the records on defects for 10 years, instead of the current five years, while it would keep records on defects that have led the manufacturer to consider recalls for 20 years, instead of 10 years. The Ministry of Land, Infrastructure and Transport issued an instruction demanding improvement of Toyota's recall-related operations. The ministry is expected to inspect the company by the end of the year.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from