■ Computers
Mike Cannon moves to Dell
Dell Inc on Wednesday named Selectron Corp chief executive Mike Cannon as the man to head up the computer company's newly formed global operations division, where he will oversee all manufacturing, procurement and supply chain activities. Cannon will report directly to Michael Dell. Cannon's hiring is the latest in a flurry of changes to the senior ranks of the company. Solectron said its chief financial officer, Paul Tufano, will serve as interim CEO of the electronics manufacturer until a permanent replacement is found.
■ Economy
Strong Japanese growth
Japan's economy grew by an unexpectedly strong 1.2 percent in the fourth quarter of last year, or an annualized pace of 4.8 percent, helped by gains in consumer spending, the government said yesterday. The fast clip marked a significant improvement on the three months to September, when the world's second-largest economy had expanded by a tepid 0.1 percent from the previous quarter, according to the latest estimates. The data lent support to the Bank of Japan's case for a rise in its super-low interest rates from 0.25 percent, although market views are divided on whether the central bank will make a quick move at its meeting next week.
■ Trade
Korea-US FTA round ends
The US said on Wednesday it has completed "the most successful" round of negotiations with South Korea to forge a free trade agreement since talks began in June last year. The two allies are racing to conclude what could be the biggest US trade deal in 14 years by the end of March to give the US Congress its requisite three months to consider the deal. "We just completed our seventh and, in my view, the most successful negotiating round so far in the KORUS [Korea-US] FTA," chief US negotiator Wendy Cutler told reporters in Washington.
■ Music
Second EMI profit warning
Shares in music company EMI Group PLC tumbled more than 10 percent on Wednesday after it issued its second profit warning in as many months. EMI, which has Norah Jones, Coldplay, Robbie Williams and the Beatles back catalog on its books, blamed poor CD sales in North America as it forecast that revenues from its recorded music unit would fall by around 15 percent for the 2006 financial year. Those declines meant profits will be "significantly below current market expectations," the company said. EMI shares closed 12 percent lower at £2.1075 (US$4.13) on the London Stock Exchange, after earlier losing 15 percent.
■ Luxury goods
LVMH posts higher profits
LVMH Moet Hennessy Louis Vuitton, the Paris-based luxury goods empire, said on Wednesday its wines and spirits division led a 30 percent increase in net profit last year, as champagne drinkers moved upmarket to more expensive brands of bubbly. The maker of Louis Vuitton bags, Hennessy cognac and TAG Heuer watches posted net profits of 1.88 billion euros (US$2.46 billion) for last year, compared with 1.44 billion euros the previous year. Revenue jumped 10 percent to 15.31 billion euros from 13.91 billion euros. Chairman and CEO Bernard Arnault said the results "confirmed the strong potential of our high-growth, rising-star brands and the group's leading position in emerging markets."
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