■ PROPERTY
HK flat fetches record price
A new Hong Kong apartment sold for a record HK$109 million (US$14.1 million), the South China Morning Post reported yesterday, as the city's booming market for luxury homes continued to strengthen. The 298m2 duplex apartment fetched HK$365,770 per square meter, the report said. The sale broke the record for a flat in the distinctive The Arch development on the opposite side of Victoria Harbor, which was sold in March.
■ BANKING
Bank of America profit falls
Bank of America's chief executive officer admitted disappointment on Thursday as the banking giant's third-quarter profit slowed sharply to US$3.7 billion because of swelling investment losses. The US' second-largest banking group said its latest quarterly earnings dropped a hefty 32 percent from a year earlier. Its profit fell short of Wall Street expectations, but its coffers bulged more than arch rival Citigroup -- the nation's biggest banking firm -- which disclosed a net profit of US$2.4 billion for the quarter on Monday. The bank unveiled earnings per share of US$0.82, versus Wall Street estimates of US$1.05.
■ STEEL
Baosteel may list overseas
China's largest steel producer Baosteel Group (寶鋼集團) yesterday outlined ambitious plans for a greater overseas presence, saying it hoped to list abroad and would look into foreign acquisitions. "I believe that Baosteel will definitely list in the international markets," company chairman Xu Lejiang (徐樂江) told reporters at a briefing in Beijing. "It will not just be in order to raise funds," he said, but to show that it is an international company. Xu did not provide details about the precise time or place for an overseas listing.
■ ENTERTAINMENT
Viacom opens up to Google
Viacom Inc chief executive Philippe Dauman said on Thursday the entertainment company could work with Google Inc down the road, despite a US$1 billion lawsuit it has filed against the Web search leader. The owner of MTV and Comedy Central networks sued Google and its video sharing site YouTube in March, accusing them of benefiting from clips of Viacom shows that were uploaded by YouTube users without authorization. Both sides have since taken steps to bolster copyright protection, but have yet to reach a compromise on the problem of safeguarding popular television shows and movies on the Web. "I suspect at some point in the future we'll work with Google," Dauman said.
■ INVESTMENT
Kirin mulling acquisition
Japanese brewer Kirin Holdings Co said yesterday it was considering a tie-up with pharmaceutical firm Kyowa Hakko Kogyo to broaden its businesses and offset sluggish local beer sales. "We contacted Kyowa Hakko Kogyo to have talks on the various possibilities of cooperating in our businesses," a spokeswoman said. "But we haven't made any formal decision." The Nikkei Shimbun reported earlier that Kirin planned to purchase more than 50 percent of Kyowa Hakko, possibly through a friendly tender offer that could cost more than ¥300 billion (US$2.56 billion). After forming a capital and business alliance with medical equipment giant Terumo Corp in July, Kirin aims to expand beyond brewing through mergers and acquisitions, the report 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