■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 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