■ Banking
HSBC eyes bank stake
HSBC Holdings Plc, Europe's largest bank by market value, seeks to increase its 20 percent stake in China's Bank of Communications (交通銀行) should the Chinese government change its banking rules, the Observer reported yesterday, citing an HSBC executive. HSBC, which acquired its stake last year for US$1.8 billion, would like to raise its holding if rules limiting foreign investment are changed, Peter Wong, head of HSBC's Hong Kong and China operations, told the newspaper. The investment in one of China's big four banks contributed US$90 million in profits in its first year, Wong said, the newspaper reported. Chinese government rules restrict single foreign investors to a 20 percent stake in a Chinese bank, and two or more foreign investors to 25 percent, the Observer said.
■ Internet
Amazon may do downloads
Amazon.com is exploring a possible entry into the music and video download business, music industry executives said Friday. The Seattle-based company, which pioneered the sale of books, CDs and other products over the Internet, has been in talks with major record labels about licensing and pricing issues for the service, said executives at three labels involved in the discussions. Amazon's discussions with the music labels were preliminary and more concrete steps, if taken, are likely still weeks away, said the executives, who spoke on condition of anonymity because nothing has been officially announced. The service Amazon is considering would sell individual tracks as well as offer songs on a monthly subscription basis, one of the executives said. Amazon also told at least one record company that it may use the New York-based music service MusicNet to power the subscription component of its service.
■ Automobiles
Audi touts writing system
Navigational systems of the future will be able to recognize their driver's handwriting. That is the plan at auto maker Audi, fuelled by the idea that the technology will minimize distraction and open electronic navigation for new language zones as well. Audi developers are working on a touch-sensitive monitor that would be linked to a handwriting recognition system, the company reports. Instead of cumbersome letter-by-letter touch screen or knob-driven entry, as is currently common, the driver will be able to write out the destination onscreen using a finger. This step would not only make it easier to enter in destinations, but would also allow the navigation system to be used in more exotic language zones, says Audi researcher Carlo Rummel. "Conventional systems have no chance on the growing Chinese market because the alphabet there includes 60,000 characters, including 3,000 that are used actively," Rummel says.
■ Telecom
News Corp made Skype bid
Rupert Murdoch's News Corp. made a failed bid for Skype Technologies SA that may have valued the Internet phone company at almost US$3 billion, the Independent reported yesterday, citing unidentified people. Talks broke down last month and Skype has denied it is for sale, the newspaper said. Skype, based in Luxembourg and operated out of London, would have fit well with News Corp.'s satellite interests including DirecTV Group Inc. in the US and British Sky Broadcasting Plc in the UK, the Independent said yesterday.
‘UPHOLDING PEACE’: Taiwan’s foreign minister thanked the US Congress for using a ‘creative and effective way’ to deter Chinese military aggression toward the nation The US House of Representatives on Monday passed the Taiwan Conflict Deterrence Act, aimed at deterring Chinese aggression toward Taiwan by threatening to publish information about Chinese Communist Party (CCP) officials’ “illicit” financial assets if Beijing were to attack. The act would also “restrict financial services for certain immediate family of such officials,” the text of the legislation says. The bill was introduced in January last year by US representatives French Hill and Brad Sherman. After remarks from several members, it passed unanimously. “If China chooses to attack the free people of Taiwan, [the bill] requires the Treasury secretary to publish the illicit
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
A senior US military official yesterday warned his Chinese counterpart against Beijing’s “dangerous” moves in the South China Sea during the first talks of their kind between the commanders. Washington and Beijing remain at odds on issues from trade to the status of Taiwan and China’s increasingly assertive approach in disputed maritime regions, but they have sought to re-establish regular military-to-military talks in a bid to prevent flashpoint disputes from spinning out of control. Samuel Paparo, commander of the US Indo-Pacific Command, and Wu Yanan (吳亞男), head of the People’s Liberation Army (PLA) Southern Theater Command, talked via videoconference. Paparo “underscored the importance
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
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