■RESOURCES
Chalco swings into red
China’s largest aluminium producer Chalco (中國鋁業) said it swung into the red last year with a loss of 4.65 billion yuan (US$680 million) as the financial crisis took its toll. “In 2009, [Chalco] was hit by the global financial crisis, demand for aluminium plummeted and aluminium prices were low for a relatively long period of time,” the company said in a statement on the Shanghai stock exchange. “The firm’s production and operations suffered unprecedented difficulties and challenges,” it said in Saturday’s statement. The loss compared with a net profit of 9.2 million yuan in 2008, although this too was a significant drop from the previous year because of higher energy prices, falling demand and inventory devaluations as metal prices sank.
■TRADE
S Korea exporters buoyant
South Korean exporter sentiment rebounded in the second quarter despite worries about fiscal problems in Europe and the fading effect of global stimulus spending, a survey by a leading industry body showed yesterday. The Korea International Trade Association said in a statement that its export business survey index for the period from next month to June rose to 128.4 from 112.4 in the first quarter. That compared with 131.5 for the last three months of last year and 108.5 for the third quarter of last year. A reading above 100 means the sector’s business activity would continue to expand.
■BANKING
WaMu filed reorganization
Washington Mutual (WaMu) Inc filed a bankruptcy reorganization plan, two weeks after resolving a US$4 billion dispute with JPMorgan Chase & Co and the Federal Deposit Insurance Corp (FDIC). The FDIC seized WaMu’s flagship bank in 2008 and sold its assets to JPMorgan for US$1.9 billion. The sale resulted in the two banking companies and the government agency trading lawsuits over roughly US$4 billion in disputed deposit accounts following the largest bank failure in US history. The plan, which still has to be approved by a judge, would set up a US$7 billion trust fund for paying creditors, including the US$4 billion in deposit accounts that JPMorgan had claimed for itself.
■MILITARY
Brazil to choose bid winner
Brazil plans to announce early next month the winner of a multi-billion-dollar competition for modern fighter jets meant to cement its new role as Latin America’s pre-eminent military power. The tender, however, has been marked by infighting between Brazil’s air force and government, and fierce rivalry between the three nations vying to score the deal. The finalists now comprise France’s Rafale made by Dassault, Sweden’s Gripen NG by Saab and the F/A-18 Super Hornet by US giant Boeing. President Luiz Inacio Lula da Silva’s stated preference for the ultra-sophisticated, semi-stealth Rafale jet annoyed the air force, which preferred the much cheaper and easier-to-maintain Gripen.
■TRADE
Malaysia, India to sign FTA
Malaysia and India are on target to sign a free-trade agreement (FTA) by year end, Malaysia’s trade ministry said as officials readied for a third round of talks. The third round of trade negotiations will resume today through Wednesday in Kuala Lumpur after a delay of two years. The last round of talks was held in New Delhi in April, 2008.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from