■ Aviation
Qantas takes on Virgin Blue
Qantas Airways is planning to launch a low cost airline in Australia in a move aimed at winning back passengers from discount carrier, Virgin Blue. "This demonstrates Qantas' commitment to ensuring our ongoing competitiveness," chairwoman Margaret Jackson said at the carrier's annual meeting yesterday. She gave no details of the new operation and did not say when it would start flying. But she said staff salaries might be reduced. In August, Qantas said it had put a team together to consider whether it should start a low cost carrier in the leisure markets. It had expected to make a decision around next month. Jackson told shareholders the transition to a new cost base was essential to Qantas' longterm success.
■ Airlines
KLM union wins guarantees
KLM Royal Dutch Airlines NV, Europe's fourth-biggest airline, agreed to union demands that it not fire workers for five years after its takeover by Air France SA, Algemeen Dagblad reported, citing an unidentified spokesman for the Dutch airline. KLM union FNV Bondgenoten had made its approval of the takeover dependent on the job guarantee, the newspaper said. One condition of the guarantee is that the Amstelveen, Netherlands-based carrier won't have to stick to the accord in the case of "external factors" such as wars, epidemics and terrorist acts, Algemeen Dagblad said. The carrier will also reconsider the agreement should KLM's profitability vary greatly from that of Europe's other largest airlines, the newspaper cited the KLM spokesman as saying.
■ Currencies
Moody's upgrades China
International rating agency Moody's Investors Service yesterday said it has upgraded the foreign currency ratings for China, Hong Kong and Macau, with the former British and Portuguese colonies now seen as slightly stronger than China. Moody's said in a statement that it raised the ceiling for China's foreign currency bonds and long-term foreign currency bonds to A2 from A3, with foreign currency bank deposits at A2, up from Baa1, and foreign currency notes and deposits at Prime-1, up from Prime-2. At the same time, the agency upgraded Hong Kong's foreign currency ceilings for bonds and bank deposits to A1 from A3, while affirming Hong Kong's Aa3 domestic currency rating. The agency also upgraded Macau's foreign currency ceilings for bonds and bank deposits to A1 from A3 and upgraded to A1 its foreign and domestic currency issuer ratings.
■ Telecoms
Ericsson has first profit
Sony Ericsson Mobile Communications Ltd, the world's fifth-largest maker of cellular phones, had its first quarterly profit ever as new handset models boosted sales. The net income at the London-based joint venture of Sony Corp and Ericsson AB was 62 million euros (US$73 million) in the three months ended September, compared with a loss of 93 million euros in the year-earlier period, it said in a Hugin news service release. Sales jumped 50 percent to 1.3 billion euros. The venture, formed in October 2001 with the aim to dethrone market leader Nokia Oyj, is boosting sales and taking market share with new models such as its T610 camera-phone. The venture is also looking to reduce costs after announcing 500 job cuts in June and stopping making some US phones.
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
The number of births in Taiwan fell to an all-time monthly low last month, while the population declined for the 16th consecutive month, Ministry of the Interior data released on Friday showed. The number of newborns totaled 8,684, which is 704 births fewer than in March and the lowest monthly figure on record, the ministry said. That is equivalent to roughly one baby born every five minutes and an annual crude birthrate of 4.52 per 1,000 people, the ministry added. Meanwhile, 17,205 deaths were recorded, resulting in a natural population decrease of 8,521, the data showed. More people are also leaving Taiwan, with net
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