■AUTOMOBILES
Strike at Honda plant ends
Workers at a parts supplier for Honda Motor Co’s China operations returned to work yesterday, ending a week-long strike that again highlighted the auto firm’s vulnerability to its Chinese suppliers. The strike at Atsumitec Co was another in a series by workers demanding a bigger piece of China’s growing economic wealth. It ended after workers agreed to a 45 percent pay raise to 1,420 yuan (US$210) per month, from a previous 980 yuan, after a meeting with the company’s Japanese managers late on Wednesday, a worker who took part in the strike said. Honda confirmed the strike had ended.
■BANKING
Credit Suisse income rises
Credit Suisse Group yesterday reported a 1 percent rise in second-quarter net income as the bank performed well despite difficult business conditions taking a toll on its investment banking unit. The Zurich-based bank said profits rose to 1.6 billion Swiss francs (US$1.5 billion), beating the expectations of analysts. Net revenues declined 2 percent to SF8.4 billion, but total operating expenses were also down.
■CURRENCY
Bernanke pans yuan policy
US Federal Reserve Chairman Ben Bernanke on Wednesday said China’s currency policy effectively subsidizes that country’s exports, giving fresh ammunition to China’s critics in Congress. Bernanke also said it was in China’s best interest to further raise the value of its currency, but made made clear that he thought congressional action was not the best way to get China to act.
■ELECTRONICS
Corning to found new factory
Corning Inc said it would invest US$800 million to build a factory to make liquid crystal display glass in Beijing. The world’s largest maker of LCD glass for televisions and computers cited strong market demand in its decision to ramp up investment in China. It plans to break ground on the project in September and begin production in the first half of 2012. As LCD-TV market penetration reaches 90 percent in the US, China will become the global leader in total TV sales — about 70 percent of them LCD models. Corning has projected that the Chinese market could rise 32 percent this year to 37 million LCD TVs.
■AUTOMOBILES
US firm to equalize hybrids
For the first time, a US automaker plans to sell a hybrid car for the same, lower price as its gas-powered counterpart, removing at least one obstacle for drivers who want a greener ride. At a little more than US$35,000, the Lincoln MKZ sedan won’t be cheap, but the decision by Ford to match the prices of the two styles could lead competitors to follow suit with future models. The hybrid MKZ, debuting this fall and running on both gas and electric power, will be a bargain after factoring in savings at the pump. It gets more than double the mileage of the traditional version in city driving.
■RETAIL
World Cup boosts UK sales
British retail sales volumes received a World Cup boost last month after strong sales of electrical goods drove a faster-than-expected 0.7 percent monthly rise, official data showed yesterday. The Office for National Statistics said sales volumes rose 1.3 percent on the year, also faster than the 1 percent gain expected after an upward revision to May’s monthly reading to 0.8 percent from 0.6 percent.
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
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
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