■CHINA
Agency raises growth figure
China yesterday revised upward its economic growth for last year to 9.6 percent after a nationwide census, but said the change had little impact on this year’s growth rate. That raised China’s GDP to 31.4 trillion yuan (US$4.6 trillion), compared with an earlier estimation of 30.1 trillion yuan, the national statistics agency said. The original data reported 9 percent economic growth year-on-year for last year. The revised data will be used for this year’s estimation of economic growth as a comparison base, but will have little impact on this year’s number, the statistics agency said.
■ECONOMY
More signs of recovery
New orders for long-lasting US manufactured goods excluding transportation items surged last month and new US applications for unemployment aid hit the lowest level in 15 months last week, pointing to a firmly entrenched economic recovery. The US Commerce Department said on Thursday that durable goods orders excluding transportation rose 2 percent last month, more than reversing October’s 0.7 percent drop and beating market expectations for a 1 percent rise. A separate report from the Labor Department showed initial claims for state unemployment benefits fell 28,000 to 452,000 last week. That was the lowest since September last year.
■OIL
Nippon to close units
Nippon Oil Corp and Nippon Mining Holdings Inc, set to merge in April, will shut three oil refining units and cut capacity at another plant by March 2011 as fuel demand shrinks in the world’s second-biggest economy. Nippon Oil will close three crude distillation units in Japan with a combined capacity of 204,000 barrels a day, the company said in a statement released in Tokyo. Nippon Mining will also reduce capacity at a plant in Kashima, near Tokyo. The two companies aim to shed 600,000 barrels a day, or about one-third of capacity, by March 2015 and save ¥100 billion (US$1.1 billion) a year.
■FINANCE
Daiwa to buy SMBC stake
Daiwa Securities Group Inc will pay ¥173.9 billion to Sumitomo Mitsui Financial Group Inc to buy out its stake in their investment banking venture, Daiwa Securities SMBC Co. Sumitomo Mitsui, which holds a 40 percent stake in the venture, will retain a 40 percent stake in Daiwa Securities SMBC’s private equity unit.
■INVESTMENT
Goldman seeks clearance
Goldman Sachs Group Inc is seeking regulatory clearance to create exchange-traded funds, a fast-growing segment of the money-management business. The company filed an application today with the US Securities and Exchange Commission to establish ETFs that track market indexes. The initial fund will seek to replicate an index based on the Brazilian, Chinese, Indian and South Korean stock markets, the New York-based company’s application said.
■TELECOMS
Lauer leaves Qualcomm
Qualcomm Inc said Len Lauer quit as chief operating officer of the world’s biggest maker of mobile-phone chips and accepted a chief executive officer’s role at another company. Lauer’s new employer is expected to be announced early next year, Qualcomm said in a filing on Thursday. Lauer, 52, joined Qualcomm in 2006 after spending eight years at Sprint Nextel Corp, most recently as chief operating officer.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
FOUR DESIGNATED AREAS: Notices were issued for live-fire exercises in waters south and northwest of Penghu, northeast of Keelung and west of Kaohsiung, they said The military is planning three major annual exercises across the army, navy and air force this month, with the navy’s “Hai Chiang” (海強, “Sea Strong”) drills running from today through Thursday, the Ministry of National Defense said yesterday. The Hai Chiang exercise, which is to take place in waters surrounding Taiwan, would feature P-3C Orion maritime patrol aircraft and S-70C anti-submarine helicopters, the ministry said, adding that the drills aim to bolster the nation’s offshore defensive capabilities. China has intensified military and psychological pressure against Taiwan, repeatedly sending warplanes and vessels into areas near the nation’s air defense identification zone and across
A Chinese takeover of Taiwan would severely threaten the national security of the US, Japan, the Philippines and other nations, while global economic losses could reach US$10 trillion, National Security Council Deputy Secretary-General Lin Fei-fan (林飛帆) wrote in an article published yesterday in Foreign Affairs. “The future of Taiwan is not merely a regional concern; it is a test of whether the international order can withstand the pressure of authoritarian expansionism,” Lin wrote in the article titled “Taiwan’s Plan for Peace Through Strength — How Investments in Resilience Can Deter Beijing.” Chinese President Xi Jinping’s (習近平) intent to take Taiwan by force
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