■SEMICONDUCTORS
Hynix cleared of charges
South Korea’s Hynix Semiconductor, the world’s second-largest memory chipmaker, said yesterday it has been cleared of charges that it violated anti-trust laws in the US and the EU. Hynix said the US Department of Justice and the European Commission, the EU’s executive branch, have closed investigations into possible violations regarding static random access memory (SRAM) chips. SRAM chips are used to store data in servers, switches and low-power devices such as handheld devices. “The investigations are now closed and no charges have been brought against any Hynix entity,” the chipmaker said in a statement.
■ELECTRONICS
Canon shelves plant plan
Japan’s Canon Inc said yesterday it was shelving plans to build a new domestic plant for digital cameras as the market rapidly shrinks. “Growth in demand for digital cameras has rapidly declined compared with original projections due to the global economic downturn,” Canon said in a statement. Canon, which produces cameras and office equipment, set up a new subsidiary in southern Nagasaki prefecture in July to build another plant making single-lens reflex cameras and compact digital cameras. The company said it has put off the plant for now and would monitor the market to see when it can restart the plan.
■CRIME
SEC Madoff probe launched
US Securities and Exchange Commission (SEC) chairman Christopher Cox late on Tuesday announced a probe into how his financial regulatory body failed to detect an alleged US$50 billion fraud scheme that Bernard Madoff is accused of running despite a decade of warning signs. The SEC “has learned that credible and specific allegations regarding Mr Madoff’s financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action,” Cox said in a statement. Cox said he has “directed a full and immediate review of the past allegations regarding Mr Madoff and his firm and the reasons they were not found credible, to be led by the SEC’s Inspector General.”
■FINANCE
Goldman reports first loss
Goldman Sachs Group Inc on Tuesday reported its first quarterly loss since it went public in 1999, losing US$2.29 billion during its fiscal fourth quarter, but investors seemed unfazed and sent its shares higher. The loss proves the turmoil in the financial markets has tripped up even the best-run financial institutions. The New York-based bank has long been considered the premier investment bank on Wall Street, and in recent quarters, the sturdiest amid the turmoil. The Wall Street firm lost US$4.97 per share in the quarter ended on Nov. 30, compared with earnings of US$3.17 billion, or US$7.01 per share, last year.
■CREDIT
EU relaxes aid rules
The European Commission said yesterday it was relaxing EU state aid rules until the end of 2010 to help companies secure crucial financing in the face of a credit crunch. Under the changes, member states can grant companies a lump sum of 500,000 euros (US$705,000) per company over the next two years to help them cope with the lack of credit. Governments will also be able to provide loan guarantees with reduced premiums as well as soft loans, particularly if they are for producing environmentally friendly products. Rules on how much venture capital can be provided by the state will also be loosened.
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