■GREECE
S&P warns over rating
Standard & Poor’s warned on Wednesday that it could further downgrade the nation’s credit rating in the month ahead, citing risks to its growth forecast and public support for its reform measures. The agency said it was maintaining its current rating on long and short-term debt as well as its negative outlook on the country, which is struggling to curb its debt and public deficit. “In our view, a further downgrade of one or two notches is possible within a month,” S&P credit analyst Marko Mrsnik said. A new downgrade could put Greece in a high-risk investment category.
■AUTOMOBILES
Nissan recalling cars
Nissan Motor Co will recall 76,415 cars across 10 models in Japan due to a possible defect that may cause engine failure, a filing with the transport ministry showed. A Nissan spokesman said it would also recall 2,300 cars for the same problem overseas. Suzuki Motor will recall 432,366 units of two mini-car models in Japan, while Daihatsu Motor will recall 60,774 units of four mini-car models in Japan, separate filings said. Two incidents of fire have been reported among the Suzuki models because of a possible defect in air conditioners, while no accident has been reported in the Nissan and Daihatsu vehicles subject to the recall, the filings showed.
■INSURANCE
Aegon back in the black
Aegon NV, the bailed-out Dutch insurer, reported a return to profit in the fourth quarter as a result of gains on investments that previously made losses, a better operating performance and fewer impairments on assets. Net profit was 393 million euros (US$530 million), compared with a loss of 1.18 billion euros in the same period a year ago. In the Americas, where Aegon does more than half its business and owns the Transamerica company, operating profits were 201 million euros, from a loss of 1.17 billion euros in the fourth quarter of 2008.
■INSURANCE
Allianz meets forecast
The German insurance group Allianz yesterday posted a net profit of 4.3 billion euros for last year, in line with forecasts, and said it would raise its dividend to 4.10 euros per share. In the fourth quarter of last year, Allianz recorded a net profit of 1.076 billion euros, slightly below analysts’ expectations. Sales rose by 5.2 percent to 97.4 billion euros for all of last year, of which 23 billion euros came in the final three months of the year. The insurer did not give a detailed outlook for this year owing to “a very volatile market environment,” boss Michael Diekmann said in a statement. He planned, however, to reach an operating profit close to the level of 7.2 billion euros recorded last year.
■CHEMICALS
BASF profits plunge
German chemicals group BASF yesterday underscored sector problems last year, posting a net profit that was less than half its 2008 figure, but said the worst was behind it. It reported a net profit of 1.41 billion euros, down by 51.6 percent from 2008. Sales fell by 19 percent to 50.7 billion euros, BASF said in a statement, while core earnings were off by more than 43 percent at 3.6 billion euros.
■TELECOMS
Deutsche Telekom profits fall
Deutsche Telekom said yesterday that net profit plunged by more than 70 percent last year owing to asset devaluations of more than 2 billion euros. It recorded a profit of 400 million euros, compared with 1.48 billion euros in 2008.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique