■ FOREIGN EXCHANGE
PRC eases forex rules
China has scrapped rules requiring domestic companies to convert a portion of foreign earnings into Chinese currency, the government said yesterday, in a move that could ease pressure on Beijing's foreign exchange system. Chinese companies will now be allowed to decide on their own how to use money earned abroad, the State Administration of Foreign Exchange said. Previous rules requiring companies to convert at least 20 percent of their foreign earnings into Chinese yuan boosted demand for the currency and increased pressure for it to rise against the US dollar and other currencies.
■ RETAIL
Seiyu to remain in the red
US retail giant Wal-Mart's Japanese unit, Seiyu Ltd, said yesterday it no longer expected to break even this year after its revenue slipped in the first six months. "We didn't achieve a satisfactory level of performance in the first half 2007, but we see signs of improvement in various parts of our business," said chief executive Ed Kolodzieski, who was parachuted in by Wal-Mart in 2005. For the first half, net losses narrowed nearly eight-fold to ¥6.9 billion (US$58.5 million) from a year earlier. For the full year, Seiyu said it now expects to post a net loss of ¥5.9 billion.
■ IPR
US asks for WTO mediation
The office of the US Trade Representative (USTR) on Monday said it had asked for a WTO panel to look into a dispute between the US and China over intellectual property rights. Beijing has failed to address US piracy concerns during three months of formal discussions, USTR said in a press release. As a result, the US now wants the WTO to step in, saying three aspects of Chinese law make it easier for counterfeiters to operate. The US wants China to drop quantity thresholds, which it says are high enough that wholesalers and distributors can escape prosecution while selling pirated goods. Also, the US wants China to tighten its rules on disposal of copyrighted goods.
■ ELECTRONICS
Sony to set up battery plant
Electronics giant Sony Corp plans to invest ¥1.5 billion (US$97.24 million)to build a cellphone battery factory in Singapore to help meet global demand spurred by the spread of mobile electronic devices, the company said yesterday. The lithium ion polymer battery plant is scheduled to start operations in August next year, the Tokyo-based company said in a statement. The plant's monthly production capacity is expected to reach about 8 million units once it is fully operational in 2010, it said. The factory will be its first for the batteries in Southeast Asia, Sony said.
■ ENERGY
Chevron expanding in Java
Chevron Corp, the only foreign business developing geothermal energy in Indonesia, is expanding operations at one of its power plants on Java island to bring electricity to an additional 700,000 homes, the company said yesterday. The US energy firm, which has operated two geothermal fields in Java since the 1980s, said in a statement it had started commercial run at its 110-megawatt (MW) Darajat III plant in Garut, West Java province. The renewable energy produced will bring the number of homes receiving electricity from Chevron's geothermal projects in Indonesia to 3.9 million, up from 3.2 million at present, a company official 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