■BANKING
Banks lobby against reform
The world’s biggest banks are urging the EU and US to back down on threats to clamp down on their industry, which they insist will damage consumers and investors, and hinder plans for an international approach through the G20. In a letter to US Treasury Secretary Tim Geithner and EU Markets Commissioner Michel Barnier, the bankers warn of their concerns “that the US and EU are pursuing regulatory reforms in a manner that could conflict with G20 reform commitments, potentially resulting in a fragmented transatlantic capital market to the detriment of consumers, investors and other market participants.” The banks are particularly concerned about the US plans for the Volcker rule, intended to stop banks engaging in risky trading activities, and Europe’s planned curbs on hedge funds.
■AVIATION
Ash cloud closes airspace
Airspace above France, Italy and Portugal was closed yesterday and dozens of flights canceled because of an ash cloud drifting over from a volcano in Iceland that caused air travel chaos last month. French authorities said the cloud forced the suspension of about 20 flights at the airport in Nice and all flights to the city of Porto in northern Portugal were suspended until 2pm yesterday, airport officials there said. Most of the affected planes were from British company easyJet and included flights to or from Paris, London, Geneva and other major European centers, airport officials said.
■AUTOMOBILES
Toyota to post US$1bn profit
Japan’s embattled auto giant Toyota will likely post an operating profit of about US$1 billion for the year to March despite worldwide safety recalls, a local newspaper reported yesterday. Toyota, which is to release its annual results tomorrow, may report an operating profit of up to ¥100 billion (US$1.09 billion), the Yomiuri Shimbum reported, without citing sources. The world’s top automaker posted a net loss of US$4.4 billion in the year to March of last year, the first time ever it had sunk into the red, as global auto sales collapsed during the recession.
■MINING
Striking workers block mine
Some 3,000 workers blocked road access to the Collahuasi copper mine in northern Chile on Saturday, lowering production and clashing with police, workers and mining officials said. The workers were seeking better wages and conditions at their on-site living quarters and were prepared to prolong their strike — begun on Friday — “indefinitely,” strike leader Victor Reyes told Radio Cooperativa. Managed by Xtrata and Anglo America, Collahuasi said it was open to dialogue with the strikers, calling their action “unnecessary” in a statement. It said production at the mine continued, albeit “under restricted conditions.”
■AUSTRALIA
Deficit forecast shrinks
Australia’s budget deficit will be smaller than previously forecast, Australian Treasurer Wayne Swan said yesterday, adding that the country’s economy was in a good position to withstand any global shocks. Swan, who releases the national budget tomorrow, would not give an exact figure on the deficit, which 12 months ago was forecast to be a record A$57.6 billion (US$51.2 billion) for 2009-2010. “Certainly the deficit will be less than we were forecasting a year ago,” he told commercial television, adding that the global downturn was still having a lingering impact on the economy.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft