■ ENERGY
China starts new oil dig
China has started drilling what it says will be Asia's deepest oil and gas well, state media said yesterday. State-owned Sinopec Corp (中國石化) plans for the Chuanke No. 1 Well in southwest Sichuan Province to reach a depth of 8,875m, more than the height of Mount Everest, Xinhua news agency reported. It will take the company, Asia's largest oil refiner, 676 days and 300 million yuan (US$39 million) to complete the project, Xinhua said. Last July, China completed drilling of the 8,408m Tashen No. 1 Well, in the Tahe oil field in the Tarim Basin -- but found no gas.
■ BANKING
CITIC Bank to go public
China CITIC Bank (中國國際信託投資), China's seventh-largest commercial bank, plans to go public at home and in Hong Kong at the end of next month, raising up to US$3 billion, state media said yesterday. The bank won approval to list on the Hong Kong stock exchange last week and is now awaiting approval from the China Securities Regulatory Commission to go public in China as well, Xinhua news agency reported. By listing on both stock markets, the bank aims to strengthen corporate governance in line with international practices, Xinhua said.
■ BANKING
Islamic meeting opens
Central bank governors from Iran to Saudi Arabia are to attend Malaysia's first international Islamic finance forum this week as the nation works to cement its future as an Islamic financial hub. The four-day Global Islamic Finance Forum starting today is expected to attract about 800 regulatory authorities and industry players. Malaysia's central Bank Negara, the event organizer, said it aims to highlight business opportunities as the nation ramps up efforts to draw foreign money -- Muslim and Middle Eastern funds in particular. Islamic finance fuses principles of Shariah (Islamic law) and modern banking. Funds are banned from investing in companies associated with tobacco, alcohol or gambling.
■ AVIATION
Good year forecast for HK
Hong Kong's aviation sector is set for a strong year this year as it steps up a gear to remain a leading regional air hub, the Center for Asia Pacific Aviation said yesterday. The Sydney-based consultancy said in a new report that the city was eventually expected to privatize Hong Kong International Airport. The airport operator is also likely to step up investment in nearby Chinese cities where aviation demand is growing rapidly, the report said. It also said Cathay Pacific's tie-up with China's national airline Air China has the potential to allow the two outfits to become the biggest "combined carrier" by 2017.
■ MANUFACTURING
China's textile exports grow
China's textile exports will rise more than 15 percent this year despite quotas imposed by Western trade partners, Xinhua news agency said yesterday, quoting the National Development and Reform Commission. But with the yuan strengthening and production costs rising, the expansion would be less than last year, the commission said. Profits would also rise more than 15 percent this year, the commission forecasted. Chinese firms exported US$95.2 billion worth of clothing and US$48.8 billion in textile products last year, notching up annual growth of 28.9 percent and 18.7 percent respectively.
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
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