■MINING
Alcoa Q4 loss smaller
Alcoa Inc on Monday reported a smaller net loss for the fourth quarter, though revenue shrank as higher metal prices were offset by ongoing weakness in aerospace, construction and gas turbine businesses. Alcoa’s quarterly performance marks the unofficial beginning of the earnings season for S&P 500 companies, and it can be a sign of things to come. The report was released after the market closed and Alcoa’s shares fell in aftermarket activity. The Pittsburgh company reported a net loss of US$277 million, or US$0.28 per share, compared with a loss of US$1.19 billion, or US$1.49 per share, a year ago.
■JAPAN
Current account surplus rises
The country’s current account surplus grew in November for a fourth straight month, boosted by solid exports to the rest of Asia, government data showed yesterday. The surplus in the current account — the broadest measure of trade with the rest of the world — rose 76.9 percent from a year earlier to ¥1.10 trillion (US11.9 billion) in the month, the finance ministry said. The world’s second-largest economy logged a trade surplus of ¥490.6 billion, against a deficit of ¥92.2 billion in the same month of the previous year.
■AVIATION
Airbus to double output
Plane maker Airbus aims to double output of its new A380 superjumbo this year, chief operating officer Fabrice Breguier said in an interview published yesterday. “Airbus’ objective is to double A380 deliveries in 2010,” Breguier was quoted as saying in the French business daily Les Echos. “Our objective is deliver 20 A380s this year, attaining a stable rate of two planes per month in the second half of the year,” he said. In 2008 Airbus delivered 12 of the superjumbos.
■UNITED STATES
Fed made record profits
The Federal Reserve made record profits last year of about US$45 billion that will be returned to the coffers at the Treasury, the Washington Post reported on Monday. The Post said the figure, which it said was according to its own calculations based on public records, would be the highest earnings in the Fed’s 96-year history. The newspaper noted that much of the profits came about because of the Fed’s program of buying bonds with the aim of driving down interest rates and fueling growth in the hobbled the domestic economy.
■INTERNET
AOL to trim workforce
US Internet company AOL said on Monday it would cut jobs after a voluntary departure program failed to meet a target of trimming one-third of its global workforce. The Internet pioneer, which was spun off from media giant Time Warner last month after a troubled merger, had announced in November it would take a US$200 million charge as part of a restructuring as it regained independence.
■AUTOMOBILES
BMW expects growth
German automaker BMW expects a return to global sales growth this year, helped by emerging markets like China, after a difficult period last year, its head of sales said on Monday. “We see markets starting to recover,” Ian Robertson, head of sales and marketing, told reporters at the Detroit Auto Show, adding that BMW was aiming for “single digit growth.” BMW, which owns the BMW, Rolls-Royce and Mini brands, reported a 10.4 percent drop in global sales last year, for a total of 1.29 million vehicles.
Beijing’s continued provocations in the Taiwan Strait reveal its intention to unilaterally change the “status quo” in the area, the US Department of State said on Saturday, calling for a peaceful resolution to cross-strait issues. The Coast Guard Administration (CGA) reported that four China Coast Guard patrol vessels entered restricted and prohibited waters near Kinmen County on Friday and again on Saturday. A State Department spokesperson said that Washington was aware of the incidents, and urged all parties to exercise restraint and refrain from unilaterally changing the “status quo.” “Maintaining peace and stability across the Taiwan Strait is in line with our [the
EXTENDED RANGE: Hsiung Sheng missiles, 100 of which might be deployed by the end of the year, could reach Chinese command posts and airport runways, a source said A NT$16.9 billion (US$534.93 million) project to upgrade the military’s missile defense systems would be completed this year, allowing the deployment of at least 100 long-range Hsiung Sheng missiles and providing more deterrence against China, military sources said on Saturday. Hsiung Sheng missiles are an extended-range version of the Hsiung Feng IIE (HF-2E) surface-to-surface cruise missile, and are believed to have a range of up to 1,200km, which would allow them to hit targets well inside China. They went into mass production in 2022, the sources said. The project is part of a special budget for the Ministry of National Defense aimed at
READY TO WORK: Taiwan is eager to cooperate and is hopeful that like-minded states will continue to advocate for its inclusion in regional organizations, Lai said Maintaining the “status quo” in the Taiwan Strait, and peace and stability in the Indo-Pacific region must be a top priority, president-elect William Lai (賴清德) said yesterday after meeting with a delegation of US academics. Leaders of the G7, US President Joe Biden and other international heads of state have voiced concerns about the situation in the Strait, as stability in the region is necessary for a safe, peaceful and prosperous world, Lai said. The vice president, who is to be inaugurated in May, welcomed the delegation and thanked them for their support for Taiwan and issues concerning the Strait. The international community
COOPERATION: Two crewmembers from a Chinese fishing boat that sank off Kinmen were rescued, two were found dead and another two were still missing at press time The Coast Guard Administration (CGA) was yesterday working with Chinese rescuers to find two missing crewmembers from a Chinese fishing boat that sank southwest of Kinmen County yesterday, killing two crew. The joint operation managed to rescue two of the boat’s six crewmembers, but two were already dead when they were pulled from the water, the agency said in a statement. Rescuers are still searching for two others from the Min Long Yu 61222, a boat registered in China’s Fujian Province that capsized and sank 1.03 nautical miles (1.9km) southwest of Dongding Island (東碇), it added. CGA Director-General Chou Mei-wu (周美伍) told a