■ Forex
Ex-central banker negligent
Thailand's Civil Court yesterday ordered former central bank governor Rerngchai Marakanond to repay 186 billion baht (US$4.56 billion) in damages for money the bank spent defending the baht from speculators which sparked the 1997 financial crisis. The court also found the former Bank of Thailand chief guilty of gross negligence, saying Rerngchai, 63, had more than 20 years' experience with the bank and must take responsibility for massive losses to the bank's reserves. The bank depleted its foreign reserves by between US$36 billion and US$38 billion over six months in a failed attempt to shore up the baht. "He must be fully aware that international reserves are crucial to the currency and how risky it was to spend all reserves to intervene in currency trading that triggered eroding the credibility of the Thai baht."
■ Technology
Japan's DVD market booms
The number of DVD recorders shipped in Japan more than doubled in the past fiscal year as new entrants in the already crowded market helped whet customers' appetite, a research firm said yesterday. Some 4.43 million DVD recorders were shipped in Japan in the fiscal year to March, up 104.1 percent from a year before. The value stood at ?230 billion (US$2.1 billion), up 43.8 percent, the MM Research Institute said. It said both DVD makers and large retailers made concerted marketing efforts, particularly to coincide with the Athens Olympics where Japan took home a national record in medals. "In addition to these factors, prices dropped sharply as companies like Mitsubishi Electric and Victor Co of Japan entered this market, helping stimulate consumer appetite," the research firm said in a statement. For the current year to March 2006, it forecast shipments will increase to 5.6 million DVD players, up 26.4 percent year-on-year. The upcoming year could also see the start to mass-market sales of next-generation DVDs.
■ Energy
LPG scooters launched
Vietnam has begun producing scooters running on environmentally friendly liquid petroleum gas (LPG), an engineer in Danang said yesterday. "The first LPG scooters produced by Haesun [a joint venture between Vietnam and South Korea] will be available on the market in September or October," said research team leader Bui Van Ga. "It took us eight years to study and start producing the conversion kit, which helps the scooter to switch between LPG and petrol. The LPG fuel will cost 30 percent less than petrol," he said.
CSBC Corp, Taiwan (台灣國際造船) yesterday released the first video documenting the submerged sea trials of Taiwan’s indigenous defense submarine prototype, the Hai Kun (海鯤), or Narwhal, showing underwater navigation and the launch of countermeasures. The footage shows the vessel’s first dive, steering and control system tests, and the raising and lowering of the periscope and antenna masts. It offered a rare look at the progress in the submarine’s sea acceptance tests. The Hai Kun carried out its first shallow-water diving trial late last month and has since completed four submerged tests, CSBC said. The newly released video compiles images recorded from Jan. 29 to
DETERRENCE EFFORTS: Washington and partners hope demonstrations of force would convince Beijing that military action against Taiwan would carry high costs The US is considering using HMAS Stirling in Western Australia as a forward base to strengthen its naval posture in a potential conflict with China, particularly over Taiwan, the Wall Street Journal reported on Saturday. As part of its Indo-Pacific strategy, Washington plans to deploy up to four nuclear-powered submarines at Stirling starting in 2027, providing a base near potential hot spots such as Taiwan and the South China Sea. The move also aims to enhance military integration with Pacific allies under the Australia-UK-US trilateral security partnership, the report said. Currently, US submarines operate from Guam, but the island could
RESTRAINTS: Should China’s actions pose any threat to Taiwan’s security, economic or social systems, China would be excluded from major financial institutions, the bill says The US House of Representatives on Monday passed the PROTECT Taiwan Act, which states that Washington would exclude China from participating in major global financial organizations if its actions directly threaten Taiwan’s security. The bill, proposed by Republican Representative Frank Lucas, passed with 395 votes in favor and two against. It stipulates that if China’s actions pose any threat to Taiwan’s security, economic or social systems, the US would, “to the maximum extent practicable,” exclude Beijing from international financial institutions, including the G20, the Bank for International Settlements and the Financial Stability Board. The bill makes it clear that China must be prepared
Taiwanese trade negotiators told Washington that Taipei would not relocate 40 percent of its semiconductor production to the US, and that its most advanced technologies would remain in the nation, Vice Premier Cheng Li-chiun (鄭麗君) said on Sunday. “I told the US side very clearly — that’s impossible,” Cheng, who led the negotiation team, said in an interview that aired on Sunday night on Chinese Television System. Cheng was referring to remarks last month by US Secretary of Commerce Howard Lutnick, in which he said his goal was to bring 40 percent of Taiwan’s chip supply chain to the US Taiwan’s almost
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