■ UNITED KINGDOM
Consumer confidence drops
Consumer confidence plummeted to its lowest level last month since the economic slump of 1992, a survey showed yesterday, making grim reading for Prime Minister Gordon Brown on the eve of local elections. The GfK/NOP consumer confidence index fell to minus 24 from minus 19 in March as people turned gloomier on the state of the economy and personal finances. That was the lowest reading since November 1992, just months after sterling was thrown out of the European Exchange Rate Mechanism and the then-Conservative government lost its reputation for sound economic management.
■ INTERNET
Softbank to boost bid in firm
Japanese Internet services and telecommunications company Softbank said yesterday it hopes to boost its stake to 40 percent in a major Chinese Internet company for a total investment of ¥40 billion (US$385 million), eyeing booming demand in the country. Softbank already bought a 14 percent stake in Oak Pacific Interactive (千橡互動) for ¥10 billion earlier this month and has obtained the right to raise its stake to 40 percent, a company spokesman said. It has not made any formal offer to increase its stake. China’s Oak Pacific Interactive has 22 million users.
■ FINANCE
Interbank loans in euros rise
More new credit was made in euros than in dollars in interbank lending in the last quarter of last year, statistics from the Bank of International Settlements (BIS) showed yesterday. New dollar denominated credits almost halved to US$247 billion in the quarter, while credit in EU currency more than doubled to 377 billion euros (US$586 billion), the bank said. Overall, banks increased cross-border lending by US$1.1 trillion in the last three months of last year to US$33.5 trillion. In terms of risk exposure of bank assets, BIS noted a rise of US$1 trillion in what it termed as “other exposures,” mainly because of increased derivatives and to guarantees.
■ IT
Indian sector set to double
India’s IT and IT-enabled services sector will more than double in size by 2012, led by a fast-expanding domestic market, a report released yesterday showed. The industry’s revenues, including those from export markets, will reach 5.3 trillion rupees (US$132 billion) in 2012, from 2.46 trillion rupees last year, the report by market-research firm IDC India said. Two trillion rupees of that will come from the domestic market, which is growing at an average annual rate of 18.4 percent, outpacing overall industry growth of 16.5 percent, it said. Last year, India’s overall IT and IT-enabled services industry logged 22.4 percent growth in revenue to 2.46 trillion rupees, it said.
■ GAMES
Microsoft lowers XBox price
Microsoft Corp said on Tuesday it was cutting prices on the Xbox 360 in four Asian markets by as much as 20 percent in an effort to expand the audience for the video game console. The reductions will take effect this week in Taiwan, South Korea, Hong Kong and Singapore, Microsoft said. The price of the main Xbox 360 Premium model fit with a 20-gigabyte hard drive was cut 17 percent in Taiwan, nearly 20 percent in Singapore, nearly 11 percent in Hong Kong and 5 percent in South Korea. The Xbox 360 competes against Sony Corp’s PlayStation 3 and Nintendo Co Ltd’s Wii consoles.
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