■ CHEMICALS
Bayer's Q2 profits surge
German pharmaceutical and chemical company Bayer AG yesterday reported a 46 percent increase in net profits in the second quarter, driven by a one-off gain. Net profit in the three months to June 30 was 660 million euros (US$912 million), up from 452 million euros during the same period last year. Analysts polled by Dow Jones Newswires, however, had predicted an increase to 687 million euros. Profit was boosted by a 231 million-euro book gain from the sale of the Wolff Walsrode group, a producer of cellulose-based chemicals, to Dow Chemical Co.
■ PATENT RIGHTS
Microsoft wins MP3 appeal
A US judge on Monday overturned a jury verdict ordering Microsoft to pay Alcatel-Lucent US$1.5 billion for infringing on the French firm's patents. US Senior District Court Judge Rudi Brewster issued a written ruling "in favor of Microsoft and against Lucent ... terminating the case," court documents show. The trial that ended in US District Court in the city of San Diego in February centered on MP3 audio technology used in the Windows Media Player software. Alcatel-Lucent argued in court that technology used to encode and decode digital audio files in Media Player infringed on two of its patents. Microsoft said that it had paid Munich-based licensing firm Fraunhofer-Gesellschaft US$16 million to legally use the disputed MP3 technology.
■ AUTOMOBILES
Fiat, Chery to form JV
The Italian industrial conglomerate Fiat and Chery Automobiles of China said yesterday they had signed a preliminary agreement to create a joint vehicle manufacturing firm. The company, located in Wuhu in Anhui Province, would produce and distribute Fiat and Alfa Romeo models as well as Chery group vehicles. Production, expected to total 175,000 vehicles a year, is projected to begin in 2009.
■ WINE
Aussie exports hit record
Australian wine exports reached A$3 billion (US$2.58 billion) for the first time in the 12 months to July, official data released yesterday showed. The Australian Wine and Brandy Corporation figures also showed that the volume of wine exported exceeded 800 million liters for the first time over the same period. Corporation chairman John Moore said the Australian wine industry's focus on premium wines was a major factor behind the 8 percent growth in exports. The corporation said moves to sell higher quality wines in North America had proved successful, but Britain remained Australia's largest export market for wine.
■ OUTSOURCING
Wipro buying Infocrossing
Indian outsourcing company Wipro Ltd is purchasing NASDAQ-listed Infocrossing Inc in a deal that values the acquisition target at about US$600 million. Wipro has offered to pay US$18.70 per share for the New Jersey-based company that provides select outsourcing services to mid-sized companies in the US, Wipro chief financial officer Suresh Senapaty said on Monday. The acquisition, the biggest-ever by an Indian services company, will help Wipro enhance its offerings to customers, especially those involving off-shoring of technology infrastructure services by Western companies to low-cost destinations like India, he said. The board of Infocrossing has approved and recommended the deal to its shareholders.
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