■ FINANCE
US banks appeal, fund says
US financial services companies, including insurers, banks and mortgage providers, make "attractive" investments after their shares declined as a result of the subprime crisis, an official at Qatar's US$40 billion sovereign investment fund said. "This makes financial services an interesting space to investors," Kenneth Shen, head of strategic and private equity at the Qatar Investment Authority, told reporters at a conference in Dubai yesterday. "Valuations have come down, something that was attractive but pricey six months ago, is now more attractive."
■ BANKING
UK banks trump US: report
The UK is a bigger and more prestigious magnet for international bank deposits than the US, according to the Bank for International Settlements. British lenders attracted 23 percent of all international deposits in the second quarter, compared with 13 percent for the US, the bank said. "Banks in the United Kingdom take deposits from 382 locations in the world," or 90 percent of the globe, BIS economist Goetz von Peter wrote in a report. That compares with 44 percent for the US. UK banks also are the most active intermediaries, and the chance of a dollar transferred between two countries also passing through the UK is 20 percent, the report said. Von Peter calculated the prestige of international banking centers by measuring the importance of other countries they lend to and borrow from. The US ranks second, his report said.
■ FOREIGN EXCHANGE
Dollar up on speculation
The US dollar traded near a one-month high against the yen yesterday on speculation the Federal Reserve would limit the reduction in its benchmark interest rate to a quarter percentage point today. The US currency gained against the New Zealand dollar and the South African rand as traders pared bets the Fed would cut the target for the overnight lending rate between banks to 4 percent from 4.5 percent. The dollar rose against 12 of the world's 16 most active currencies before a US government report this week that is expected to show retail sales weathered a housing slump.
■ OIL
Prices fall in Asian trading
World oil traded lower in Asia yesterday as the market entered a traditional year-end cooling off period and concerns persisted over slower US economic growth, dealers said. In morning trade in Singapore, New York's main oil futures contract, light sweet crude for January delivery, was US$0.49 lower at US$87.79 per barrel, from US$88.28 in New York on Friday. Brent North Sea crude for January delivery was US$0.24 lower at US$88.40 a barrel from US$88.64 in London on Friday.
■ MEDIA
`IHT,' Reuters ink deal
News and financial information provider Reuters and the International Herald Tribune (IHT) said yesterday they would launch a co-branded daily online and print business report for the newspaper starting next month. From Jan. 7, business sections of the IHT and the newspaper's online site will be rebranded and carry content written and edited by Reuters staff, the two companies said. The collaboration replaces an agreement the newspaper has with Bloomberg LP that finishes at the end of the month, they 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
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
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