■ Currencies
China wants more euros
China wants the euro to make up a larger share of its US$1.2 trillion in foreign exchange reserves, state media said yesterday, citing a central bank deputy governor. The move is motivated by the stability of the euro and the strong growth in the European economy, Wu Xiaoling (吳曉靈) said. However, the central bank does not plan to reduce the ratio of the US dollar in its forex reserves, she said, speaking at an economic forum in Brussels.
■ Aviation
Northwest shares climb
Northwest Airlines' shares flew higher on Wall Street on Thursday as the carrier emerged from bankruptcy protection after a 20-month reorganization. Shares traded under the symbol NWA rose 2.65 percent to close at US$25.15 as Northwest exited Chapter 11 court supervision. The action turns a page for the industry, which saw four of the top six carriers in bankruptcy when Northwest and Delta filed for creditor protection in September 2005. Northwest is the last of the four to emerge from bankruptcy. After ringing the opening bell on Wall Street, Northwest chief executive Doug Steenland made the first buy of new NWA common stock.
■ Automobiles
Proton partner sought
Malaysia's government will seek new partners for national carmaker Proton and aims to seal an alliance within three months, a Cabinet minister said yesterday. Germany's Volkswagen AG no longer has an interest in an alliance with Proton, Malaysian Second Finance Minister Nor Mohamed Yakcop said. He denied Volkswagen's withdrawal was due to the government's refusal to surrender a controlling stake in Proton. It was the second time talks with Volkswagen were aborted. The government, which holds a 43 percent stake in Proton through its investment arm Khazanah Nasional, will accelerate its search for a partner to turnaround the money-losing carmaker, Mohamed said.
■ Fashion
Hello Kitty, Barbie join up
Hello Kitty will join the ranks of the world's top fashion houses as she dresses up Barbie, bringing together the Japanese and US icons in a limited-edition doll. Barbie will appear in an outfit chosen by Japan's feline sensation, the Japanese toymaker Sanrio said yesterday. The 31cm Barbie doll's jacket, belt, bag and necklace will all bear the famous Hello Kitty image. Hello Kitty Barbie will make her world debut in September and will be released in more than 10 nations including the dolls' home countries of the US and Japan.
■ Media
Packer to yield PBL control
Australia's richest man is handing control of his family company's once-core media business to private equity group CVC Asia Pacific and increasing his focus on casino operations. Publishing & Broadcasting Ltd (PBL), inherited by James Packer from his mogul father Kerry in late 2005, announced yesterday it has agreed to sell another 25 percent stake in its PBL Media joint venture to CVC for A$515 million (US$427 million). The company said the sale reduces its stake in PBL Media to 25 percent, with CVC taking the rest. The sale was part of a broader reallocation of capital within the Sydney based company, Packer said.
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