■INSURANCE
Swiss Re reports profit surge
Swiss Re, one of the world’s biggest reinsurers, yesterday reported a surge in first-quarter profit, although its results were dampened by losses from Chile’s earthquake and European storm Xynthia. Net profit rose by 21 percent to US$158 million in the first three months of this year against US$130 million a year earlier, the company said in a statement. “In the first quarter of 2010, we continued to deliver strong underlying performance, even though the result was impacted by high natural catastrophe losses, mainly from the earthquake in Chile and European winter storm Xynthia,” chief executive Stefan Lippe said.
■ELECTRONICS
Sanyo set for return to profit
Sanyo Electric said yesterday it expected to return to profit in the year to March next year, thanks to rising global demand for environmental products such as solar panels. For the year Sanyo, which became part of industry giant Panasonic in December, expected a net profit of ¥5 billion (US$53.4 million) and operating profit of ¥40 billion on sales of ¥1.75 trillion. The company said it expected to see continued moderate recovery in the global economy, although it also warned against the risk of rising prices of raw materials and falling prices of electronics products.
■BANKING
Commerzbank makes profit
Germany’s Commerzbank, hard hit by the financial crisis, reported yesterday its first profit since the second quarter of 2008, saying the result far exceeded expectations. Q1 profit was 708 million euros (US$909 million), against a loss of 864 million euros for the first quarter last year, the company said. Analysts had forecast a profit of US$435 million.
■RECRUITMENT
Adecco posts Q1 profit
Swiss-based staffing company Adecco SA yesterday posted a first-quarter net profit of 57 million euros thanks to improved market conditions. The profit compares to 23 million euros for the same period last year. Adecco CEO Patrick De Maeseneire said market conditions have significantly improved in most regions with higher demand in France and North America. Group revenues for the quarter were up 7 percent at 4 billion euros, Adecco said.
■AUTOMOBILES
French firm eyes venture
PSA Peugeot Citroen says it is creating a Chinese joint venture with Changan Automobile Group to make small, low-emission vehicles. The French carmaker said yesterday it is teaming up with the state-owned Chinese automaker for a 50-50 venture to produce “environmentally friendly light commercial vehicles and passenger cars.” A letter of intent has been signed, but details are still being discussed. The deal won’t compete with existing partnerships with other companies, Peugeot Citroen said.
■RATINGS
Goldman review possible
Fitch Ratings said on Wednesday that Goldman Sachs’ recent legal troubles and the evolving regulatory landscape might lead the agency to eventually review the bank’s top-tier credit rating. Fitch Ratings, a major credit ratings agency, said in a release that it left Goldman Sachs Group Inc’s rating of “A+” alone for now given its strong performance. Fitch noted that Goldman “consistently” outperforms its global banking peers. However, Fitch said it lowered its long-term view of Goldman’s debt ratings because of the legal issues Goldman is facing, which could hurt its reputation and ability to generate revenue.
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