■ Fast Food
Chicken boosts McDonald's
McDonald's Corp, the world's largest chain of hamburger restaurants, had a fourth-quarter net income of US$125.7 million after new menu offerings such as white-meat Chicken McNuggets spurred the biggest sales gain in more than eight years. Net income of 10 cents a share compares with a loss in the year-earlier quarter, the company's first ever, of US$343.8 million, or 27 cents, McDonald's said in a statement. Revenue surged 17 percent to US$4.56 billion from US$3.9 billion.
■ Fraud
Credit card warning issued
The Bank of New Zealand yesterday issued a warning to companies about shipping goods to foreign countries -- especially Indonesia and in Africa -- that are paid for on the Internet by credit cards. It said stolen credit cards drawn on American banks were being used in "standard textbook scams" and warned merchants should be particularly wary if they received an order requesting goods to be shipped to a country where they would normally be readily available in the local market. Hugh Kavanagh, the bank's head of sales for domestic and international payments, said Indonesia and African countries were "the hot locations for this type of credit card fraud."
■ Banking
China to get more cash
International Finance Corporation (IFC), the World Bank's private-sector arm, said yesterday it plans to double its annual investment in China to about US$500 million within two years. The new investment level represents a sharp increase from the US$250 million IFC pumped into the country last year, said Karin Finkelston, an official for the IFC in Beijing. "We're looking in the financial sector where the state is allowing the private sector in," said Finkelston, adding there was no official investment quota and all decisions were market driven. IFC already holds shares in five Chinese retail banks -- Industrial Bank, Bank of Shanghai, Nanjing City Commercial Bank, China Minsheng Banking Corp and Xian City Commercial Bank.
■ Rogue Trades
Bank loses millions
Four rogue foreign currency traders have cost Australia's biggest bank A$360 million (US$270 million), National Australia Bank Ltd announced yesterday. The amount is double the estimate given last week and increases pressure on senior managers to resign over the scandal. "The total pre-tax loss includes A$185 million announced last week and an additional A$175 million from revaluation of the trading book," NAB said in a statement. "This will result in a post-tax loss of A$252 million."
■ Currencies
Call for stability of euro
Irish Finance Minister Charlie McCreevy said on Monday that the euro must keep its value over the medium to long term, and reiterated concerns over "excessive exchange rate moves." McCreevy, whose country currently holds the EU presidency, also said members of the 12-nation eurozone must respect the Stability and Growth Pact which underpins Europe's single currency. "The euro must keep its value over the medium- and long-run, in line with economic fundamentals. In the present circumstances we particularly stress stability and we are concerned about excessive exchange rate moves," he said.
South Korea has adjusted its electronic arrival card system to no longer list Taiwan as a part of China, a move that the Ministry of Foreign Affairs said would help facilitate exchanges between the two sides. South Korea previously listed “Taiwan” as “Taiwan (China)” in the drop-down menus of its online arrival card system, where people had to fill out where they came from and their next destination. The ministry had requested South Korea make a revision and said it would change South Korea’s name on Taiwan’s online immigration system from “Republic of Korea” to “Korea (South),” should the issue not be
The Legislative Yuan’s Finance Committee yesterday approved proposed amendments to the Amusement Tax Act (娛樂稅法) that would abolish taxes on films, cultural activities and competitive sporting events, retaining the fee only for dance halls and golf courses. The proposed changes would set the maximum tax rate for dance halls and golf courses at 50 and 20 percent respectively, with local governments authorized to suspend the levies. Article 2 of the act says that “amusement tax shall be levied on tickets sold or fees charged by amusement places, facilities or activities” in six categories: “Cinema; professional singing, story-telling, dancing, circus, magic show, acrobatics
Tainan, Taipei and New Taipei City recorded the highest fines nationwide for illegal accommodations in the first quarter of this year, with fines issued in the three cities each exceeding NT$7 million (US$220,639), Tourism Administration data showed. Among them, Taipei had the highest number of illegal short-term rental units, with 410. There were 3,280 legally registered hotels nationwide in the first quarter, down by 14 properties, or 0.43 percent, from a year earlier, likely indicating operators exiting the market, the agency said. However, the number of unregistered properties rose to 1,174, including 314 illegal hotels and 860 illegal short-term rental
INFLATION UP? The IMF said CPI would increase to 1.5 percent this year, while the DGBAS projected it would rise to 1.68 percent, with GDP per capita of US$44,181 The IMF projected Taiwan’s real GDP would grow 5.2 percent this year, up from its 2.1 percent outlook in January, despite fears of global economic disruptions sparked by the US-Iran conflict. Taiwan’s consumer price index (CPI) is projected to increase to 1.5 percent, while unemployment would be 3.4 percent, roughly in line with estimates for Asia as a whole, the international body wrote in its Global Economic Outlook Report published in the US on Monday. The figures are comparatively better than the IMF outlook for the rest of the world, which pegged real GDP growth at 3.1 percent, down from 3.3 percent
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