■ OIL
Price hikes near US$97
World oil traded near US$97 a barrel in Asia yesterday, its highest level in a month, following the assassination of Pakistani opposition leader Benazir Bhutto, dealers said. They said the rise in prices was also supported by a US report showing a higher-than-expected drop in US crude stockpiles. In afternoon trade, New York's main contract, light sweet crude for February delivery, was US$0.36 higher at USS$96.98 a barrel after closing US$0.65 higher in New York. Brent North Sea crude for February rose US$0.45 to US$95.23 a barrel after a jump of US$0.84 in London trade on Thursday.
■ FINANCE
G7 to meet in February
G7 finance leaders will gather in Tokyo on Feb. 9 to discuss the US subprime mortgage crisis and high oil prices, Japanese Finance Minister Fukushiro Nukaga said yesterday. "Subprime problems will be a central topic, and we will also discuss financial markets, high crude oil prices and the world economy," Nukaga told reporters. He said finance ministers and central bank governors from the G7 economies would also discuss risk management at financial institutions and bond ratings.
■ FOREIGN EXCHANGE
PRC raises reference rate
The People's Bank of China yesterday fixed the reference rate for yuan trading at 7.3046 against the dollar, the highest since it scrapped a link with the US currency in July 2005. The rate compared with the close of 7.3175 on Thursday. The reference rate was also set at 10.6669 against the euro, and 0.064064 against the yen. The rate was set at 0.93638 versus the Hong Kong dollar and 14.5807 against the British pound. The central bank calculates a daily rate by taking a weighted average of quotes from commercial banks designated to act as market makers in the currency. The yuan is allowed to trade by up to 0.5 percent against the dollar either side of the so-called central parity rate.
■ RETAIL
Genesco cleared of fraud
A judge has ruled that Genesco Inc executives did not commit fraud during negotiations over a US$1.5 billion acquisition and that fellow mall retailer Finish Line Inc must complete the purchase. Nashville Chancellor Ellen Hobbs Lyle on Thursday dismissed Finish Line's claims that Genesco withheld key financial information that could have signaled worse-than-expected earnings after the deal closed in June. Lyle said Indianapolis-based Finish Line and investment bank UBS AG were sophisticated enough to know what they were getting into with the US$54.50-per-share purchase. Nashville-based Genesco operates 2,000 retail stores in the US and Canada under brand names like Journeys, Johnston & Murphy and Hat Shack, and is about twice the size of Finish Line.
■ WEAPONS
Remington to buy Marlin
Remington Arms Co Inc will acquire Marlin Firearms Co in a deal that brings together two US firearm companies founded in the 19th century. Remington, which was acquired by Cerberus Capital Management in April, will add Marlin's long guns, including shoulder arm designs and lever action rifles. Marlin's lever action.22 repeater, now the Model 39, became the favorite of many exhibition shooters like Annie Oakley. The deal is expected to close next month.
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