■ Vietnam
Gas prices cut as oil falls
Gasoline prices were cut by more than 8 percent in response to easing global crude oil prices, as the communist nation shifts toward a more flexible pricing system in the state-run sector. Petrol prices now range from 10,600 to 11,000 dong (US$0.66-US$0.69) per liter following a 1,000 dong cut on Tuesday, while diesel and kerosene prices remain unchanged. Easing Middle East tensions have contributed to a fall in crude prices, which topped US$78 in July but is now just under US$64.
■ Finance
UK considers market move
Britain is mulling laws aimed at protecting its financial markets in the wake of a bid by New York's NASDAQ to buy the London Stock Exchange, a minister said yesterday. The UK Treasury's newly appointed economic secretary Ed Balls said the move is not meant to block foreign ownership of London's bourses but will ensure regulatory powers remain in the hands of the City watchdog, the Financial Services Authority (FSA). "It will confer a new and specific power on the FSA to veto rule changes proposed by exchanges that would be disproportionate in their impact on the pivotal economic role that exchanges play in the UK and Europe," Balls said.
■ China
Regulatory link planned
The government plans to set up an agency to link regulatory efforts by the central bank, market watchdogs and other monitors, a deputy finance minister said yesterday. Such an agency would be meant to respond to changes in China's evolving financial industry, Vice Finance Minister Li Yong (李勇) said in a speech to a financial conference. "We are trying to set up a financial supervisory coordinating system between the central bank, fiscal department and financial regulators," Li said. He didn't say what form the new body would take. China also is studying how to establish a deposit insurance system, Li said.
■ Auto industry
Ford to review cost plan
Ford Motor Co's board is expected to review a plan to cut white-collar staffing, benefits and other costs by 30 percent as part of a broader restructuring, according to a published report. The plan was reported on Tuesday night on the Web site of the Wall Street Journal, citing unnamed "people familiar with the matter." Ford's board meets yesterday and today. The Wall Street Journal reported that details of the cost-cutting efforts could be disclosed as soon as tomorrow. It said Ford's board is also expected to hear details about a new pricing strategy aimed at keeping prices closer to the suggested retail price.
■ Auto industry
Hino mulls S Korea tie-up
Japanese truck maker Hino Motors Ltd is mulling a tie-up with Europe's fourth-biggest truck manufacturer, Sweden's Scania AB, to sell midsize trucks in South Korea, a Hino spokesman said yesterday. The deal, if realized, would expand an already-existing technological exchange and cooperation agreement between the two companies, Hino spokesman Junichi Yoshida said. The move underscores Hino's efforts to better compete with its rivals in the global market such as DaimlerChrysler AG, which acquired Hino's domestic rival Mitsubishi Fuso Truck & Bus Corp. Yoshida said Hino is considering selling 4-tonne trucks through Scania's sales network in South Korea.
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