■ Automobiles
Ford reveals new car details
Ford Motor Co yesterday revealed details of a four-door concept sedan based on the iconic Mustang sports car that the automaker plans to show off at this month's North American International Auto Show. The overall look of the Ford Interceptor concept draws from the Ford F-250 Super Chief truck concept from last year's auto show in Detroit, which was based on the American Super Chief trains of the country's past. Ford said the Interceptor is not likely to be produced, but will be used to gauge public reaction to such a vehicle.
■ Stocks
London has record offerings
London Stock Exchange Plc had a record £27.9 billion (US$55 billion) of initial public offerings last year, 71 percent more than in 2005. The exchange's main market and its AIM bourse, formerly known as the Alternative Investment Market, attracted offerings from 346 companies last year, the bourse said in a statement. AIM had £9.1 billion of the new issues. Companies raised a total of £49.5 billion in new offerings and share sales of already listed companies, according to the London bourse. As of the end of November, initial offerings totaled £25.8 billion for the London bourse.
■ Energy
Myanmar finds gas deposits
Myanmar has discovered more economically viable gas deposits in an offshore natural gas field in the Gulf of Martaban operated jointly by Thailand's PTT Exploration and Production and Myanmar's state-run energy enterprise, state-run media reported yesterday. Drilling of a test well in block M-9 by the Thai company found gas reserves estimated at 71 billion cubic meters, said the New Light of Myanmar newspaper. With the new discovery, the block is now estimated to hold more than 227 billion cubic meters. The report said plans were under way to drill six more wells in block M-9 later this year.
■ Insurance
MetLife reaches settlement
MetLife Inc, the largest US group life insurer, will pay US$19 million and change some of its business practices to end an investigation of payments made to brokers to steer clients its way, New York Attorney General Eliot Spitzer said on Friday. The settlement came as part of a multiyear investigation of bid rigging and price fixing in the insurance industry. Spitzer has argued that "contingent commissions" paid to brokers and agents to steer business to insurance companies are the equivalent of kickbacks that unfairly increase the prices paid by insurance clients. New York-based MetLife will ban contingent commissions and disclose broker payments as part of the settlement.
■ Aviation
Carriers launch cheap flights
Budget Malaysian airline operators plan to launch cheap flights on lucrative routes to London, an industry source said yesterday. "The government and the carriers concerned are expected to make an official announcement soon after the New Year," the source familiar with the ambitious program told reporters. The New Straits Times newspaper said that profit-making budget carrier AirAsia and Fly Asian Xpress (FAX) will form an alliance to start the service as early as July. FAX, which is closely linked to AirAsia with common shareholders, operates rural air services in Sabah and Sarawak on Borneo.
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
SHOT IN THE ARM: The new system can be integrated with Avenger and Stinger missiles to bolster regional air defense capabilities, a defense ministry report said Domestically developed Land Sword II (陸射劍二) missiles were successfully launched and hit target drones during a live-fire exercise at the Jiupeng Military Base in Pingtung County yesterday. The missiles, developed by the Chungshan Institute of Science and Technology (CSIST), were originally scheduled to launch on Tuesday last week, after the Tomb Sweeping Day holiday long weekend, but were postponed to yesterday due to weather conditions. Local residents and military enthusiasts gathered outside the base to watch the missile tests, with the first one launching at 9:10am. The Land Sword II system, which is derived from the Sky Sword II (天劍二) series, was turned