■ Oil
Production cut unlikely
The OPEC cartel will likely decide against cutting oil production in Vienna on Wednesday owing to stubbornly high prices and simmering international tensions over Iran and Nigeria. "There is clearly going to be some caution because of the political situation in Iran and the lost production in Nigeria, so the chances of OPEC cutting production is very, very slim," Barclays Capital analyst Kevin Norrish said. OPEC is expected to keep its production quota of 28 million barrels per day, where it has remained for the past eight months, despite some disagreement among members. The threat of UN sanctions against Iran is likely to dominate output talks amid an ongoing nuclear crisis.
■ Mining
Australia going for the gold
Australia may overtake South Africa as the world's largest gold producing country later this decade as new mines start up, industry adviser Surbiton Associates said. The decision by Newmont Mining Corp and AngloGold Ashanti Ltd to develop the Boddington gold mine in Western Australia will add 30 tonnes a year to Australia's output starting 2009, Melbourne-based Surbiton said yesterday in a statement. Higher gold prices may encourage other projects, it said. Gold production in South Africa fell last year to an 82-year low of 296.3 tonnes as gains in the local currency caused mine closures, the Chamber of Mines in Johannesburg said on Friday. Australia, the world's second-largest producer, produced 263 tonnes last year, 3 tonnes more than in 2004, Surbiton estimates. More than a dozen mining operations are expected to start production in Australia this year, Surbiton said.
■ Telecom
SMS still tops for users
Text messaging remains the most popular service for mobile phone users in the Asia-Pacific region despite offers for applications such as e-mail and gaming, International Data Corp (IDC) said on Friday. IDC its survey showed that less than 10 percent of mobile phone users are utilizing services other than the reliable short messaging system (SMS), or text messaging. There had been hype that the humble SMS would be eclipsed by its more advanced cousins following the emergence of pricey third generation (3G) mobile phones and more content applications. But IDC said that the "latest findings reveal that, despite the proliferation of content-rich mobile data services, the adoption of advanced services such as mobile phone payment, online mobile gaming and mobile e-mail have yet to reach noteworthy levels of usage." IDC's survey covered 4,056 urban Internet users in Australia, Hong Kong, Malaysia, China, Singapore, South Korea and Taiwan.
■ Automobiles
GM to sell Suzuki stake
Embattled US car maker General Motors (GM) has finalized plans to sell its entire 20 percent stake in Japan's Suzuki Motor to end a capital tie-up which dates back to 1981, a report said yesterday. The world's biggest automaker, which has been wallowing in losses, is the largest shareholder of Suzuki and has told the Japanese carmaker about its decision to end the tie-up, Japanese business daily the Nihon Keizai Shimbun reported, without citing sources. Suzuki is also in talks with GM about selling its interest of about 11 percent in South Korea's GM Daewoo Auto and Technology Co to the US firm, the report 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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