■ELECTRONICS
Philips reports profit drop
Dutch electronics giant Philips yesterday reported a net profit of 45 million euros (US$62.6 million) in the second quarter, a drop of 94 percent compared with the same period last year. The results were higher than expected by analysts, who had predicted a net loss of 125 million euros after a net profit of 732 million euros in the second quarter of last year. Philips turnover stood at 5.23 billion euros in the second quarter, down 19 percent from 6.46 billion euros in the same period last year, because of “continuing weakness in consumer and professional markets,” the group said.
■CURRENCIES
US unconcerned about dollar
US Treasury Secretary Timothy Geithner said on Sunday he was not concerned that the US dollar is weakening as a reserve currency, despite recent criticism from China, Russia and France. “A strong dollar is in the interest of the United States,” Geithner said in an interview on CNN, “and our commitment to the world, and of course, the American people, is to make sure we’ll put in place the policies that can sustain confidence in this economy and this financial system.” Geithner’s comments come as France joined a chorus of other countries critical of the dollar’s dominance over other currencies, with French President Nicolas Sarkozy saying on Thursday that a “multipolar world must be a multicurrency world.” Sarkozy is the first European leader to join with China and Russia, who have called for a new international reserve currency similar to the Special Drawing Rights — an artificial currency used by the IMF.
■TRADE
S Korea posts record surplus
South Korea posted a record trade surplus last month as the value of imports fell more than exports amid the global recession, government figures showed yesterday. The Korea Customs Service said the surplus was US$7.27 billion last month, the highest since data began to be compiled in 1952. It was the fifth consecutive month of surpluses since February, with the cumulative surplus for the first half standing at US$28 billion. Exports fell 12.4 percent last month from a year earlier to US$32.63 billion, while imports dropped 32.9 percent over the same period to US$25.36 billion.
■AUTOMOBILES
Honda to expand hybrids
Honda Motor Co, Japan’s second-biggest carmaker, plans to expand the number of hybrid vehicles it offers domestically to compete with Toyota Motor Corp’s best-selling Prius. The carmaker will bring out a hybrid version of the Fit car next year and the hybrid CR-Z sports coupe in February, chief executive officer Takanobu Ito, told reporters yesterday in Tokyo. The new vehicles will give Tokyo-based Honda four hybrids in its lineup.
■HONG KONG
Slump leads to depression
The number of people in Hong Kong suffering from depression has risen by more than a third as the global economic crisis rocks the wealthy city of 7 million people, a survey released yesterday showed. Twelve percent of the city’s adult population now suffer from mild or more severe depression, said the Hong Kong Institute of Asia-Pacific Studies, which surveyed more than 2,000 people. The percentage is the highest level in seven years and a sharp rise on the 8.8 percent recorded last year and 8.3 percent recorded in 2007, researchers said.
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