■PHARMACEUTICALS
Pfizer to cut research
Pfizer on Monday announced cuts in its research activities and staff after acquiring pharmaceutical rival Wyeth. Research and development activities will now be conducted at five main sites and nine specialized units around the world, compared with 20 R&D sites on completion of the Wyeth deal in the middle of last month, a company statement said. “As a result of these changes, Pfizer will reduce its global R&D square footage by 35 percent,” it said. No numbers were given in terms of staff cuts.
■TELECOMS
Vodafone posts rising profit
Telecommunications company Vodafone Group PLC yesterday reported a 15 percent increase in first-half net profit, boosted by favorable currency movements, acquisitions and a lower tax rate. For the six months ending Sept. 30, Vodafone made a net profit of £4.58 billion (US$7.6 billion), up from £3.99 billion a year earlier. Group revenue from continuing operations, however, was down 3 percent, the company said, while reported revenue — which accounts for acquisitions and divestments — rose 9 percent to £21.8 billion.
■AUTOMAKERS
Renault plans low-cost car
Renault chief Carlos Ghosn said yesterday the French automaker would launch a low-cost car in the Indian market in 2012 in a tie-up with India’s Bajaj Auto. The vehicle is aimed at taking on the world’s cheapest car, the Tata Nano, which hit Indian streets earlier this year, as well as building Renault’s presence in the fast-growing Indian auto market. Ghosn announced a deal had been struck with Bajaj Auto for the car, which would be designed and made by the Indian group and marketed by Renault.
■INTERNET
Yahoo promises turnaround
Yahoo Inc chief executive Carol Bartz yesterday promised to turn around the struggling company after this year’s “terrible” performance. Bartz reiterated her goal to boost operating profit margin to between 15 percent and 20 percent within the next two or three years by spurring revenue and cutting costs. That would be a sharp improvement over this year’s margins of 6 percent — a result she described as “terrible, terrible,” Bartz said at a luncheon hosted by the American Chamber of Commerce in Singapore.
■AVIATION
Korean Air posts Q3 profit
Korean Air, South Korea’s biggest airline, said yesterday it posted a third-quarter net profit compared with a big loss the year before thanks to cheaper fuel costs and a stronger local currency. Korean Air Lines Co earned 264 billion won (US$227.6 million) in the three months ended Sept. 30, the company said in a regulatory filing. Korean Air posted a net loss of 684.1 billion won a year earlier. Revenue, however, fell 10 percent to 2.48 trillion won from 2.76 trillion won the year before. It was Korean Air’s second straight profit after six straight quarterly losses.
■ENERGY
Reliance strikes oil
India’s energy giant Reliance Industries said yesterday it had struck oil in the Cambay basin, but it did not reveal the estimated size of the field. Reliance has 100 percent interest in an on-land exploration block that covers 635km² in the Cambay basin in India’s Gujarat state. The discovery has been named “Dhirubhai 43” after the founder of the Reliance empire, Dhirubhai Ambani, and because it is the 43rd oil discovery by the firm across India.
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
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
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