■ OIL
US urges OPEC increase
US Secretary of Energy Samuel Bodman told Saudi Arabian Oil Minister Ali Naimi on Saturday that OPEC should increase oil output. Bodman told reporters before his meeting with Naimi that oil production should be increased in order to meet growing demands. His visit to Saudi Arabia come just before an OPEC meeting on Feb. 1 in Austria. Last Tuesday, Naimi said that Saudi Arabia would raise production levels only when the market justifies it, and that the current inventory seemed normal. OPEC oil accounts for about 40 percent of the world's needs, and OPEC ministers often follow the lead of the Saudis when discussing whether to increase production to take the pressure off rising prices.
■ BANKING
Auditors crack down
Auditors found misconduct at Chinese banks involving about 860 billion yuan (US$118 billion) last year and 177 bank managers have been fired, news reports said on Saturday. A total of 445 cases of irregularities were found, down 58.4 percent from 2006, Xinhua news agency and the Shanghai Daily newspaper reported, citing the China Banking Regulatory Commission. They gave no details or and did not say whether anyone would be prosecuted. Auditors have stepped up oversight of Chinese state-owned banks in recent years as they try to become more competitive and as some sell shares to foreign investors.
■ ENERGY
EC wants greener Finland
The European Commission will ask Finland to increase its renewable energy output by about one-third to 38 percent in draft proposals to be unveiled this week, Finnish public broadcaster YLE said on Saturday. The commission is due to spell out on Wednesday how it intends to cut greenhouse gas emissions responsible for climate change, share out the burden of cuts in carbon dioxide and increase the use of renewable energy sources. "According to information obtained by YLE from sources at the negotiations, Finland should produce 38 percent of its energy from renewable energy sources by 2020," YLE said.
■ MINING
Myanmar auctions off lots
Myanmar's military government sold 600 lots of gems and jade at a recent auction, state media said yesterday, earning much-needed foreign income for the junta as it faces stiff economic sanctions. Despite calls from the US and human-rights groups for a boycott of the sale after a bloody crackdown on protests last year, about 280 foreigners attended the sale, the New Light of Myanmar paper said. The government newspaper did not reveal how much the five-day auction earned, but a similar sale in November generated US$150 million.
■ AUTOMOBILES
GM eyes consolidated sales
General Motors' CEO said its sales network was not shrinking fast enough and the automaker wants to step up dealer consolidations. Rick Wagoner said efforts would be specific to combining Pontiac, Buick and GMC dealerships into one channel, the Detroit News reported on Saturday. "It's time to do that and the payoff is significant," Wagoner said during a recent presentation to Wall Street analysts. General Motors Corp reduced its dealer network by about 7 percent between 2005 and last year, to 14,118, the News reported. In some cases Hummer and Saab have merged.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from