■ LIGHTING
Firms tackle poor quality
The world’s three largest lighting companies launched a plan yesterday to rid the Asian market of shoddy energy-saving bulbs called compact fluorescent lamps (CFL), which cast a poor light on the US$7 billion industry. Philips, OSRAM and General Electric signed a pact to establish standards for the lights on the sidelines of an Asia Clean Energy Forum at the Manila headquarters of the Asian Development Bank. Under the agreement, lighting suppliers in Asia would develop performance levels to rate CFL quality, a system for product marking and a regional database so consumers could identify which CFLs meet quality standards.
■ FINANCE
Japanese bank losses grow
Japanese banks are saddled with US$8 billion in losses linked to the bad housing credit problem in the US, the government said yesterday, a number that’s still small compared with counterparts there and in Europe. Data from the Financial Services Agency showed the losses at Japanese banks caused by the subprime mortgage crisis in the US had ballooned 41 percent by the end of the first quarter, compared with US$5.7 billion at the end of December. The agency also said banks and other lenders hold US$9.6 billion in subprime-related products, down from US$14.3 billion in December.
■ INDIA
Inflation jumps to 8.24%
The inflation rate has hit 8.24 percent, official data showed yesterday, piling more pressure on the government as general elections loom within a year and disquiet over rising prices grows. Annual inflation rose to 8.24 percent for the week ended May 24 from 8.10 percent the previous week, according to the Wholesale Price Index, the country’s most watched cost tracker. Analysts expect inflation to march even higher following the government’s move earlier this week to hike state-set fuel prices to stem huge losses at public sector oil firms as global crude prices soar.
■ AVIATION
Air New Zealand hikes fares
Air New Zealand said yesterday it would raise air fares and lower capacity on some routes in response to the high cost of fuel and declines in passenger demand. New Zealand’s national carrier, 76 percent-owned by the government, said the price of domestic and international airfares sold in New Zealand, Australia and the Pacific Islands would increase an average of 4 percent later this month. The airline said it would remove a twice-weekly Auckland-Hong Kong service operated seasonally in December and January and cut capacity on a number of routes between New Zealand and Australia during the low-demand months of August to November.
■ AUTOMOBILES
Ford to cut salaried jobs
A top Ford Motor Co executive told North American white-collar workers on Thursday the company wants to cut its salaried work force costs by 15 percent. Mark Fields, president of Ford’s Americas division, said in an e-mail message sent to workers that the cuts will take place by Aug. 1. “This unfortunately will result in involuntary separations of Ford employees and agency personnel as well as cost savings through attrition and the consolidation of open positions,” Fields said in the message. The cuts are in response to shrinking US automotive sales brought on by high gasoline prices and a rapid shift to smaller vehicles from Ford’s traditional moneymakers — pickup trucks and sport utility vehicles.
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