■ ELECTRONICS
Palm lays off workers
Palm Inc, the troubled maker of Treo smart phones, laid off about 10 percent of its work force this week to cut expenses, according to a person familiar with the situation. The California-based company issued a statement on Thursday confirming some layoffs were made as part of a restructuring. The person said Palm, which has a worldwide staff of 1,150, was eliminating more than 100 jobs. Palm warned last week that it now expects to post a second-quarter loss of US$0.22 to US$0.24 per share, compared to its projection made in October of a loss of US$0.01 to US$0.03 per share.
■ BANKING
Citigroup to absorb SIVs
Citigroup Inc said it plans to assume control of the seven structured investment vehicles (SIVs) the bank advises to help them repay their debts. Citigroup will provide a "support facility" for its seven SIVs with investments totaling US$49 billion and incorporate them onto its balance sheet, the bank said on Thursday. The bank previously said it had no plans to bring the SIVs onto its books. After Citi's announcement, Moody's downgraded Citigroup's long-term credit rating to "Aa3" from "Aa2," and lowered Citibank's Bank Financial Strength Rating to "B" from "A-," citing the view that Citigroup's capital ratios will remain low.
■ ECONOMY
Japanese confidence falls
Confidence at Japanese companies fell to its lowest in more than two years, a closely watched Bank of Japan survey showed yesterday, amid rising anxiety about a possible slowdown in the US economy and recent market turmoil. The quarterly "tankan" survey's sentiment index for large manufacturers fell from 23 in September to 19, below the 21 mark predicted by analysts and the lowest score since September 2005. Japanese Economy Minister Hiroko Ota said the tankan's results did not change her view that Japan's economy is on an upward trend, but said the government would keep an eye on risks, including high oil prices and possible weaker demand from US consumers.
■ AVIATION
Lufthansa eyes JetBlue
German airline Lufthansa will buy a 19 percent stake in US budget carrier JetBlue Airways for about US$300 million, the companies said in a statement on Thursday. "This transaction represents the first significant investment by a European air carrier in a US point-to-point air carrier," the companies said. The New York-based JetBlue is a low-cost carrier that serves 53 US cities with up to 550 daily flights. Lufthansa, Germany's largest airline, announced in October it was planning a major investment drive over the next three years.
■ CONSTRUCTION
ADB announces project
The Asian Development Bank (ADB) announced its biggest-ever project yesterday, a deal to lend Vietnam US$1.1 billion for the construction of a modern highway linking Hanoi with China. The expressway will link Hanoi with the Chinese city of Kunming following construction that is expected to finish in 2012, the bank said. It will reduce the trip to one day from the current two or three days. Truong Tan Vien of Vietnam's Ministry of Transport called it "a very significant project for the country," ADB officials said.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
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
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique