■THAILAND
Bank keeps eye on baht
Thailand yesterday ordered the central bank to keep a close eye on the baht and “prepare measures” after the currency soared to a 29-month high against the US dollar, the finance minister said. Thai Prime Minister Abhisit Vejjajiva called a special meeting with top economic officials, including the governor of the Bank of Thailand, after the baht hit its highest peak since April 2008. The currency reached 31.16 to 31.18 baht against the greenback at one point on Wednesday morning, having climbed about 5 to 6 percent this year.
■SOUTH KOREA
Exit stimulus policies: IMF
South Korea should pursue “a carefully calibrated exit” from economic stimulus policies in the face of strong growth this year, the IMF said on Wednesday. The IMF — which again revised up its growth forecast for Asia’s fourth-biggest economy to 6.1 percent, from 5.75 percent in a July report — said expansion was increasingly led by private sector demand and was at or near full growth potential. “The outlook is nevertheless subject to downside risks related to a global economic weakening and heightened global financial strains, especially in advanced economies,” it said. Growth would ease to 4.5 percent next year, it added.
■MINING
Iron prices to fall: Rio
Rio Tinto Group, the world’s second-biggest iron ore supplier, said contract prices for the steelmaking commodity could fall 13 percent, the first decline in three quarters as Chinese demand weakens. Prices will fall to around US$127 a tonne for the three months starting on Oct. 1, from the previous quarter, Sam Walsh, the head of the London-based company’s iron ore business, said yesterday. Rates almost doubled in the April quarter, and gained more than 20 percent in the June-to-September period.
■PHARMACEUTICALS
Allergan to pay US$600m
Allergan, the maker of the popular anti-wrinkle treatment Botox, said on Wednesday it had agreed to pay US$600 million to settle a US probe into illegal marketing for so-called off-label uses. The company said in a statement it agreed to plead guilty to a single misdemeanor “misbranding” charge covering the period 2000 through 2005 and pay the government US$375 million. It will pay an additional US$225 million to resolve civil claims from the Justice Department under the False Claims Act, which relates to fraud.
■AUTOMOBILES
GM roadshow in November
General Motors Co (GM) plans to begin courting investors for its initial public offering (IPO) immediately after the Nov. 2 US midterm congressional elections, two sources familiar with the plans said on Wednesday. GM’s roadshow is currently set to begin on Nov. 3 and will last two weeks, the sources said. The IPO is expected to be priced on Nov. 17 and debut on Nov. 18, the sources said.
■ELECTRONICS
Sony unveils e-readers
Sony, battling Amazon and Apple in the electronic book reader race, unveiled its latest devices on Wednesday and expanded their availability to Australia, China, Italy, Japan and Spain. Sony cut the size and weight of all three of its e-readers while expanding the use of touchscreens to all models — allowing users to turn pages with a swipe of the finger like the Apple iPad. Sony hiked the price of its cheapest e-reader, the Reader Pocket Edition, by US$29, while adding a touchscreen.
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