■ Automobiles
Ford raising China sourcing
Struggling US auto giant Ford Motor Co which just posted a US$5.8 billion third-quarter loss, said yesterday it plans to ramp up auto parts sourcing in China by at least US$1 billion this year. "We will purchase over US$2.6 billion worth of auto parts and systems to supply the production outside China for all our brands across the world," Ford chairman William Ford Jr said in Beijing. Ford Motor set up an auto parts procurement center in Shanghai in 2002, and has forecast an increase in purchases in China to US$10 billion by 2010.
■ China
Pressure on yuan: expert
The yuan could rise further given the nation's relatively high interest rates, the chief researcher at the People's Bank of China said yesterday. There is still upward pressure on the yuan because relatively high Chinese interest rates is causing a continued inflow of funds from abroad, said Tang Xu (唐旭), director-general of the bank's research bureau. However, encouraging Chinese households and firms to buy US dollar assets could help to relax pressure on the currency to some extent, he said. Two days before Tang's comments, bank Vice Governor Wu Xiaoling (吳曉靈) said Beijing would carry out exchange rate reform "in a controlled and gradual manner on our own initiative."
■ Locomotives
Alstom to supply China
Alstom SA of France signed a contract worth 1.2 billion euros (US$1.5 billion) yesterday for the delivery of 500 freight locomotives to China, according to an Agence France Presse report. Alstom will link up with China's Datong Electric Locomotive to deliver the trains, with Alstom's share of the contract coming to 300 million euros, it said. Alstom will be in charge of designing the locomotives, described by Alstom Chief Executive Patrick Kron as "the most powerful in the world." The first 110 of the locomotives will be produced at Alstom's plant in Belfort, France, before production moves to facilities in north China operated by Datong Electronic Locomotives.
■ Gaming
Nintendo's profit up 50%
Japan's Nintendo Co said yesterday it posted a nearly 50 percent increase in net profit in the first half of this fiscal year thanks to its brisk sales of portable computer games. The strong earnings came as the portable machine leader prepares to challenge Sony Corp's dominance in home consoles, with Nintendo's next-generation Wii machine set to hit the market in December. Nintendo reported ?54.35 billion (US$455.29 million) in net profit, up 48.4 percent from a year earlier, in the April-September term. The Kyoto-based company expects net profit of ?100 billion on ?740 billion in revenue for the fiscal year ending next March.
■ Semiconductors
Hynix to upgrade lines
South Korea's Hynix Semiconductor said yesterday it would invest 716 billion won (US$750 million) to upgrade production lines after reporting solid third-quarter results. The world's second-largest computer memory chipmaker said that with the Icheon project, southeast of Seoul, it will have invested 2.3 trillion won in the country this year. It said that third-quarter net profit came to 390 billion won, down 26 percent from a year earlier but up 17 percent from the second quarter. Sales rose 23 percent to 1.97 trillion won from a year earlier on strong demand.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College