■INDIA
Economic growth slows
The nation’s economic growth slowed to a worse- than-expected 5.3 percent in the three months to Dec. 31, down from 8.9 percent in the same period a year earlier, official data showed yesterday. Growth in Asia’s third-largest economy, hit by a deepening global downturn, was also lower than the 7.6 percent expansion recorded in the previous quarter and came in sharply below analysts’ forecasts of 6 percent growth.
■JAPAN
Industrial output plummets
The nation’s industrial production plunged at a record pace last month, the government said yesterday, as collapsing overseas demand forced manufacturers to keep slashing output and jobs. Household spending and retail sales also fell. Production at manufacturers tumbled a stunning 10 percent from the previous month, the largest decline since Tokyo began measuring such data in 1953, and came after a 9.8 percent decline in December. Output fell most among makers of cars, electronics and general machinery, the Ministry of Economy, Trade and Industry said.
■ENERGY
CNPC to buy Venerex
China National Petroleum Corp (CNPC) has agreed to buy Canada’s Verenex Energy Inc, including its Libyan oil assets, in a deal worth C$499 million (US$400 million), the Calgary-based company said. The Chinese company’s international arm, CNPC International Ltd, in an all cash deal, offered C$10 per share, a 28 percent premium on the company’s closing price on Wednesday on the Toronto Stock Exchange, Verenex said in a statement late on Thursday.
■AUTOMOBILES
Opel workers protest
Thousands of Opel car workers took to the streets on Thursday as part of European-wide protests against cutbacks by General Motors (GM). Organizers said between 15,000 and 18,000 people took part in a rally at Opel’s main German plant at Ruesselsheim, near Frankfurt, carrying banners proclaiming “Yes we can” and “Fighting back makes the difference.” Peter Giesser, a member of Opel’s works council, said rallies were also expected at GM plants in Spain, Britain, Belgium and Poland.
■BANKING
HBOS posts US$15.4bn loss
Britain’s Lloyds Banking Group (LBG), 43 percent state owned after a bailout, said yesterday its HBOS operations made a pre-tax loss of £10.8 billion (US$15.4 billion) last year. LBG said in a results statement it expected the group to make a loss this year and was in talks with the British government about ring-fencing toxic assets. The bank was formed from the merger this year of the former Lloyds TSB and the troubled HBOS, which was badly hit by the credit crunch. Profits for the former Lloyds TSB part of the group were slashed by 75 percent, from £3.29 billion in 2007 to £819 million last year.
■INTERNET
Google to introduce ads
Google has introduced ads to the results of search queries on Google News in a move aimed at turning the news aggregation site into a money-making venture that may raise the hackles of newspapers and other media outlets. Josh Cohen, a business project manager at Google, announced the change in a post on the official Google News blog on Wednesday. Google News aggregates headlines from more than 4,500 English-language news sources around the world and provides links to articles on their Web sites.
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
SHOT IN THE ARM: The new system can be integrated with Avenger and Stinger missiles to bolster regional air defense capabilities, a defense ministry report said Domestically developed Land Sword II (陸射劍二) missiles were successfully launched and hit target drones during a live-fire exercise at the Jiupeng Military Base in Pingtung County yesterday. The missiles, developed by the Chungshan Institute of Science and Technology (CSIST), were originally scheduled to launch on Tuesday last week, after the Tomb Sweeping Day holiday long weekend, but were postponed to yesterday due to weather conditions. Local residents and military enthusiasts gathered outside the base to watch the missile tests, with the first one launching at 9:10am. The Land Sword II system, which is derived from the Sky Sword II (天劍二) series, was turned