■Mining
Kinross makes acquisition
Kinross Gold Corp announced on Monday it will acquire 91 percent of the shares of Red Back Mining Inc that it does not already own in an all-stock deal valued at US$7.1 billion. Toronto-based Kinross said the friendly merger with the African-focused gold producer will create a pure gold sector producer with an exceptional growth profile. Red Back’s two key projects are the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. Kinross has mines and projects in Canada, the US, Brazil, China and Russia. Analysts estimate the combined company’s gold production would be approximately 3.9 million ounces in 2015.
■Australia
Interest rate held again
The country held its official interest rate steady at 4.50 percent for a third month yesterday. The Reserve Bank of Australia (RBA) cited volatile global conditions for its decision to keep the cash rate on hold ahead of Aug. 21 polls. It is the third straight pause since Australia — the only advanced economy to avoid recession during the global crisis — broke away from advanced-economy peers and resumed lifting rates in October. Despite the RBA’s caution, the central bank governor noted that Asia and Latin America were powering ahead.
■Japan
PM mulls economic boosts
Japanese Prime Minister Naoto Kan yesterday said he would consider whether additional steps to boost the economy are needed amid fears Japan’s recovery is losing steam. “The labor situation is still severe and economic conditions overseas have not necessarily stabilized,” Kan told a budgetary committee of the parliament’s lower house. “We have come to a point where we will have to consider whether taking action in any way is necessary,” he said.
■Electronics
HP announces charges deal
Hewlett Packard (HP) on Monday announced it had negotiated a deal with US prosecutors to settle charges that it paid kickbacks to spur sales of its computer gear to government agencies. The computer company said it had reached “a settlement agreement in principle” to end a suit filed against it in federal court in Arkansas in 2007. HP did not disclose terms but noted that the deal was expected to have a “negative impact” of US$0.02 per share of stock, which amounted to about US$46 million based on the number of outstanding shares.
■Electronics
TI seeks capacity boost
Texas Instruments Inc wants to increase its capacity in Germany and is looking to hire more employees, Handelsblatt said, citing Manfred Hummel, who heads the company’s chip plant in the town of Freising. Infineon Technologies AG is expanding a facility in Dresden and has about 120 positions to fill, the newspaper reported, without specifying where it got the information.
■Logistics
Deutsche Post raises outlook
The world’s leading logistics group, Deutsche Post, posted earnings yesterday that benefited from restructuring and the pick-up in global activity, and raised its full-year outlook. The former postal monopoly said its second quarter net profit jumped by 22.7 percent to 81 million euros (US$106.5 million), whereas analysts had expected a decline of 42 percent. Sales gained 15.6 percent to 12.8 billion euros, and operating earnings before interest and tax doubled to 503 million.
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