Credit suisse: Bank to fire 1,750 workers
Credit Suisse First Boston told employees it will eliminate as many as 1,750 jobs, or 7 percent of its workforce, to further reduce expenses amid the biggest drop in business in a decade. The cuts are intended to reduce costs by US$500 million, on top of US$1.8 billion already wrung out of the firm, Credit Suisse Chief Executive John Mack told the firm's about 25,000 employees in an e-mail sent Monday evening. The cuts follow firings of some 4,800 workers, or 16 percent of the securities firm, since Mack took over as CEO in July 2001.
Economy: Japan upgrades outlook
Japan's Finance Ministry slightly upgraded its assessment of the economy yesterday, citing a rise in industrial production and improved consumer spending. But it was cautious toward much of the rest of the economy, saying employment conditions remain severe and companies are going bankrupt at a higher rate than last year. The quarterly assessment pulled together economic reports from the ministry's 11 regional finance bureau chiefs. Japan's economy has picked up in the past nine months as rising demand from overseas markets has lifted domestic output.
Oil reserves: Asian stockpile suggested
Asian countries should build an energy stockpile to meet growing demand for oil and to prevent Mideast volatility from disrupting supplies, Malaysia's oil industry chief said yesterday. Hassan Marican, president and chief executive of the national oil-and-gas company Petronas, said that Asia's energy needs rise constantly, but most nations have little or no stockpiling system to protect themselves against the threat of a fuel crisis.
NATIONAL SECURITY: The Chinese influencer shared multiple videos on social media in which she claimed Taiwan is a part of China and supported its annexation Freedom of speech does not allow comments by Chinese residents in Taiwan that compromise national security or social stability, the nation’s top officials said yesterday, after the National Immigration Agency (NIA) revoked the residency permit of a Chinese influencer who published videos advocating China annexing Taiwan by force. Taiwan welcomes all foreigners to settle here and make families so long as they “love the land and people of Taiwan,” Premier Cho Jung-tai (卓榮泰) told lawmakers during a plenary session at the Legislative Yuan in Taipei. The public power of the government must be asserted when necessary and the Ministry of
CROSSED A LINE: While entertainers working in China have made pro-China statements before, this time it seriously affected the nation’s security and interests, a source said The Mainland Affairs Council (MAC) late on Saturday night condemned the comments of Taiwanese entertainers who reposted Chinese statements denigrating Taiwan’s sovereignty. The nation’s cross-strait affairs authority issued the statement after several Taiwanese entertainers, including Patty Hou (侯佩岑), Ouyang Nana (歐陽娜娜) and Michelle Chen (陳妍希), on Friday and Saturday shared on their respective Sina Weibo (微博) accounts a post by state broadcaster China Central Television. The post showed an image of a map of Taiwan along with the five stars of the Chinese flag, and the message: “Taiwan is never a country. It never was and never will be.” The post followed remarks
Proposed amendments would forbid the use of all personal electronic devices during school hours in high schools and below, starting from the next school year in August, the Ministry of Education said on Monday. The Regulations on the Use of Mobile Devices at Educational Facilities up to High Schools (高級中等以下學校校園行動載具使用原則) state that mobile devices — defined as mobile phones, laptops, tablets, smartwatches or other wearables — should be turned off at school. The changes would stipulate that use of such devices during class is forbidden, and the devices should be handed to a teacher or the school for safekeeping. The amendments also say
CONSISTENT COMMITMENT: The American Institute in Taiwan director said that the US would expand investment and trade relationships to make both nations more prosperous The US would not abandon its commitment to Taiwan, and would make Taiwan safer, stronger and more prosperous, American Institute in Taiwan Director Raymond Greene said. “The US’ commitment to Taiwan has been consistent over many administrations and over many years, and we will not abandon our commitment to Taiwan, including our opposition to any attempt to use force or coercion to change Taiwan’s status,” he said in an exclusive interview with the Liberty Times (the sister newspaper of the Taipei Times) on Friday last week, which was published in the Chinese-language newspaper yesterday. The US would double down on its efforts
RSS