■ENERGY
LNG exports to India rise
Australia’s coal and liquefied natural gas (LNG) exports to India are set to climb as the South Asian nation’s economy undergoes rapid growth, the Reserve Bank of Australia (RBA) said yesterday. Asia is bouncing back from the global slump more quickly than the rest of the world at the same time as India is becoming an increasingly important destination for Australian resources, it said. “Indian demand for Australia’s exports has risen sharply, with particularly rapid growth over the past decade,” the bank said in a statement on monetary policy. “This has seen India’s share of Australia’s total exports increase to around 6.5 percent — a four-fold increase in less than a decade.”
■LUXURY GOODS
LVMH profits drop
French luxury group LVMH, the maker of fine champagne, Louis Vuitton purses and Dior perfume, reported on Thursday a drop in net profit last year as the economic crisis hurt wine sales. Net profit fell by 13 percent to 1.755 billion euros (US$2.416 billion) last year compared with 2.03 billion euros in 2008, while sales were down 1 percent to 17.05 billion euros, the company said in an earnings statement. Chief executive Bernard Arnault said the company remained cautious for this year, saying it was “difficult to predict.” LVMH did not forecast any results for this year.
■MINING
Rio Tinto picks China chief
Mining giant Rio Tinto has appointed a top iron ore executive to head its operations in China, in an apparent bid to repair relations with its biggest customer. Ian Bauert would become managing director for the China business with immediate effect, the company said yesterday. Bauert’s previous role was managing director for sales and marketing of Rio Tinto’s iron ore operation, and he has China experience. He opened the company’s first office in China more than 25 years ago and is a fluent Mandarin speaker, it said.
■INTERNET
Facebook turns six
Facebook marked its sixth birthday on Thursday by simplifying its home page and holding an all-night “hackathon” to craft new software for the social networking Web site. Facebook founder Mark Zuckerberg said the online community was hitting another milestone with membership climbing to 400 million this week. “So to celebrate six years of Facebook and the 400 million people on the service, we’re doing what we like doing most — building and launching products for people,” Zuckerberg said in a blog post. The new home page began rolling out worldwide late on Thursday, with links to content such as games and applications in a panel to the left of the screen.
■BANKING
Julius Baer profits rise 7.2%
Swiss private bank Julius Baer said yesterday its net profit rose 7.2 percent last year and it expected to play a key role in banking sector consolidation this year. It said net profit last year totaled 473.2 million Swiss francs (US$443 million), in line with analyst forecasts. Net banking income — the difference between interest earned and interest paid out — fell 4.6 percent to SF1.5 billion while assets under management rose 19 percent to SF153.6 billion, it said. It did not give further details on what steps it might take in the industry’s restructuring.
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