■AUTOMOBILES
Nissan, Chrysler in talks
Nissan Motor Co, Japan’s third-largest automaker, said it may expand its partnership with Chrysler LLC beyond a current agreement to supply the US company with small cars in exchange for pickups. “We continue to explore opportunities to work with Chrysler but have nothing to announce at this point,” Pauline Kee, a Tokyo-based Nissan spokeswoman, said yesterday by phone. Chrysler and Nissan are in talks over producing a mid-sized sedan to be marketed in the US under the Chrysler brand, the Wall Street Journal reported, citing people familiar with the matter.
■ENTERTAINMENT
China music site launched
Google Inc said on Wednesday that it has launched a music search service in China that allows users to access music legally online in a forum backed by some record labels and supported by advertising revenue. Google’s service, called Music Onebox, directs users to Top100.cn, a site that names as an investor basketball star Yao Ming (姚明), to download or stream music for free. Users outside China are blocked from accessing the music. Top100.cn is a Beijing-based Web site that already has licensing agreements with Vivendi SA’s Universal Music Group and about 100 other labels. Talks are ongoing with Sony BMG and Warner Music Group Corp. to become partners.
■SOUTH KOREA
Key interest rate raised
The Bank of Korea raised its key interest rate yesterday to the highest level since 2001 despite the slowing economy, in an attempt to curb “stubbornly high” inflation. The central bank increased the benchmark seven-day repurchase agreement rate for this month to 5.25 percent from 5 percent. The increase, the first for a year, brings the rate to its highest since early February 2001. “Consumer prices are expected to remain stubbornly high for a considerable time given lingering fallout from higher oil prices and a possible gain in public utility charges,” the bank said in a statement. Annual inflation hit a near 10-year high of 5.9 percent last month. The central bank expects full-year inflation of 4.8 percent.
■AVIATION
Cityline pilots strike
Flights from several German airports were disrupted yesterday by a strike by pilots with Lufthansa subsidiary Cityline, the union Cockpit said. The 36-hour strike started at midnight on Wednesday at all airports served by Cityline: Frankfurt, Dusseldorf and Berlin-Tegel, Munich and Hamburg. Cockpit said 99 percent of its members had voted for the strike after pay talks with management of both Cityline and Eurowings — another Lufthansa subsidiary — broke down.
■INSURANCE
AIG posts another loss
American International Group Inc (AIG) on Wednesday posted its third straight quarterly loss, a rude awakening to investors hoping that troubles in the insurer’s mortgage market investments were starting to level off. Shares of AIG fell nearly 8 percent in after-hours trading. The world’s largest insurer suffered a deficit of US$5.36 billion in the second quarter after losing US$5.56 billion, or US$3.62 billion after taxes, in what are called credit default swaps — policies that protect bondholders against defaults — and writing down US$6.08 billion, or US$4.02 billion after taxes, in the value of other investments. Over the past three quarters, AIG has lost more than US$25 billion, pretax, to credit default swaps, and more than US$15 billion, pretax, in other investments.
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