■ Computers
Sony recalls Vaio model
Sony Corp, the world's second-largest consumer-electronics maker, said it is recalling some Vaio computers to fix a possible power supply problem. Sony is offering free repair services for users of its RZ series Vaio desk-top personal computers, a model released in September last year, the company said on its Web site. Kyodo News earlier reported that Sony is recalling 20,000 units of the model, without citing anyone.
■ Hong Kong
Bankruptcies on the rise
More than 3,100 people a month are going bust in Hong Kong as the territory struggles to cope with an economic slump and the SARS outbreak, according to statistics released yesterday. The number of personal bankruptcies leapt 18 percent in March compared to the previous month's figures, with a total of 3,119 bankruptcy orders being issued. The level is 74 percent higher than in March last year and comes amid an economic downturn worsened by the outbreak of severe acute respiratory syndrome, which has killed 65 people and infected 1,297 in the past six weeks.
■ American Airlines
Deal remains uncertain
Mechanics and ground workers may have thrown a wrench into labor concession deals aimed at heading off a bankruptcy filing at American Airlines when their union leadership threatened on Thursday not to sign the pact over a dispute on executive compensation. Two other major unions also expressed outrage at news of special pension funding for senior management, just as rank-and-file workers agreed to stiff pay cuts. Jim Little, a senior member of the Transport Workers Union, berated a plan to provide funds for a pension trust that would pay top executives a portion of their pensions in the event of bankruptcy.
■ Crude Oil
Prices rise strongly
New York crude-oil futures had their biggest gain in three weeks after OPEC members including Iran, Algeria, Qatar and Indonesia said the producer group should reduce output at a meeting next week to prevent a glut. Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, hasn't said whether it will support a cut. Output rose to a 18-month high in March as members made up for disruptions caused by the Iraq invasion. OPEC's benchmark oil-price index has dropped 17 percent during the past month.
■ Illegal trading
NYSE to investigate
The New York Stock Exchange is investigating whether its specialist firms, including FleetBoston Financial Corp and LaBranche & Co, illegally traded stocks ahead of their clients, a practice known as front-running. FleetBoston suspended specialist David Finnerty on Monday in connection with trading of the shares of General Electric Co, the largest company by market value. FleetBoston spokesman Charles Salmans said it placed Finnerty on leave as it conducts an internal review in connection with the probe. "The NYSE does confirm that, as part of its ongoing commitment to surveilling the marketplace, it is conducting a review of trading practices at several specialist firms," the exchange said in a statement, which didn't name any firms. NYSE spokesman Ray Pellecchia declined to elaborate further.
PLA MANEUVERS: Although Beijing has yet to formally announce military drills, its coast guard vessels have been spotted near and around Taiwan since Friday The Taiwanese military is on high alert and is closely monitoring the Chinese People’s Liberation Army’s (PLA) air and naval deployments after Beijing yesterday reserved seven airspace areas east of its Zhejiang and Fujian provinces through Wednesday. Beijing’s action was perceived as a precursor to a potential third “Joint Sword” military exercise, which national security experts said the PLA could launch following President William Lai’s (賴清德) state visits to the nation’s three Pacific allies and stopovers in Hawaii and Guam last week. Unlike the Joint Sword military exercises in May and October, when Beijing provided detailed information about the affected areas, it
CHINA: The activities come amid speculation that Beijing might launch military exercises in response to Lai’s recent visit to Pacific allies The Ministry of National Defense (MND) yesterday said China had nearly doubled the number of its warships operating around the nation in the previous 24 hours, ahead of what security sources expect would be a new round of war games. China’s military activities come amid speculation Beijing might organize military drills around the nation in response to President William Lai’s (賴清德) recent visit to Pacific allies, including stops in Hawaii and Guam, a US territory. Lai returned from the week-long trip on Friday night. Beijing has held two rounds of war games around Taiwan this year, and sends ships and military planes
Five flights have been arranged to help nearly 2,000 Taiwanese tourists return home from Okinawa after being stranded due to cruise ship maintenance issues, the Ministry of Transportation and Communications announced yesterday. China Airlines Ltd (中華航空), and EVA Airways Corp (長榮航空) have arranged five flights with a total of 748 additional seats to transport 1,857 passengers from the MSC Bellissima back to Taiwan, the ministry said. The flights have been scheduled for yesterday and today by the Civil Aviation Administration, with the cruise operator covering all associated costs. The MSC Bellissima, carrying 4,341 passengers, departed from Keelung on Wednesday last week for Okinawa,
US president-elect Donald Trump said he would “never say” if Washington is committed to defending Taiwan from China, but “I would prefer that they do not do it [ an attack],” adding that he has a “good relationship” with Chinese President Xi Jinping (習近平). “I never say because I have to negotiate things, right?” Trump said in an interview with NBC’s Meet the Press host Kristen Welker after saying he would not reveal his incoming administration’s stance on Taiwan’s defense in the event of an attack. Asked the question again, Trump, in a reference to China, said: “I would prefer that they
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