■ Stock Exchanges
Tokyo bourse's chief quits
Tokyo Stock Exchange chief Takuo Tsurushima resigned yesterday to take responsibility for the estimated US$330 million loss on the market because of a simple typing error on an order. Sadao Yoshino, who is in charge of TSE's computer system, and managing director and executive officer Tomio Amano also stepped down in the scandal. On Dec. 8, a trader at Mizuho Securities punched in an order to sell 610,000 shares in a telecoms firm at ?1 each, instead of the intended one share at ?610,000, landing the firm a loss of US$330 million.
■ Internet
Online retail sales grow
US online retail sales showed strong gains for the current holiday season, according to two surveys released as the period for Internet purchases drew to a close. Shoppers spent US$18.6 billion through Dec. 9, up 16 percent from the same period last year, according to a survey of 1,000 shoppers by Goldman Sachs with Nielsen/NetRatings and Harris Interactive. A separate survey released on Sunday by comScore Networks showed a 23 percent gain in the period through Dec. 16, to US$15.86 billion. ComScore said the survey suggests overall online spending for the holiday season will top US$19 billion.
■ Banking
ABN Amro pays fine in US
Dutch bank ABN Amro has paid a fine of US$80 million imposed by US financial authorities for contravening rules aimed at blocking payments to terrorist organizations. The bank, which has interests around the world, made the announcement in Amsterdam late on Monday, saying the contraventions took place in its New York office, which handles all the bank's dollar transactions. The board of management simultaneously announced that it was handing back US$1 million in bonus payments. The fine was imposed by the Office of Foreign Assets Control (OFAC), an enforcement arm of the US Treasury Department. The payments, covering the period 1997 to last year, involved a list of OFAC-sanctioned countries. Iran and Libya were specifically mentioned.
■ Insurance
2005 the costliest year yet
Natural and manmade disasters that killed 112,000 people this year caused an estimated US$80 billion in insured losses, making it the world's costliest year for insurers, Swiss Reinsurance Co said yesterday. Swiss Re, the world's second-largest reinsurer, said catastrophes caused total financial losses -- most of which were uninsured -- of around US$225 billion. Earthquakes were the major killer, with 87,000 people dying in the Oct. 8 Pakistan earthquake, the company said. Overall, earthquakes claimed over 90,000 lives this year. Damage from the Pakistan quake was in the range of US$5 billion. The hurricanes that hit North America caused the most expensive damage to buildings, vehicles and infrastructure, Swiss Re said. The widespread flooding and devastation caused by Katrina in New Orleans and along the US Gulf coast contributed to a total economic loss of US$135 billion from that one hurricane. The subsequent storms, hurricanes Rita and Wilma, each added a further US$15 billion, Swiss Re said.
AIR DEFENSE: The Norwegian missile system has proved highly effective in Ukraine in its war against Russia, and the US has recommended it for Taiwan, an expert said The Norwegian Advanced Surface-to-Air Missile Systems (NASAMS) Taiwan ordered from the US would be installed in strategically important positions in Taipei and New Taipei City to guard the region, the Ministry of National Defense said in statement yesterday. The air defense system would be deployed in Taipei’s Songshan District (松山) and New Taipei City’s Tamsui District (淡水), the ministry said, adding that the systems could be delivered as soon as the end of this year. The US Defense Security Cooperation Agency has previously said that three NASAMS would be sold to Taiwan. The weapons are part of the 17th US arms sale to
SERIOUS ALLEGATIONS: The suspects formed spy networks and paramilitary groups to kill government officials during a possible Chinese invasion, prosecutors said Prosecutors have indicted seven retired military officers, members of the Rehabilitation Alliance Party, for allegedly obtaining funds from China, and forming paramilitary groups and assassination squads in Taiwan to collaborate with Chinese troops in a possible war. The suspects contravened the National Security Act (國家安全法) by taking photos and drawing maps of key radar stations, missile installations and the American Institute in Taiwan’s headquarters in Taipei, prosecutors said. They allegedly prepared to collaborate with China during a possible invasion of Taiwan, prosecutors said. Retired military officer Chu Hung-i (屈宏義), 62, a Republic of China Army Academy graduate, went to China
INSURRECTION: The NSB said it found evidence the CCP was seeking snipers in Taiwan to target members of the military and foreign organizations in the event of an invasion The number of Chinese spies prosecuted in Taiwan has grown threefold over a four-year period, the National Security Bureau (NSB) said in a report released yesterday. In 2021 and 2022, 16 and 10 spies were prosecuted respectively, but that number grew to 64 last year, it said, adding that the Chinese Communist Party (CCP) was working with gangs in Taiwan to develop a network of armed spies. Spies in Taiwan have on behalf of the CCP used a variety of channels and methods to infiltrate all sectors of the country, and recruited Taiwanese to cooperate in developing organizations and obtaining sensitive information
BREAKTHROUGH: The US is making chips on par in yield and quality with Taiwan, despite people saying that it could not happen, the official said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has begun producing advanced 4-nanometer (nm) chips for US customers in Arizona, US Secretary of Commerce Gina Raimondo said, a milestone in the semiconductor efforts of the administration of US President Joe Biden. In November last year, the commerce department finalized a US$6.6 billion grant to TSMC’s US unit for semiconductor production in Phoenix, Arizona. “For the first time ever in our country’s history, we are making leading edge 4-nanometer chips on American soil, American workers — on par in yield and quality with Taiwan,” Raimondo said, adding that production had begun in recent
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