■ Oil
OPEC to cut output
The OPEC cartel has agreed informally to cut oil output by 1 million barrels a day or 4.0 percent in order to bolster prices which have fallen some 25 percent from record levels in July, the Financial Times reported yesterday. The newspaper said the majority of the 11-member organization back a voluntary reduction and the deal could be ratified as early as a mid-December meeting in Abuja. An unnamed OPEC official said in the report that the group "is going to defend a price floor for its oil of US$50 to US$55 a barrel." The price of OPEC's reference crude oil on Wednesday was US$55.27.
■ Electronics
Jobs sorry over options
Apple Computer Inc chief executive Steve Jobs apologized on Wednesday for the firm's past stock-option practices after an internal investigation found accounting irregularities between 1997 and 2002 and showed Jobs was aware of some options backdating. The iPod and Macintosh maker said its three-month investigation also prompted the resignation of former chief financial officer Fred Anderson from the firm's board of directors. Apple said it will likely have to restate some earnings, threatening to wipe out some of the profit generated during the most prosperous stretch in Apple's 30-year history.
■ Internet
Google eyes programmers
Google Inc is introducing a new search service -- strictly for computer programmers only. The Web search leader said late on Wednesday it was introducing Google Code Search, a site that simplifies how software developers search for programming code to improve existing software or create new programs. Searchers can seek out specific programming terms or computer languages and dive deep into compressed code to locate specific features. Users also can narrow a search to find software code based on specific licensing requirements, which is a big deal in warding off future patent litigation.
■ Aviation
Ryanair bids for Aer Lingus
Ryanair Holdings PLC, Europe's largest discount airline, offered yesterday to buy Aer Lingus PLC for 1.48 billion euros (US$1.88 billion) to expand its operations in Ireland. Ryanair said it would pay 2.80 euros a share for the former state-owned carrier. The offer represents a premium of 12 percent over Tuesday's closing price of 2.51 euros. CEO Michael O'Leary said he also wanted to buy the Irish government's 28 percent stake in Aer Lingus. The government has previously said it will retain the stake to safeguard Irish economic interests.
■ Oil
Japan, Iran continue talks
A senior Japanese trade official said yesterday that Japanese and Iranian oil companies were still in discussions over a US$2 billion project to develop Iran's Azadegan oil field. Vice Economy, Trade and Industry Minister Takao Kitabata told reporters that the two sides were still "conducting difficult negotiations" that are likely to continue for a "very long time" due to the number of negotiation items on the table, according to ministry official Nobuhiro Watanabe. Earlier, Iran's Fars news agency quoted the head of the National Iranian Oil Co as expressing the view that Japan's Inpex Corp had lost its right to develop the field due to failed negotiations between the two firms, Kyodo News agency said.
THREATS: Naval facilities have been built in Shanghai and Zhejiang, while airbases have been expanded in Xiamen, Fuzhou and Zhangpu, across the Strait from Taiwan The Chinese Communist Party (CCP) is building large-scale military infrastructure at five sites along the eastern coast of China, the Mainland Affairs Council (MAC) said in a recent report. The latest issue of the council’s Mainland China Situation Quarterly said satellite photos showed military infrastructure such as air force and naval bases being constructed along the eastern coast of China. That means the CCP might be preparing for potential conflict in Taiwan, it said, adding that there are five such construction sites from north to south. A naval base has been built in Shanghai’s Pudong New Area, with underground oil storage tanks, railway
MILESTONE: The foreign minister called the signing ‘a major step forward in US-Taiwan relations,’ while the Presidential Office said it was a symbol of the nations’ shared values US President Donald Trump on Tuesday signed into law the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the state department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct a review “not less than every five years.” It must then submit an updated report based on its findings “not later
A trial run of the north concourse of Taiwan Taoyuan International Airport’s new Terminal 3 is to commence today, the Ministry of Transportation and Communications said yesterday. The eight additional boarding gates would allow for more aircraft parking spaces that are expected to boost the airport’s capacity by 5.8 million passengers annually, Deputy Minister of Transportation and Communications Lin Kuo-shian (林國顯) said. The concourse, designed by a team led by British architect Richard Rogers, provides a refreshing space, Lin said, adding that travelers would enjoy the tall and transparent design that allows sunshine to stream into the concourse through glass curtain walls. The
The Presidential Office today thanked the US for enacting the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law, signed by US President Donald Trump yesterday, is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct such a review "not less than every five years." It must then submit an updated
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