Peugeot announces loss
French auto giant PSA Peugeot Citroen said yesterday it slumped to a first half loss of 962 million euros (US$1.37 billion) as the global economic crisis hit the auto industry. In its first half last year, the company reported a net profit of 733 million euros but finished the year with a net loss of 343 million euros as the economic crisis decimated auto sales. PSA said it was maintaining its forecast for a 12 percent fall in the European vehicle market this year, with “the beginning of a recovery seen towards the end of 2010.”
BHP settles iron contracts
Anglo-Australian mining giant BHP Billiton said yesterday it had settled half its controversial iron ore contracts, with one-quarter of customers agreeing to cuts of between 33 percent and 44 percent. The company said it had agreed to sell 23 percent of its volume through contracts and 30 percent through a mix of quarterly negotiated pricing, spot market and index-based pricing. It did not detail which countries the settled contracts were from, but analysts said it appeared they were Japanese or Korean steel mills.
Toshiba announces loss
Japanese high-tech giant Toshiba said yesterday it lost more than US$600 million in the three months to last month as the economic downturn hit sales of televisions and other electronics. Toshiba announced a net loss of ¥57.8 billion (US$610 million) for the fiscal first quarter, compared with a loss of ¥11.6 billion in the same period of the previous year. The group maintained its forecast that it would end the full financial year to March ¥50 billion in the red, after a record net loss of ¥343.6 billion last year.
SK to sell stake in Virgin
South Korea’s top mobile carrier SK Telecom said yesterday it planned to sell all its 15.3 percent stake in US-based wireless operator Virgin Mobile USA. Sprint Nextel announced it will buy Virgin Mobile USA for US$483 million and absorb it. “As Virgin Mobile is being absorbed by Sprint Nextel, we will be offered a 0.53 percent stake in Sprint Nextel,” an SK Telecom spokesman said.
Nomura announces profit
Japan’s top securities firm Nomura, digesting a takeover of large parts of failed US bank Lehman Brothers, announced yesterday its first profit in six quarters as financial turmoil eases. Nomura Holdings announced a net profit of ¥11.42 billion for the fiscal first quarter, returning to the black after a record loss of ¥709.4 billion in the last business year through March. Its revenue jumped 41 percent from a year earlier to ¥363.6 billion, helped by recovery on global financial markets.
Temasek seeks co-investors
Singapore’s state-owned investment company Temasek Holdings is looking for ways to invite the public to co-invest, chief executive officer Ho Ching (何晶) said yesterday. Temasek would first pilot such a program with “sophisticated co-investors” and test it over the next five to eight years, she said. “If this pilot is successful, we may then consider a co-investment platform for retail investors in perhaps eight to ten years’ time,” said Ho, adding that the plans “may become clearer over the next six to 12 months.”
EFFICIENCY: The rules for Philippine arrivals were revised after 17.6% of arrivals with symptoms tested positive, compared with 0.7% of those with no symptoms Starting today, Chinese spouses who hold a reunion permit can apply to enter Taiwan and travelers without symptoms from the Philippines do not need to be tested for COVID-19 upon arrival, but are to be tested after a 14-day quarantine, the Central Epidemic Command Center (CECC) said yesterday. Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, said that from today, Chinese who are married to a Taiwanese citizen and hold a reunion permit can apply to the National Immigration Agency for entry into Taiwan. Chinese who are married to a foreign national and hold an accompanied reunion permit
CONSOLIDATION? Taiwan Thinktank deputy executive-general Doong Sy-chi said Beijing’s intimidation tactics are further alienating those who identify as Chinese Only 2 percent of respondents to a poll on constitutional amendments and national identity identified as Chinese, while 62.6 percent identified as Taiwanese, the Taiwan Thinktank said yesterday. Legislators have proposed amendments to the Additional Articles of the Constitution (憲法增修條文), which would change the definition of the nation’s territory, remove the Taiwan Provincial Government as an entity, prioritize the use of “Taiwan” for national groups at international events, and remove restrictions on defining the national emblem, national flag and national anthem. The poll showed that 80.5 percent of respondents agreed that the nation should participate as “Taiwan” at events organized by world
MISTAKE: The Global Covenant of Mayors for Climate and Energy is not a UN body, and the government is committed to protecting the nation’s name, Joseph Wu said The Ministry of Foreign Affairs yesterday condemned the Global Covenant of Mayors for Climate and Energy for listing Taiwanese cities as belonging to China on its Web site, and asked that it correct the error. The organization was inaugurated in Brussels in 2016 as a global coalition of mayors committed to reducing greenhouse gas emissions. Six Taiwanese cities at the time joined the coalition as cities in “Taiwan,” the ministry said. However, officials from the Kaohsiung City Government — one of the organization’s members — last week noticed that the city was now listed on the organization’s Web site as a
BALANCED DEVELOPMENT: TSMC chairman Mark Liu said the firm is committed to local investment: a third in the north, a third in the center, a third in the south Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday said that, based on its strategy of balancing capacity, it plans to make northern Taiwan its manufacturing hub for advanced technologies that go beyond 2 nanometers. “As the company is committed to investing in Taiwan, we try to deploy one-third [of our total production capacity] in the north and have one-third each in the center and south” of the nation, TSMC chairman Mark Liu (劉德音) told reporters on the sidelines of Semicon Taiwan’s Master Forum in Taipei. TSMC last year reached its goal of deploying capacity equally across those parts