■ OIL
Prices weaken in Asia
Oil prices weakened in Asian trade yesterday after initially spiking sharply in reaction to a fire that struck a pipeline linking the US to key energy supplier Canada, dealers said. With the pipeline partially resuming shipments after the blaze, traders are focusing on next week's OPEC output meeting in Abu Dhabi, they said. In afternoon trade New York's main contract, light sweet crude for delivery next month fell US$0.13 to US$90.88 a barrel from US$91.01 in late US trading on Thursday. Brent North Sea crude for delivery next month fell US$0.27 to US$89.95 a barrel.
■ FINANCE
Samsung Securities raided
State prosecutors raided the offices of a Samsung Group financial company on Friday, a company spokesman and media report said, amid a probe into allegations the conglomerate created a slush fund to bribe influential figures. Kim Jin-ho, a spokesman for Samsung Securities Co, said six prosecutors led the raid of the company's Seoul office and were backed by 40 other officials. The raid came after prosecutors earlier this month launched an investigation into allegations that Samsung, South Korea's biggest conglomerate, bribed prosecutors, judges and lawmakers using a 200 billion won (US$215 million) slush fund.
■ WTO
China-US spat resolved
China has agreed to eliminate a dozen tax breaks and other subsidies the US challenged this year at the WTO, resolving one of the series of trade spats between the countries. "This outcome represents a victory for US manufacturers and their workers," US Trade Representative Susan Schwab said on Thursday. "The agreement also demonstrates that two great trading nations can work together to settle disputes to their mutual benefit," she said. China's decision will abolish tax breaks and other subsidies that benefit the broad spectrum of Chinese industries, including steel, wood products and information technology, Schwab said.
■ FINANCE
Morgan Stanley loses Cruz
Morgan Stanley said on Thursday that co-president Zoe Cruz, one of the most powerful women on Wall Street, will leave in the latest investment bank management shakeup since the summer's credit turmoil. Robert Scully, who was named co-president along with Cruz last year, will remain at the firm in a new capacity. He will join a newly created office of the chairman, and will focus on Morgan Stanley's sovereign investors. Cruz had been with Morgan Stanley for the past 25 years, and rose to her current title after former chief executive Philip Purcell promoted her in a move to consolidate power.
■ RETAIL
Sears profits drop 99%
Sears Holdings Corp reported a 99 percent drop in third-quarter profit on Thursday on weak sales at Sears and Kmart stores and investment losses under hedge-fund manager chairman Eddie Lampert. It was the worst quarter since Lampert formed the company by combining Sears and Kmart in March 2005, heightening questions among investors about Lampert's strategy for reviving two faded chains. Sears shares tumbled US$16.09, or 13.8 percent, to US$100.25 in morning trading. Net income fell to US$2 million from US$196 million a year ago.
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