■AUTOMOBILES
Mitsubishi to cut 900 jobs
Mitsubishi Motors is preparing to cut some 900 more jobs as Japanese automakers downsize to cope with a slump in demand, media reports said yesterday. Japan’s fourth-largest automaker will not renew contracts for selected temporary workers at a factory in Kurashiki in western Japan, public broadcaster NHK said. The local Sanyo Shimbun said in its online edition that the factory had already terminated 250 jobs by the end of last month and the fresh job cuts could push the total number of layoffs above 1,000. “The layoff is inevitable for us to cope with the rapid fall in sales,” a factory official told the Sanyo.
■INDONESIA
Central bank cuts key rate
The central bank cut its key interest rate by half a percentage point yesterday in a bid to stimulate growth amid the global recession and easing inflationary pressures. Bank Indonesia cut its benchmark rate by a higher-than-expected 50 basis points to 8.75 percent, officials said. “Inflationary pressures continued to ease in recent months as a result of falling commodity and energy prices,” central bank governor Boediono said. The year-on-year inflation rate slowed to 11.06 percent last month from 11.68 percent in November following a cut in retail fuel prices.
■CHEMICALS
Dow sues for damages
Dow Chemical Co, the largest US chemical maker, said on Tuesday it plans to seek more than US$2.5 billion in damages from Kuwait for canceling a joint venture just days before its launch. A US$17.4 billion deal between Kuwait’s state-run Petrochemical Industries Co and Dow fell through on Dec. 28. The joint venture would have enabled Dow to acquire rival Rohm & Haas, the world’s largest maker of acrylic paint ingredients. Dow would have gained about US$7.5 billion after taxes from Kuwait’s investment. Petrochemical Industries was to buy a 50 percent stake in Dow’s commodity plastics unit. The agreement failed amid opposition from Kuwaiti parliamentarians who said it was overpriced.
■CHEMICALS
LyondellBasell unit bankrupt
The US arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for products made from chemicals. LyondellBasell said on Tuesday that one of its European holding companies had also filed for bankruptcy protection and that it arranged for up to US$8 billion in financing to keep operating. LyondellBasell, based in the Netherlands, is the world’s third-largest independent chemical company. The company warned last week that bankruptcy was an option as consumer demand continued to slow. The company had disclosed last month that several lenders let it postpone US$160 million in loan payments, and credit agencies cut its ratings to junk status.
■MUSIC
Apple cuts iTunes prices
Apple Inc closed its final appearance at the Macworld trade show on Tuesday by cutting the price of some songs in its market-leading iTunes online store to as little as US$0.69 and disclosing that soon every track would be available without copy protection. Apple’s top marketing executive, Philip Schiller, said iTunes songs would come in three pricing tiers: US$0.69, US$0.99 and US$1.29. Record companies will choose the prices, which marks a significant change, since Apple previously set all songs at US$0.99.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from