■COMPUTERS
Big Blue’s results shine
Technology colossus IBM reported second quarter income of US$2.77 billion on Thursday, up 22 percent on the same quarter last year on strong global growth in sales of services, hardware and software. Revenue rose 13 percent to US$26.8 billion, with 7 percent of that growth stemming from currency gains caused by the record weakness of the US dollar. “IBM had an outstanding quarter and a strong first half for 2008. These results demonstrate that IBM has the ability to thrive in both emerging and established markets,” said Samuel Palmisano, IBM chairman, president and chief executive officer.
■OIL
Crude prices inch higher
Oil prices rose US$2 to stand above U$131 a barrel yesterday, after a 10 percent decline in the past three trading sessions lured buyers. Easing tensions between Iran and the West and worries that high prices and a weaker US economy will undermine demand have sent US crude down US$15 in just three days, putting it on track for its biggest weekly fall since the contract started trading in New York in 1983. US light crude rose US$2.12 to US$131.41 a barrel by 8:45am GMT, still way off its June 11 record high of US$147.27, as Wednesday’s report of an unexpected build in US crude oil stocks continued to weigh on the price. London Brent crude gained US$2.18 to US$133.25 a barrel.
■BANKING
UBS overhauls US operation
UBS AG overhauled its offshore private banking business for US residents on Thursday in the face of accusations by congressional investigators that the Swiss bank helped clients dodge taxes. In a dramatic hearing on Capitol Hill before a Senate subcommittee, a senior UBS executive apologized and announced the bank would cease offering cross-border private banking through its unregulated units to US-domiciled customers. Mark Branson, chief financial officer for UBS Global Wealth Management and Business Banking, said the bank’s 80,000 employees were alarmed by reports of misconduct.
■OIL
Sinopec issues warning
Chinese oil giant Sinopec, formally known as China Petroleum & Chemical Corp, says its first-half profit will fall more than 50 percent from the same period last year because of government controls that limit its ability to pass on record-high crude costs to consumers. A Sinopec statement, dated on Thursday, gave no estimate of first-half earnings. But the company, Asia’s biggest refiner by volume, reported profits of 36.2 billion yuan (US$5.3 billion) in the year-earlier period. “The net profit for the first half of 2008 will decrease by more than 50 percent compared to the same period of last year,” Beijing-based Sinopec said. It blamed China’s “strict control over refined oil prices.”
■ELECTRONICS
Wii on top in the US
Nintendo said on Thursday that its globally popular Wii has become the top-selling video game console in the US, a crown coveted by rivals Microsoft and Sony. Market-tracking firm NPD Group reported that 666,000 Wii consoles were sold in the US last month, raising the total sales count in the country to nearly 10.9 million units. The Japanese video game giant scored another victory with its DS portable devices, selling more than 783,000 in the US last month, to raise total sales there to 20.8 million units.
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