■TRADE
Lamy pushes trade pact
A swift conclusion to a new world trade pact could serve as a powerful stimulus for recovery from the global financial crisis, WTO chief Pascal Lamy said in an interview published yesterday. “Waiting for the crisis to disappear to conclude the Doha Round would mean depriving the world economy of a powerful engine for recovery,” Lamy told India’s Business Standard newspaper. Lamy said he would use global trade talks to be held in New Delhi on Sept. 3 to Sept. 4 as a platform to “make the case that concluding this round by the end of next year will be in the interest of all.”
■BANKING
BNP Q2 profit rose 6.6%
French bank BNP Paribas yesterday reported a 6.6 percent rise in second-quarter net profit to 1.604 billion euros (US$2.3 billion), boosted by market activities and contributions from the recently acquired Fortis bank. The finance and investment division, after solid results in the first quarter, posted pre-tax profit of 1.145 billion euros, more than double the figure for the same period last year. The group also noted the positive contribution of Fortis Bank, Belgium’s biggest lender. BNP Paribas completed the takeover of Fortis in May after an eight-month wrangle.
■INSURANCE
Munich Re’s profit up 12%
German reinsurance giant Munich Re reported yesterday a nearly 12 percent rise in second-quarter net profit on the back of a strong increase in premiums and investment returns. Despite the economic crisis, the Munich-based group reported earnings of 703 million euros (US$1 billion) in the three months ending June, compared with 628 million euros a year earlier. But Munich Re AG, one of the world’s top reinsurers, declined to set a profit guidance, citing “uncertainties resulting from the economic crisis.”
■SEMICONDUCTORS
Support for research
Intel unveiled a software program on Monday that lets Facebook users devote spare computer processing power to researching diseases or climate change. The chip giant teamed with nonprofit group GridRepublic to create a “Progress Thru Processors” application based on the popular online social networking service’s operating platform. The application enables Facebook users to allot idle computing power to work on projects for Rosetta@home to seek cures for cancer, HIV/AIDS, Alzheimer’s and other diseases, Climateprediction.net to enhance understanding of climate change or Africa@home to combat malaria .
■MINING
BHP taps Nasser as chair
BHP Billiton Ltd., the world’s largest mining company, named Jacques Nasser, a former chief executive officer of Ford Motor Co, to succeed Don Argus as chairman. Nasser, 61, will take over from Argus early next year, the Melbourne-based company said yesterday in a statement to the Australian Stock Exchange.
■AUSTRALIA
No change in interest rates
The central bank yesterday left interest rates unchanged at a 49-year low of 3 percent for the fourth successive month, expressing increasing confidence the global economy was stabilizing. Reserve Bank of Australia Governor Glenn Stevens gave another upbeat of assessment of the Australian economy, which has weathered the worldwide downturn with the best performance of any advanced country.
NO-LIMITS PARTNERSHIP: ‘The bottom line’ is that if the US were to have a conflict with China or Russia it would likely open up a second front with the other, a US senator said Beijing and Moscow could cooperate in a conflict over Taiwan, the top US intelligence chief told the US Senate this week. “We see China and Russia, for the first time, exercising together in relation to Taiwan and recognizing that this is a place where China definitely wants Russia to be working with them, and we see no reason why they wouldn’t,” US Director of National Intelligence Avril Haines told a US Senate Committee on Armed Services hearing on Thursday. US Senator Mike Rounds asked Haines about such a potential scenario. He also asked US Defense Intelligence Agency Director Lieutenant General Jeffrey Kruse
INSPIRING: Taiwan has been a model in the Asia-Pacific region with its democratic transition, free and fair elections and open society, the vice president-elect said Taiwan can play a leadership role in the Asia-Pacific region, vice president-elect Hsiao Bi-khim (蕭美琴) told a forum in Taipei yesterday, highlighting the nation’s resilience in the face of geopolitical challenges. “Not only can Taiwan help, but Taiwan can lead ... not only can Taiwan play a leadership role, but Taiwan’s leadership is important to the world,” Hsiao told the annual forum hosted by the Center for Asia-Pacific Resilience and Innovation think tank. Hsiao thanked Taiwan’s international friends for their long-term support, citing the example of US President Joe Biden last month signing into law a bill to provide aid to Taiwan,
China’s intrusive and territorial claims in the Indo-Pacific region are “illegal, coercive, aggressive and deceptive,” new US Indo-Pacific Commander Admiral Samuel Paparo said on Friday, adding that he would continue working with allies and partners to keep the area free and open. Paparo made the remarks at a change-of-command ceremony at Joint Base Pearl Harbor-Hickam in Hawaii, where he took over the command from Admiral John Aquilino. “Our world faces a complex problem set in the troubling actions of the People’s Republic of China [PRC] and its rapid buildup of forces. We must be ready to answer the PRC’s increasingly intrusive and
STATE OF THE NATION: The legislature should invite the president to deliver an address every year, the TPP said, adding that Lai should also have to answer legislators’ questions The Chinese Nationalist Party (KMT) yesterday proposed inviting president-elect William Lai (賴清德) to make a historic first state of the nation address at the legislature following his inauguration on May 20. Lai is expected to face many domestic and international challenges, and should clarify his intended policies with the public’s representatives, KMT caucus secretary-general Hung Meng-kai (洪孟楷) said when making the proposal at a meeting of the legislature’s Procedure Committee. The committee voted to add the item to the agenda for Friday, along with another similar proposal put forward by the Taiwan People’s Party (TPP). The invitation is in line with Article 15-2