■ Oil
Prices rise again in US.
US oil prices struck a fresh record high above US$44 a barrel yesterday, on contin-uing concerns that any hiccup in the tightly stretched supply chain could lead to a major dis-ruption in global crude flows. US crude struck US$44.28 a barrel, US$0.13 up from Tuesday's settle-ment and the highest since oil futures were launched on the New York Mercantile Exchange in 1983. London's Brent crude was US$0.18 higher at US$40.82 a barrel. Oil's latest boost was triggered on Tuesday, when the head of the OPEC producers' cartel said there was no spare oil imme-diately available to cool ed-hot prices.
■ Oil
PetroChina scraps gas plan
A Chinese state oil company has called off plans for a foreign consortium inclu-ding Royal Dutch/Shell and ExxonMobil to invest in a multibillion-dollar pipeline to supply natural gas to China's booming eastern cities, according to Shell. The announcement came as PetroChina Co said its workers on Tuesday welded into place the last segment of the 4,000km-long pipeline that links gas fields in the northwest to Shanghai and nearby cities. The US$5.2 billion pipeline was the first major energy project opened to foreign investors. Shell said the consortium failed to find "common ground" with PetroChina.
■ Banking
Foreign firms' limits eased
China has announced new steps meant to ease the expansion of foreign banks, cutting capital requirements and scrapping a waiting period for opening branch offices. The measures take effect Sept. 1 and will help China comply with inter-national standards, the China Banking Regulatory Commission said in a statement issued late on Tuesday. The government has promised to let foreign banks compete on an equal footing with Chinese banks by 2006 under the terms of its WTO membership. The latest changes affect foreign banks licensed to handle the yuan, China's tightly regu-lated currency, and will "reduce the operating costs of foreign banks and pro-mote their healthy develop-ment," the commission's statement said. The capital requirement for branches dealing with Chinese com-panies will be cut by 25 percent to 300 million yuan (US$36 million), while the limit for branches handling individuals will fall by 15 percent to 500 million yuan, the agency said. It said a one-year waiting period between the openings of new bank branches will be scrapped.
■ Pharmaceuticals
Bristol-Myers to pay SEC
Bristol-Myers Squibb Co, the largest US maker of AIDS drugs, will pay at least US$75 million to settle a US Securities and Exchange Commission probe of whether the company encouraged wholesalers to buy excessive supplies, people familiar with the matter said. The settlement may be announced today, the people said. The com-pany has been under SEC scrutiny since 2002 over "channel stuffing" -- giving incentives to wholesalers to buy more drugs than they could sell. Bristol-Myers agreed last week to settle related shareholder lawsuits for US$300 million, the largest payment by a drug company in a securities-fraud case in US history. Bristol-Myers in March last year restated more than US$2.5 billion in revenue, saying it improperly booked sales to two of its largest wholesalers after shipping more goods than they needed for retail demand.
US President Donald Trump yesterday announced sweeping "reciprocal tariffs" on US trading partners, including a 32 percent tax on goods from Taiwan that is set to take effect on Wednesday. At a Rose Garden event, Trump declared a 10 percent baseline tax on imports from all countries, with the White House saying it would take effect on Saturday. Countries with larger trade surpluses with the US would face higher duties beginning on Wednesday, including Taiwan (32 percent), China (34 percent), Japan (24 percent), South Korea (25 percent), Vietnam (46 percent) and Thailand (36 percent). Canada and Mexico, the two largest US trading
AIR SUPPORT: The Ministry of National Defense thanked the US for the delivery, adding that it was an indicator of the White House’s commitment to the Taiwan Relations Act Deputy Minister of National Defense Po Horng-huei (柏鴻輝) and Representative to the US Alexander Yui on Friday attended a delivery ceremony for the first of Taiwan’s long-awaited 66 F-16C/D Block 70 jets at a Lockheed Martin Corp factory in Greenville, South Carolina. “We are so proud to be the global home of the F-16 and to support Taiwan’s air defense capabilities,” US Representative William Timmons wrote on X, alongside a photograph of Taiwanese and US officials at the event. The F-16C/D Block 70 jets Taiwan ordered have the same capabilities as aircraft that had been upgraded to F-16Vs. The batch of Lockheed Martin
GRIDLOCK: The National Fire Agency’s Special Search and Rescue team is on standby to travel to the countries to help out with the rescue effort A powerful earthquake rocked Myanmar and neighboring Thailand yesterday, killing at least three people in Bangkok and burying dozens when a high-rise building under construction collapsed. Footage shared on social media from Myanmar’s second-largest city showed widespread destruction, raising fears that many were trapped under the rubble or killed. The magnitude 7.7 earthquake, with an epicenter near Mandalay in Myanmar, struck at midday and was followed by a strong magnitude 6.4 aftershock. The extent of death, injury and destruction — especially in Myanmar, which is embroiled in a civil war and where information is tightly controlled at the best of times —
China's military today said it began joint army, navy and rocket force exercises around Taiwan to "serve as a stern warning and powerful deterrent against Taiwanese independence," calling President William Lai (賴清德) a "parasite." The exercises come after Lai called Beijing a "foreign hostile force" last month. More than 10 Chinese military ships approached close to Taiwan's 24 nautical mile (44.4km) contiguous zone this morning and Taiwan sent its own warships to respond, two senior Taiwanese officials said. Taiwan has not yet detected any live fire by the Chinese military so far, one of the officials said. The drills took place after US Secretary
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