■BANKING
Europeans banks mull fund
Several European banks are considering the establishment of a 20 billion euro (US$25.1 billion) private sector recovery fund that could bail out financial institutions, the head of UniCredit bank told a paper yesterday. Writing in the Financial Times, chief executive of the Italian bank Alessandro Profumo, said that the fund could provide help to European banks in the event of another crisis. Banks would be able to turn themselves around without state bailouts, he said. “With voluntary contributions from the large European cross-border banks — say, the top 20 — a European recovery fund could accumulate a significant amount of risk capital [20 billion euros] over a few years,” he said.
■REAL ESTATE
London office rent climbs
Rents for the best offices in London’s main financial district climbed by almost a quarter in the first half of the year, the strongest six months of growth on record, according to NB Real Estate. Average rents for prime City of London offices rose 11.6 percent to £570 (US$855) a square meter in the second quarter, the London-based real estate adviser said in a statement. That followed an 11.8 percent gain in the previous three months. They are still down about a quarter from their 2007 peak. City of London rents are increasing as companies compete for quality space. Most projects were shelved during the recession as rents declined and only two prime buildings are coming onto the market next year. “The shortage of new space will become more acute over the next few years,” James Gillett, director of City offices, said in the statement.
■MANUFACTURING
Indian output weaker
India’s industrial output rose by a weaker-than-forecast 11.5 percent in May from a year earlier, official data showed yesterday. The figure, which comes after a revised 16.5 percent jump in April, was dragged down by slower mining and manufacturing activity and was far below market expectations of a 16 percent rise year-on-year. India’s economy has been showing signs of slowing slightly, with output growth easing and the rate of hiring cooling among manufacturing firms as new order flows begin to slacken. Manufacturing output growth declined to 12.3 percent year-on-year in May from 19.4 percent the previous month.
■AUTOMOTIVE
Renault issues recall
Renault Samsung Motors, the South Korean unit of the French carmaker, is voluntarily recalling 59,410 vehicles due to faulty gas-emitting valves in fuel tanks, the South Korean transport ministry yesterday said. The models subject to recall are the SM3 compact sedans produced between May 6 last year and June 15 this year and the recall will start on July 28, the ministry said in a statement. “The problem is not too severe but we are taking the precautionary measure for the safety of passengers,” a Renault Samsung spokesman said.
■TELEVISION
Televisa’s Q2 profit falls
Mexican broadcaster Televisa says its second-quarter profit fell 1.2 percent to 1.8 billion pesos (US$142 million) from 1.83 billion pesos during the same period last year. The company says net sales increased 14 percent to 14.45 billion pesos on revenue growth driven by TV broadcasting, pay TV, cable and telecom and other business. However, rising costs and taxes took a bite out of profits. Publishing and programming export income declined.
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