■ Oil
OPEC to cut output
The OPEC cartel has agreed informally to cut oil output by 1 million barrels a day or 4.0 percent in order to bolster prices which have fallen some 25 percent from record levels in July, the Financial Times reported yesterday. The newspaper said the majority of the 11-member organization back a voluntary reduction and the deal could be ratified as early as a mid-December meeting in Abuja. An unnamed OPEC official said in the report that the group "is going to defend a price floor for its oil of US$50 to US$55 a barrel." The price of OPEC's reference crude oil on Wednesday was US$55.27.
■ Electronics
Jobs sorry over options
Apple Computer Inc chief executive Steve Jobs apologized on Wednesday for the firm's past stock-option practices after an internal investigation found accounting irregularities between 1997 and 2002 and showed Jobs was aware of some options backdating. The iPod and Macintosh maker said its three-month investigation also prompted the resignation of former chief financial officer Fred Anderson from the firm's board of directors. Apple said it will likely have to restate some earnings, threatening to wipe out some of the profit generated during the most prosperous stretch in Apple's 30-year history.
■ Internet
Google eyes programmers
Google Inc is introducing a new search service -- strictly for computer programmers only. The Web search leader said late on Wednesday it was introducing Google Code Search, a site that simplifies how software developers search for programming code to improve existing software or create new programs. Searchers can seek out specific programming terms or computer languages and dive deep into compressed code to locate specific features. Users also can narrow a search to find software code based on specific licensing requirements, which is a big deal in warding off future patent litigation.
■ Aviation
Ryanair bids for Aer Lingus
Ryanair Holdings PLC, Europe's largest discount airline, offered yesterday to buy Aer Lingus PLC for 1.48 billion euros (US$1.88 billion) to expand its operations in Ireland. Ryanair said it would pay 2.80 euros a share for the former state-owned carrier. The offer represents a premium of 12 percent over Tuesday's closing price of 2.51 euros. CEO Michael O'Leary said he also wanted to buy the Irish government's 28 percent stake in Aer Lingus. The government has previously said it will retain the stake to safeguard Irish economic interests.
■ Oil
Japan, Iran continue talks
A senior Japanese trade official said yesterday that Japanese and Iranian oil companies were still in discussions over a US$2 billion project to develop Iran's Azadegan oil field. Vice Economy, Trade and Industry Minister Takao Kitabata told reporters that the two sides were still "conducting difficult negotiations" that are likely to continue for a "very long time" due to the number of negotiation items on the table, according to ministry official Nobuhiro Watanabe. Earlier, Iran's Fars news agency quoted the head of the National Iranian Oil Co as expressing the view that Japan's Inpex Corp had lost its right to develop the field due to failed negotiations between the two firms, Kyodo News agency said.
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