■ Auto Industry
GM may boycott newspaper
General Motors Corp said it would stop advertising in the Los Angeles Times because of concerns over "factual errors and misrepresentations" in newspaper articles. The newspaper, owned by Tribune Co, will review coverage that prompted the complaints from the world's largest automaker, Times spokesman David Garcia said. "We will look into any complaints ... and will make any appropriate corrections," Garcia said in the newspaper on Thursday. GM officials did not specify which articles the company found offensive. On Wednesday, the newspaper published a column by auto critic Dan Neil, who called for the "impeachment" of two executives, and charged that the company "utterly missed the boat on hybrid gas-electric technology" while speeding up production of sport utility vehicles.
■ Nyse
Board elects new chairman
The former chairman and chief executive officer of a Boston investment firm was elected chairman of the New York Stock Exchange's board of directors, the exchange said. Former State Street Corp executive Marshall Carter had been the front-runner to succeed John Reed, the former co-CEO of Citigroup Inc, who took over the chairmanship in 2003 after former chairman and CEO Richard Grasso resigned amid controversy over his pay package. Carter joined State Street in 1991 as president and chief operating officer, then became CEO in 1992 and added the post of chairman in 1993. He retired in 2001. Grasso resigned amid intense criticism over his US$187.5 million pay package. He is being sued by New York Attorney General Eliot Spitzer, who wants at least US$100 million returned to the NYSE.
■ Cellphones
Motorola to boost research
Motorola Inc plans to increase its Indian investment in research by as much as 20 percent a year for the next few years, the Hindu Business Line said, citing the company's Chief Technology Officer Padmasree Warrior. Motorola has invested about US$150 million in the past few years in India, including US$85 million in technology research, the newspaper cited Warrior as saying. The company has about 2,000 research staff in India and may expand the strength by a quarter a year, Business Line said. The company closed its semiconductor design units in Singapore and Taiwan in March last year as it moves work to China and India.
■ Auto Industry
DaimlerChrysler defeats suit
US-German automaker DaimlerChrysler said yesterday that a US judge had turned back a lawsuit from investor Kirk Kerkorian over the 1996 merger of Daimler-Benz and Chrysler Corp. A court in the US state of Delaware turned back all claims by Kerkorian, who sought over US$1 billion, a company statement said. Kerkorian and his company Tracinda claimed that Daimler-Benz engineered a takeover of Chrysler Corp in 1998, then cheated him out of an acquisition fee by claiming it was a merger of equals. US District Judge Joseph Farnan Jr presided over a bench trial that concluded more than a year ago, in February last year. DaimlerChrysler CEO Juergen Schrempp said: "We are pleased that the court decision confirms, once and for all, that the Tracinda case lacked any merit, and that all claims against DaimlerChrysler relating to the 1998 merger were completely baseless."
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
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