■REAL ESTATE
US builders pessimistic
Homebuilders are feeling increasingly pessimistic about their industry, more evidence that the US economic recovery is slowing. The National Association of Home Builders said on Monday that its monthly reading of builders’ sentiment about the housing market sank to 14 — the lowest level since March last year. Readings below 50 indicate negative sentiment about the market. The weak job market and an increasing number of foreclosed properties have prompted builders to limit construction of new homes. A modest revival in sales over the past year ended in May after federal tax credits expired at the end of April. Reports this week on new home construction and previously owned home sales last month are expected to show the housing market remains deeply hobbled.
■FOREX
Tax could fight poverty
A global tax on foreign exchange trades could raise US$30 billion to fight poverty with development projects, said the Leading Group, an international group of finance experts. A report by the group, commissioned by 12 governments, said a tax on currency deals would mean an extra 0.005 percent on each trade and would be simple to implement as it could be collected under existing mechanisms. The proceeds could be paid into a central pool and shared out among poor nations, the report said.
■TELECOMS
TeliaSonera Q2 profit rises
Nordic telecommunications operator TeliaSonera AB said net profit rose about 17 percent in the second quarter, largely thanks to lower costs. A report yesterday showed a net profit of 5.2 billion kronor (US$706 million) for the April to June period, up from 4.5 billion kroner in the same period last year. Revenues slumped by about 2 percent, however, to 27 billion kroner. TeliaSonera said exchange rate fluctuations weighed on the result. In its outlook for the year, the Stockholm-based company said net sales in local currencies and excluding acquisitions were expected to be “in line” with the first half.
■SEMICONDUCTORS
TI’s Q2 profit fails to please
Texas Instruments Inc’s (TI) second-quarter income and revenue jumped as demand continued to recover after the recession, yet investors had wanted even better results after seeing strong reports recently from other technology companies. Shares fell more than 5 percent following the chipmaker’s report on Monday. TI said net income nearly tripled to US$769 million, or US$0.62 per share, for the quarter that ended June 30. TI earned US$260 million in the same period last year. Revenue rose 42 percent to US$3.5 billion, matching the average analyst forecast. It was US$2.46 billion in the same period last year. For the third quarter, TI forecasts net income of US$0.64 to US$0.74 per share. Analysts have been expecting US$0.64.
■INTERNET
Facebook disappoints
Facebook Inc scored in the bottom 5 percent of a customer-satisfaction survey, below Google Inc and Yahoo Inc, as its frequent changes rankled users. Facebook received 64 on a 100-point scale, while Google scored 80 and Yahoo got 76, said a report based on the American Customer Satisfaction Index, which was developed by the University of Michigan’s business school. Concerns about privacy, design changes and aggressive advertising hurt Facebook’s status, the report found. Facebook has grappled with user complaints this year, while still attracting advertisers and millions of new members.
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