■ Crime
Fraud climbs in the US
More American companies are reporting fraud -- from theft of office supplies to bid-rigging -- as a result of new government regulations and investor demands, according to a survey released yesterday by audit firm KPMG LLP. The survey of executives at more than 450 medium and large-sized US organizations found 75 percent had reported at least one instance of fraud this year, up from 62 percent in 1998, the last time KPMG conducted the periodic study. The firm did its first fraud survey in 1994. "This reflects not so much an increase in the incidence of fraud but increased awareness resulting in uncovering more instances of fraud," said Richard Girgenti, a partner in KPMG's forensic accounting practice. The cost of fraud is higher, too. Thirty-six percent of companies reported losses of US$1 million or more due to fraud this year, compared with 21 percent in 1998.
■ Automobiles
Turbo venture planned
Japan's Mitsubishi Heavy Industries (MHI) and Sumitomo Corp said yesterday they will establish a joint venture with Shanghai Diesel Engine Co to manufacture and market turbochargers in Shanghai. The aim of the establishment of the joint venture is to boost turbocharger sales in the Chinese market, the two Japanese companies said in a written statement. The new joint venture, Shanghai MHI Turbocharger Co, will be capitalized at US$8.5 million. MHI and Shanghai Diesel will each own a 40 percent equity stake in the venture, with Sumitomo taking the remaining 20 percent. The operation will begin in February with manufacturing of four types of medium-size turbochargers. The turbochargers will be used in industrial machinery, such as construction equipment, as well as trucks and buses.
■ Banking
Kookmin to expand in Asia
South Korea's largest lender Kookmin Bank said yesterday it plans to acquire foreign banks in Asia as part of its new strategy to streamline global operations. "Kookmin will additionally acquire one or two Asian banks a year to grow into an Asia-representative bank," Kookmin president Kim Jong-Tae said. The bank's recent participation in the acquisition of Bank Internasional Indonesia reflects its move to expand its presence in Asia, he said. "We will place the business focus more on Asia than on Europe and the United States down the road to develop into a leading Asian bank." In Asia, the bank will establish one or two new branches every year in accordance with its policy linking India, Thailand, Malaysia, the Philippines, Hong Kong, Japan and China, Kim said.
■ Fiscal Policy
Japan to inject funds
Japan's central bank said yesterday it will inject ?1 trillion (US$9.1 billion) into the financial system to help stabilize markets unnerved by a weekend announcement that the government was nationalizing a regional bank. The Bank of Japan will buy ?1 trillion in discount bills "to ensure stability in the financial markets" following news of the nationalization, a bank spokesman said on condition of anonymity. Prime Minister Junichiro Koizumi approved a decision Saturday to buy all of Ashikaga Financial Group's stocks to temporarily put the company -- including its core unit, Ashikaga Bank -- under government control after it fell into insolvency.
FREEDOM OF NAVIGATION: The UK would continue to reinforce ties with Taiwan ‘in a wide range of areas’ as a part of a ‘strong unofficial relationship,’ a paper said The UK plans to conduct more freedom of navigation operations in the Taiwan Strait and the South China Sea, British Secretary of State for Foreign, Commonwealth and Development Affairs David Lammy told the British House of Commons on Tuesday. British Member of Parliament Desmond Swayne said that the Royal Navy’s HMS Spey had passed through the Taiwan Strait “in pursuit of vital international freedom of navigation in the South China Sea.” Swayne asked Lammy whether he agreed that it was “proper and lawful” to do so, and if the UK would continue to carry out similar operations. Lammy replied “yes” to both questions. The
‘OF COURSE A COUNTRY’: The president outlined that Taiwan has all the necessary features of a nation, including citizens, land, government and sovereignty President William Lai (賴清德) discussed the meaning of “nation” during a speech in New Taipei City last night, emphasizing that Taiwan is a country as he condemned China’s misinterpretation of UN Resolution 2758. The speech was the first in a series of 10 that Lai is scheduled to give across Taiwan. It is the responsibility of Taiwanese citizens to stand united to defend their national sovereignty, democracy, liberty, way of life and the future of the next generation, Lai said. This is the most important legacy the people of this era could pass on to future generations, he said. Lai went on to discuss
MISSION: The Indo-Pacific region is ‘the priority theater,’ where the task of deterrence extends across the entire region, including Taiwan, the US Pacific Fleet commander said The US Navy’s “mission of deterrence” in the Indo-Pacific theater applies to Taiwan, Pacific Fleet Commander Admiral Stephen Koehler told the South China Sea Conference on Tuesday. The conference, organized by the Center for Strategic and International Studies (CSIS), is an international platform for senior officials and experts from countries with security interests in the region. “The Pacific Fleet’s mission is to deter aggression across the Western Pacific, together with our allies and partners, and to prevail in combat if necessary, Koehler said in the event’s keynote speech. “That mission of deterrence applies regionwide — including the South China Sea and Taiwan,” he
UNPRECEDENTED: In addition to the approved recall motions, cases such as Ma Wen-chun’s in Nantou are still under review, while others lack enough signatures The Central Election Commission (CEC) announced yesterday that a recall vote would take place on July 26, after it approved the first batch of recall motions targeting 24 Chinese Nationalist Party (KMT) lawmakers and Hsinchu Mayor Ann Kao (高虹安). Taiwan is in the midst of an unprecedented wave of mass recall campaigns, following a civil society push that echoed a call made by Democratic Progressive Party (DPP) caucus whip Ker Chien-ming (柯建銘) in January to initiate signature drives aimed at unseating KMT legislators. Under the Civil Servants Election and Recall Act (公職人員選舉罷免法), Taiwanese can initiate a recall of district-elected lawmakers by collecting
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