■ US spending
Bush gets US$79 billion
The US Congress on Saturday sent President George W. Bush a US$79 billion package to pay for conflicts in Iraq and Afghanistan, reward allies such as Turkey, bolster anti-terrorism and help struggling airlines. The huge bill, which Congress took up at the start of the war in Iraq and pushed through in just three weeks, gives Bush all the money he sought for the war, but curbs the free rein he wanted over most of the funds. Rushing to get the money to Bush before starting Congress' two-week spring recess, the House of Representatives passed the measure by a voice vote in a rare weekend session. The Senate agreed late on Friday to approve the measure even while House-Senate negotiators were working out its details and many lawmakers were headed to airports. "This bill began with the administration asking for a series of blank checks totaling almost US$70 billion," said Representative David Obey of Wisconsin, top House Appropriations Committee Democrat. The final measure, he said, "reintroduces them to the concept of checks and balances."
■ Dynegy
Losses restated to SEC
Dynegy Inc, a Houston-based power producer and natural-gas processor, said a review of its accounts shows last year's loss was US$2.74 billion rather than the US$2.8 billion the company had previously reported. The loss was equivalent to US$8.38 a share, compared with net income of US$406 million, or US$1.07 a share, in 2001, Dynegy said in a filing with the US Securities and Exchange Commission. The filing was made after auditor Pricewaterhouse-Coopers completed a review of Dynegy's financial statements back to 1999. Dynegy announced in June it had asked PWC to replace Arthur Andersen LLP as its auditor. The review of the financial statements began last July. In a separate filing, Dynegy said its net income for 1999, 2000 and 2001 totaled US$979 million, compared with US$1.03 billion reported in a February filing.
■ Video games
Game Boy improved
Nintendo's new mobile game device Game Boy Advance SP comes with an improved display capability. Unusual advertising measures reflected Nintendo's hope of using the Game Boy Advance launch in Europe to boost to its GameCube business: the first 400,000 mobile console buyers were promised a coupon worth 50 euros toward the purchase of a GameCube. The GameCube is the Japanese game manufacturer's direct competitor to Microsoft's Xbox console. The market leader remains Sony and its Playstation2.
■ Saga
Co-founder plans to quit
Graham Wylie, one of the founders of Sage Group Plc, said he plans to leave the UK's largest maker of accounting software, the London-based Times reported, citing the company. Wylie, who in his early 40s is worth £146 million (US$230 million), has no plans to sell the 8.5 percent stake that makes him Sage's largest shareholder, the Telegraph said. He was the company's UK managing director. "He's about to get married, he's just bought a house and he does a lot of charity work," said Michael Jackson, Sage's chairman, the Times reported. Wylie co-founded the company when he was studying statistics and computing at Newcastle University, the paper said.
CSBC Corp, Taiwan (台灣國際造船) yesterday released the first video documenting the submerged sea trials of Taiwan’s indigenous defense submarine prototype, the Hai Kun (海鯤), or Narwhal, showing underwater navigation and the launch of countermeasures. The footage shows the vessel’s first dive, steering and control system tests, and the raising and lowering of the periscope and antenna masts. It offered a rare look at the progress in the submarine’s sea acceptance tests. The Hai Kun carried out its first shallow-water diving trial late last month and has since completed four submerged tests, CSBC said. The newly released video compiles images recorded from Jan. 29 to
DETERRENCE EFFORTS: Washington and partners hope demonstrations of force would convince Beijing that military action against Taiwan would carry high costs The US is considering using HMAS Stirling in Western Australia as a forward base to strengthen its naval posture in a potential conflict with China, particularly over Taiwan, the Wall Street Journal reported on Saturday. As part of its Indo-Pacific strategy, Washington plans to deploy up to four nuclear-powered submarines at Stirling starting in 2027, providing a base near potential hot spots such as Taiwan and the South China Sea. The move also aims to enhance military integration with Pacific allies under the Australia-UK-US trilateral security partnership, the report said. Currently, US submarines operate from Guam, but the island could
RESTRAINTS: Should China’s actions pose any threat to Taiwan’s security, economic or social systems, China would be excluded from major financial institutions, the bill says The US House of Representatives on Monday passed the PROTECT Taiwan Act, which states that Washington would exclude China from participating in major global financial organizations if its actions directly threaten Taiwan’s security. The bill, proposed by Republican Representative Frank Lucas, passed with 395 votes in favor and two against. It stipulates that if China’s actions pose any threat to Taiwan’s security, economic or social systems, the US would, “to the maximum extent practicable,” exclude Beijing from international financial institutions, including the G20, the Bank for International Settlements and the Financial Stability Board. The bill makes it clear that China must be prepared
Taiwanese trade negotiators told Washington that Taipei would not relocate 40 percent of its semiconductor production to the US, and that its most advanced technologies would remain in the nation, Vice Premier Cheng Li-chiun (鄭麗君) said on Sunday. “I told the US side very clearly — that’s impossible,” Cheng, who led the negotiation team, said in an interview that aired on Sunday night on Chinese Television System. Cheng was referring to remarks last month by US Secretary of Commerce Howard Lutnick, in which he said his goal was to bring 40 percent of Taiwan’s chip supply chain to the US Taiwan’s almost
RSS