■ OIL
IEA warns of recession
High oil prices could tip the world economy into recession, the International Energy Agency (IEA) said yesterday. “That’s possible,” IEA executive director Nobuo Tanaka said on the sidelines of the International Energy Forum in Rome. On Monday, the IEA chief had said that oil prices, at their current levels, were “too high for everyone, especially for developing countries who face other significant costs increases, namely food prices.” The IEA represents the interests of the oil-consuming countries. World oil prices eased only slightly in Asian trade yesterday after once again spiking to a record high of US$117.56 the day before amid reports of pipeline sabotage in Nigeria and the refusal on the part of OPEC to raise output for the time being.
■ TRADE
Nomura employee probed
Japan’s top brokerage firm Nomura said yesterday that one of its employees was under investigation by the country’s financial watchdog over alleged insider trading. The government vowed a stern response over the case, which reportedly involves a 30-year-old employee at Nomura Securities who is suspected of leaking confidential merger and acquisition information to two acquaintances. The three Chinese men allegedly made about ¥40 million (US$388,000) in profit through insider trading in 2006 and last year, the Nikkei Shimbun reported, quoting unnamed sources familiar with the matter. The Tokyo District Prosecutors Office could arrest the Nomura employee anytime, Jiji Press news agency said.
■ AVIATION
Alitalia could lose license
Italian aviation authorities were warning they could revoke Alitalia’s flight license if it fails to meet its obligations, including safety. The warning came yesterday from Vito Riggio, the chairman of Italy’s civil aviation agency ENAC, following Air France-KLM’s announcement that it was abandoning its offer to buy Alitalia. Riggio’s comments on a state radio talk show highlighted aviation authorities’ worries that Alitalia’s failure to guarantee enough funds to operate for at least 12 months could compromise safety.
■ ELECTRONICS
TI profits up 28 percent
Texas Instruments (TI) said on Monday its first-quarter profit rose 28 percent as strong demand for analog chips used in electronic equipment offset lower sales of cellphone chips. Dallas-based Texas Instruments Inc. reported net income of US$662 million, or US$0.49 per share, including a tax gain of US$0.06 per share. A year ago, the company posted profit of US$516 million, or US$0.35 per share. Sales rose 2.5 percent to US$3.27 billion, compared with US$3.19 billion last year. Analysts polled by Thomson Financial expected adjusted profit of US$0.43 per share on slightly higher sales of US$3.28 billion.
■ INVESTMENT
Wealth management grows
Southeast Asia is seen as second only to China in growth potential for the wealth management field, a survey of wealth managers by Barclays Capital said yesterday. Asia’s wealth management growth is not expected to slow over the next two years, the survey showed. China was seen as the market with the highest revenue growth potential by 80 percent of the 91 respondents from 57 wealth management organizations across Asia, excluding Japan. Southeast Asia emerged second. About 60 percent of the wealth managers expected annual revenue growth of more than 15 percent from India, Taiwan and Hong Kong.
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