LG posts quarter profit
LG Electronics Inc said yesterday that it swung to a net profit in the second quarter from a loss the year before, boosted by sales of mobile phones and appliances. The company, South Korea's largest consumer appliance manufacturer and a major global producer of cellphone handsets, earned 385 billion won (US$420 million) in the three months ended June 30, it said in a statement. LG posted a net loss of 9.7 billion won a year earlier. Sales rose 1.7 percent to 5.9 trillion won from 5.80 trillion won a year earlier.
US may charge Dow's Li
Dow Jones board member David Li said yesterday that US securities regulators are considering legal action against him as part of a trading investigation, but the Hong Kong banker denied wrongdoing. Li said in a statement that the US Securities and Exchange Commission informed him that it is considering "civil enforcement action" against him for alleged violations of US securities laws. The possible legal case against Li stems from an earlier lawsuit filed by the SEC against two other Hong Kong residents accused of illegal trading activity.
Barclays puts up a fight
Barclays PLC said yesterday it is considering altering its all-share offer for ABN Amro Holding NV in order to remain competitive with a higher rival offer from a consortium led by Royal Bank of Scotland PLC. The RBS group intends to bid 71.1 billion euros (US$97.8 billion), mostly in cash, for the Dutch bank, in the largest takeover battle in the history of the financial industry. Barclays' current proposed bid, all in shares, is worth at least 10 percent less. Barclays said yesterday that it is considering "possible alternative ... offer structures, including [the] introduction of a partial cash consideration."
Toshiba recalls batteries
Japanese electronics giant Toshiba Corp announced yesterday it began recalling about 5,100 Sony-made batteries for laptop computers in Japan and overseas. Toshiba spokesman Keisuke Omori said there have been three cases in which the batteries caught fire between September and last month. There were no injuries from the three fires; two in Japan and one in Australia, he said. The battery models to be recalled are different from those returned in a massive recall of Sony Corp lithium-ion battery packs last year. Subjects to recall are a total 5,100 batteries sold in Japan, the US, Europe, Australia and China, used for Dynabook, Dynabook Satellite, Satellite and Tecra, the spokesman said.
Steps listed to cool growth
China's sizzling economy expanded by a stunning 11.9 percent in the second quarter from a year ago, the government said yesterday, announcing that it would take new steps to cool the boom. The figures put China on track for a fifth straight year of expansion above 10 percent and moved it closer to overtaking slower-growing Germany as the world's third-largest economy. Inflation grew 4.4 percent last month, its fastest rate in more than two years, and the economy also is under pressure from a swollen trade imbalance and high energy consumption, the National Statistics Bureau said. Growth from April to last month exceeded forecasts and was a sharp rise over the 11.1 percent rate in the first quarter.
There was a net reduction last year in the number of Taipei residents and this year is expected to set a 23-year high for population decline in the city, Ministry of the Interior statistics released yesterday showed. From January to last month, 18,861 more people moved out of Taipei than moved into the capital, an increase of 7,000 from the same period last year, the data showed. That is a 7.2 percent decrease in the city’s population since the start of the year, the biggest drop in both percentage and total number among all municipalities and counties nationwide, the data showed. The data
COUNCILS CLASH: The Mainland Affairs Council said a new office in Hong Kong is to assist people with issues related to investment, study and employment in Taiwan The Mainland Affairs Council (MAC) yesterday denied an accusation by the Hong Kong-Taiwan Economic and Cultural Co-operation and Promotion Council that its Taiwanese counterpart in the territory was “interfering with Hong Kong’s internal affairs.” The Hong Kong council leveled the accusation after Taipei’s Taiwan-Hong Kong Economic and Cultural Co-operation Council this month announced it would establish a Taiwan-Hong Kong Services and Exchanges Office to facilitate humanitarian aid for Hong Kongers. The new office is scheduled to begin operations on Wednesday. The MAC yesterday asked the Hong Kong council to “not misinterpret” the government’s intentions. The two Taiwan-Hong Kong councils were established in 2010 to
IRRESPONSIBLE ATTITUDES? Some experts say the NHI system does not do enough to educate the public, or pay doctors to talk to patients, about healthy lifestyles While the life expectancy of Taiwanese newborns in 2018 reached 80.69 years, the number of years people spent in poor health hit a record high at 8.41 years, Ministry of Health and Welfare statistics showed on Saturday. Healthy life expectancy is calculated by a person’s life expectancy minus the time they spend in ill health, such as the loss of mobility, disabilities and chronic disease, based on medical records and calculations about the years they live with disabilities. The number of years that Taiwanese spend in poor health is increasing slowly, but steadily, rising by 0.46 years, or five-and-a-half months, between 2012
UPTICK IN NUMBERS: The Taipei deputy mayor said the city has services to assist new immigrants, but has established an office specifically to help those from Hong Kong The Taiwan-Hong Kong Services and Exchanges Office today officially opens, where it is to provide humanitarian assistance to Hong Kongers, after Beijing yesterday passed a controversial national security law for the territory. President Tsai Ing-wen (蔡英文) expressed dismay over China’s passage of the law, saying that Beijing has broken its pledge to allow Hong Kong to maintain a high degree of autonomy for at least 50 years following its handover from the UK. “I feel extremely disappointed [about the law’s passage], which means China did not keep its promise to Hong Kong,” Tsai said in Taipei. Beijing’s “broken promise” also