■ Transportation
China to make big shipyard
Construction has begun on what China says will eventually be the world's biggest shipyard, part of the country's plan for taking a dominant role in the industry. China's biggest shipbuilding company began building the 8km-long facility late last week on an island in the Yangtze river, north of Shanghai, state media reported. The US$3.6 billion new shipyard is meant to quadruple Shanghai's current shipbuilding capacity to 12 million tonnes by 2015. China, the world's third-largest shipbuilder, now holds about 10 percent of the world shipbuilding market; South Korea and Japan combined now make three-quarters of the world's ships.
■ Pharmaceuticals
Bristol-Myers to settle
Pharmaceutical company Bristol-Myers Squibb Co is expected to settle a federal probe of its past accounting practices for US$300 million, according to published reports. As part of the so-called "deferred prosecution" agreement, the New York-based company would be able to avoid criminal charges if it complies with certain terms of the settlement, the New York Times and the Wall Street Journal both reported Sunday night on their Web sites, citing unnamed sources familiar with the settlement talks. An announcement of the agreement could come this week, the reports said. Among the terms of the deal with the US Justice Department are expected to be the separation of the chairman and chief executive titles currently held by Peter Dolan, and other changes in the company's corporate governance practices, according to the Journal.
■ Technology
IBM loses contract
International Business Machines Corp, the world's largest computer-services provider, said Hong Kong's Treasury Department canceled the company's contract to create a financial management information system. IBM wouldn't disclose the reason for the cancelation. The South China Morning Post said today in a report citing unidentified government officials that IBM lost the HK$350 million (US$45 million) contract because of delays. "IBM will work with the Treasury to ensure a smooth transition," the company said in a four-sentence e-mailed statement. "IBM continues to enjoy a broad relationship with the Hong Kong government." Delays in completing the contract may in turn hold up the Hong Kong government's plan to shift in 2007 to accrual accounting, used by most businesses, from cash accounting, the Hong Kong-based Post said. IBM missed an initial April 1 deadline.
■ Transportation
China to allow investment
China is considering allowing private or foreign investment in one of the country's most important infrastructures, its railways, in order to make up for a funding shortfall, state media said yesterday. The government this year announced plans to expand the existing 74,000km of railway to 100,000km by 2020 -- a project that will cost 2,000 billion yuan (US$240 billion). "Multiple investment entities including private and foreign capital are encouraged into the rail construction and operation sector on the market-oriented basis," the China Daily quoted Zhang Jianping, vice director of the railway ministry's planning department, as saying. To attract capital, the ministry plans to invite bids for projects on passenger lines and container stations which are profitable, Zhang 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
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) plans to make advanced 3-nanometer chips in Japan, stepping up its semiconductor manufacturing roadmap in the country in a triumph for Japanese Prime Minister Sanae Takaichi’s technology ambitions. TSMC is to adopt cutting-edge technology for its second wafer fab in Kumamoto, company chairman C.C. Wei (魏哲家) said yesterday. That is an upgrade from an original blueprint to produce 7-nanometer chips by late next year, people familiar with the matter said. TSMC began mass production at its first plant in Japan’s Kumamoto in late 2024. Its second fab, which is still under construction, was originally focused on
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
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