Deutsche Bank may cut jobs
The biggest German bank, Deutsche Bank, wants to eliminate or farm out 1,300 German jobs, but without resorting to outright redundancy, the daily Die Welt said yesterday. Late last year, Deutsche Bank employed 80,000 people worldwide, including almost 28,000 in Germany. It warned in March that some jobs might be cut. In both the first and second quarters of this year, the bank has posted net profit of more than 1 billion euros (US$1.46 billion).
Air India pilots end strike
Pilots at the ailing state-run carrier Air India ended a five-day strike yesterday, saying the government had provided assurances that their salaries would not be cut. Senior pilots representative V.K. Bhalla told reporters in New Delhi the stoppage was “immediately and absolutely called off” and that they would return to work at once. The airline has canceled hundreds of flights since Saturday, when non-unionized senior pilots called in sick to protest against a slash of between 25 percent to 50 percent in incentive-based pay for more than 7,000 employees.
Ernst & Young raided
The Hong Kong offices of accounting giant Ernst & Young were raided by police as part of a fraud investigation linked to the city’s biggest corporate collapse, media said yesterday. The search, which occurred on Tuesday, came after Ernst & Young was accused in court earlier this month of falsifying documents to shield itself from a negligence claim brought by the liquidators of electronics company Akai Holdings, the South China Morning Post reported. The lawsuit ended last week with an out-of-court settlement, with Ernst & Young paying the liquidators, Borrelli Walsh, hundreds of millions of Hong Kong dollars, the Post said.
Nike profits unchanged
Nike Inc said on Tuesday that as consumers around the globe limited their spending, its first-quarter profit was nearly unchanged from a year ago, but it beat expectations. The world’s largest athletic shoe and apparel company reported that it earned US$513 million, or US$1.04 per share, for the quarter that ended Aug. 31. In the same quarter last year, Nike earned US$510.5 million, or US$1.03 per share. Revenue fell 12 percent to US$4.8 billion from US$5.4 billion a year earlier, due in part to the negative impact of the stronger dollar.
Google Wave to be released
Google was to release a new product yesterday aimed at making e-mail obsolete, the company said in a blog posting on Tuesday. Google Wave combines the best features of e-mail, instant messaging, social networking and collaborative document editing and was to be released to 100,000 developers and corporate users, the company said. The application was developed by Jens and Lars Rasmussen, brothers who had a key role in developing Google Maps.
CNN iPhone App launched
US cable network CNN launched a news application for the Apple iPhone on Tuesday, which costs US$1.99 and includes advertising, features news headlines and stories, photos and live breaking news video. The CNN iPhone App is available through Apple’s App Store and can also run on the iPod Touch. The CNN App allows for personalization of weather, traffic and news.
‘WEAK POSITIVE’: The man arrived in Taiwan in May and was quarantined for two weeks, Chen Shih-chung said, adding that he might be infected a long time ago The government is considering tightening mask-wearing rules again in light of a potential domestic COVID-19 infection, Minister of Health and Welfare Chen Shih-chung (陳時中) said yesterday. The Central Epidemic Command Center (CECC) confirmed seven new COVID-19 cases, six of which are imported. The other case involves a Belgian engineer who entered Taiwan on May 3 and remained in quarantine until May 17, said Chen, who heads the CECC. Although the source of infection has yet to be identified, the case could end the nation’s record of not having any domestic cases in the previous 110 days. The Belgian, in his 20s, is a technician
BRIBERY CASE: President Tsai Ing-wen accepted Su Jia-chyuan’s resignation as he said that he deeply regretted causing trouble for the president due to the investigation Presidential Office Secretary-General Su Jia-chyuan (蘇嘉全) yesterday resigned after his nephew, Democratic Progressive Party (DPP) Legislator Su Chen-ching (蘇震清), was implicated in a bribery case related to a dispute over the ownership of Pacific Sogo Department Store (太平洋崇光百貨). “I resigned from the post so that President Tsai Ing-wen (蔡英文) would not be bothered by it anymore, and the prosecutors can investigate the case in a fair and just manner. I thank President Tsai once again for supporting me. May the country continue to prosper under her leadership,” Su Jia-chyuan said in a statement. The Presidential Office said that Tsai has accepted
‘INCREASINGLY FAVORED’: Taiwan’s ‘transparent laws and efficient courts’ as well as its financial institutions give it a major advantage to become a financial hub, Tsai said Taiwan would liberalize banking and investment rules to establish itself as a regional financial hub, President Tsai Ing-wen (蔡英文) told the Taiwan Capital Market Forum in Taipei yesterday. Recent world events could be an opening for Taiwan to become an international center for business investments and financial management, Tsai said at the forum, which was organized by the Chinese-language Liberty Times (the sister publication of the Taipei Times). “We’re facing unknowns in the world right now, including the continuing impact of US-China trade tensions and the reorganization of the global supply chain after COVID-19,” Tsai said. “These bring new challenges and opportunities.” Tsai
ALEX AZAR: The first visit by a head of the Department of Health and Human Services would strictly observe the CECC’s special regulations, the Ministry of Foreign Affairs said US Secretary of Health and Human Services (HHS) Alex Azar is to lead a delegation to Taiwan — the highest-level visit by a US Cabinet official since the two sides cut formal relations in 1979. The plan was announced yesterday morning by the US Department of Health and Human Services and confirmed by the Ministry of Foreign Affairs (MOFA). Beijing has expressed its concerns to Washington, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin (汪文斌) said later yesterday. Taiwan and the US only issued statements saying that the visit would happen “in the coming days.” MOFA said that due to security concerns, it would