■ FOREIGN EXCHANGE
PRC forex body planned
China's new foreign exchange reserve investment agency will probably start operations by the end of the year, state media reported yesterday. The agency will buy forex reserves from the central bank using funds raised from bond issues denominated in yuan, said Wei Benhua (魏本華), deputy director of the State Administration of Foreign Exchange, the China Business News reported. Beijing has confirmed plans to establish a new vehicle to manage China's foreign exchange reserves, which stood at US$1.2 trillion at the end of the first quarter.
■ INTERNET
Hotmail sports new look
The latest version of Microsoft Corp's free Web-based e-mail is now widely available to the public in 36 languages. Windows Live Hotmail, which was officially launched on Monday, sports a new look and features similar to Microsoft's desktop-based Outlook e-mail program, including the ability to drag and drop messages into folders. Microsoft also said it improved Hotmail's spam and fraud protection features. The makeover, which includes 2 gigabytes of data storage and built-in instant messaging, brings Live Hotmail in line with offerings from rivals such as Yahoo Inc, Time Warner Inc's AOL and Google Inc.
■ SOFTWARE
Toshiba opens Hanoi center
Japan's Toshiba Corp said yesterday it had opened a new research and development center in Vietnam, taking advantage of the country's pool of skilled but low-cost labor. The high-tech giant will establish a wholly owned subsidiary, Toshiba Software Development (Vietnam) Co, in Hanoi to develop software for digital consumer products. The operation will initially employ 20 people, rising to an estimated 300 by early 2011. "The availability of skilled personnel and a cost edge makes the country an attractive option for software development," a company statement said.
■ Restructuring
PBL splits gaming, media
Publishing and Broadcasting Ltd (PBL), controlled by Australia's richest man James Packer, announced yesterday it would split its gaming and media assets into two listed companies. PBL said shareholders would receive A$2 billion (US$1.6 billion) in cash as well as shares in both companies under the restructuring. The casino and international gaming assets will be placed in a company called Crown, while its television network, magazines and other media businesses will be held by Consolidated Media Holdings. "PBL believes the split will better facilitate recognition of the value of the underlying assets in the group and will create two pure play companies with attractive investment characteristics," PBL said in a statement.
■ SECURITITES
Shanghai to tighten rules
Shanghai's stock market will tighten oversight of its investors after new cases of illegal trading were found, the China Daily reported yesterday. The bourse will release new measures after two accounts at Wanlian Securities in Guangzhou were found last month to be bumping up stock prices by placing large buying orders and then canceling them, it said. Their suspension followed a trading halt order to an account at the Shanghai's Orient Securities. Details about the new tougher measures to be introduced were not immediately available.
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