■ Automobiles
Morris Garages is no more
MG's new Chinese owner, the Nanjing Automobile Group, has opted to drop the heritage associated with the marque best known for rakish sports cars and change the meaning of the initials. The letters in the classic octagon logo now stand for "Modern Gentleman" instead of "Morris Garages." According to Nanjing, the name-change fits in with the buyers the company now wishes to attract. MG was first founded in 1923 by British car enthusiast Cecil Kimber, who started out by modifying Morris cars to make them go faster, hence the original name.
■ Banking
Macquarie acquires ACM
Australian financial heavyweight Macquarie Bank has bought US newspaper publisher American Consolidated Media (ACM) for US$80 million and could further boost its US interests, it said yesterday. Macquarie Media Group Ltd acquired ACM, which publishes 40 newspapers distributed in nine regional communities in the US states of Texas and Oklahoma. Macquarie Bank also said it was interested in other community newspapers. In the 11 months to November, ACM posted earnings before interest, tax, depreciation and amortization (EBITDA) of A$8.9 million with an EBITDA margin of 25.1 percent.
■ Computing
LeBron signs for Microsoft
The ever-expanding LeBron James empire is entering a new realm. Microsoft Corp is using the NBA star to promote next week's consumer release of its new Windows Vista operating system. James is the first NBA player that the Redmond, Washington-based software giant has used to promote its products, Microsoft spokesman Lou Gellos said. And Vista may not be the last Microsoft project for the Cleveland Cavaliers guard. Microsoft declined to reveal how much it paid James, who turned 22 last month. When he was still a senior at Akron's St Vincent-St Mary High School, James signed a seven-year, US$90 million endorsement contract with Nike Inc.
■ Gambling
Macau surpasses Vegas
Macau surpassed the Las Vegas Strip to become the world's biggest gambling center last year, according to industry analysts and government figures released on Tuesday. Fueled by a casino investment boom and the millions of Chinese visitors flooding in, Macau said its gambling revenue soared 22 percent last year, to US$6.95 billion. Las Vegas has not yet released its own full-year statistics but analysts estimate that revenue on the Las Vegas Strip was about US$6.5 billion last year. And this year, Macau may take in US$8 billion in gambling revenue, according to industry analysts.
■ Finance
Thailand may ease reins
The Bank of Thailand said yesterday that it may consider relaxing capital control rules if authorities feel that the Thai baht can hold steady against the US dollar. "The bank does not want to impose this measure for a long time and it is ready to ease the measure if the baht's stability would not be affected," central bank head Tarisa Watanagase said. Her remarks came one day after Finance Minister Pridiyathorn Devakula said the capital controls would remain in effect. Reserve requirements imposed last month effectively lock for a year 30 percent of any fund inflows coming into Thailand for financial investment.
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