■ Airlines
Budget terminal opened
Asia's second budget airline terminal opened yesterday at Singapore's Changi Airport with only one airline using it, but authorities expressed optimism that more would follow. Tiger Airways, backed by Singapore Airlines and the government's investment arm Temasek Holdings, is the only one to make the switch so far out of at least 18 regional no-frills airlines. The S$45million (US$27.7 million) terminal opened three days after Malaysia's budget terminal in Kuala Lumpur, which beat the city-state for first in the region. A third major terminal is under construction.
■ Automobiles
Smart forfour canned
German-US carmaker DaimlerChrysler AG will stop production of its four-seater Smart forfour model because of it poor performance, with a resultant 300 job losses, it announced on Saturday. But an end to production would have to be negotiated with Japanese manufacturer Mitsubishi Motors Corp and other partners in the project, a statement said. The Smart forfour is currently produced in the Netherlands in partnership with Mitsubishi. DaimlerChrysler plans to concentrate in future on the two-seater Smart fortwo. The company said the brand name would be integrated into the Mercedes group and "would show positive results by 2007."
■ Investment
Japanese seeking capital
Japanese companies are stepping up issuance of shares and bonds as they need cash to invest in production and capital tie-ups, a press report said yesterday. The value of their equity financing and bond issuance at home and abroad in the business year to March 31 is estimated at a seven-year high of ¥11.1 trillion (US$94 billion), the Nihon Keizai Shimbun said. It is up 10 percent from the previous year, keeping up an uptrend since the year to March 31, 2003, when it totaled ¥8.8 trillion, the leading business daily said. Fueling the growth is higher fund demand for capital investment as well as mergers and alliances, the report said. Other factors are the recovering stock market and growing expectations of an interest rate hike, it added.
■ Broadcasting
Tallest tower planned
Plans are underway to build the world's tallest tower in Tokyo, about 600m high, in a derelict railway yard, press reports said at the weekend. Japan's six broadcasting networks have selected a former freight shunting yard as the site for New Tokyo Tower which will become their radio and television transmitter tower by 2010, the reports said. Tobu Railway Co, a private rail firm which owns the land in Sumida in eastern Tokyo, will shoulder part of the construction cost estimated at ¥50 billion (US$420 million), said Kyodo News agency and Nihon Keizai Shimbun. New Tokyo Tower will dwarf the capital's nostalgic landmark, the 333m tall Tokyo Tower.
■ Energy
China raises fuel prices
China yesterday raised prices of petroleum products for the first time in eight months and set up a system to subsidize prices in some vulnerable industries such as grain, fishing and forestry industries as well as public services. The National Development and Reform Commission increased wholesale prices of gasoline by 300 yuan (US$37) per tonne and diesel by 200 yuan (US$24) per tonne, rises of 6.8 percent and 5.2 percent respectively.
Taiwan’s Lee Chia-hao (李佳豪) on Sunday won a silver medal at the All England Open Badminton Championships in Birmingham, England, a career best. Lee, 25, took silver in the final of the men’s singles against world No. 1 Shi Yuqi (石宇奇) of China, who won 21-17, 21-19 in a tough match that lasted 51 minutes. After the match, the Taiwanese player, who ranks No. 22 in the world, said it felt unreal to be challenging an opponent of Shi’s caliber. “I had to be in peak form, and constantly switch my rhythm and tactics in order to score points effectively,” he said. Lee got
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KAOHSIUNG CEREMONY: The contract chipmaker is planning to build 5 fabs in the southern city to gradually expand its 2-nanometer chip capacity Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday confirmed that it plans to hold a ceremony on March 31 to unveil a capacity expansion plan for its most advanced 2-nanometer chips in Kaohsiung, demonstrating its commitment to further investment at home. The ceremony is to be hosted by TSMC cochief operating officer Y.P. Chyn (秦永沛). It did not disclose whether Premier Cho Jung-tai (卓榮泰) and high-ranking government officials would attend the ceremony. More details are to be released next week, it said. The chipmaker’s latest move came after its announcement earlier this month of an additional US$100 billion
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