■ Nationalization
Calderon invites big firms
Multinational companies facing nationalizations by unfriendly governments are welcome to invest in Mexico, President Felipe Calderon told executives on Thursday. Calderon said Mexico needed more long-term investment from multinational corporations to create jobs and boost economic expansion. "While other governments in the world and Latin America are thinking about expropriating or seizing your investments, in Mexico we are thinking about how to give guarantees to increase investment in our country," Calderon told businessmen representing foreign companies.
■ Automakers
Toyota recalls vehicles
Japanese auto giant Toyota Motor Corp said yesterday it was recalling 544,000 pickup and sport utility vehicles mainly in the US because of a defect that could affect the steering. Of the total, 533,000 vehicles -- Sequoia SUVs and Tundra pickup trucks -- were recalled in the US and the remainder in Canada and Germany, a Toyota spokeswoman said. Toyota sold a record 2.54 million vehicles in the US last year. "There is a possibility that the front suspension lower ball joint may experience excessive wear and looseness, causing increased steering effort, reduced vehicle self centering and noise in the front suspension," Toyota said in a statement. The recall covers certain 2004 through early 2007 model Sequoias and 2004 through late 2006 model Tundra vehicles.
■ Outsourcing
Philippines expects boom
The Philippines expects a huge jump in its outsourcing business, with earnings forecast at US$12.4 billion by 2010 after US$3.63 billion last year, the Trade and Industry Department said yesterday. Trade and Industry Secretary Peter Favila said that the number of Filipinos working in the sector was expected to jump to 920,764 in 2010 from the current 244,675. The anticipated upturn will follow efforts to encourage more outsourcing of high-value back-office business operations in the country, Favila said. Call centers in the country earned a total of US$2.69 billion last year.
■ Telecoms
HDTV hits Singapore
Singapore's sole cable operator, StarHub, has launched a high-definition TV (HDTV) service for subscribers in the city-state, making it the first to offer the facility in Southeast Asia. StarHub will offer viewers two HD channels -- the National Geographic Channel HD and Discovery HD. The US, Australia, Korea and Japan have already launched HDTV services, while China has committed to HDTV telecasts of next year's Olympic Games.
■ Computers
IBM profit tops forecasts
IBM Corp topped analyst forecasts on Thursday with a reported US$3.5 billion profit in the fourth quarter, bringing its full-year earnings for last year to US$9.5 billion. The profit in the October-December quarter was 11 percent higher than a year ago and translated to US$2.26 per share, compared with analyst forecasts of US$2.19. Revenues for IBM increased 7 percent to US$26.2 billion in the quarter, ahead of Wall Street forecasts of US$25.6 billion. For the full year, profits rose 19 percent on revenues of US$91.4 billion, a gain of just 0.3 percent. IBM ended the year with US$10.7 billion of cash on hand and said the company "is well positioned to take advantage of opportunities."
A Chinese freighter that allegedly snapped an undersea cable linking Taiwan proper to Penghu County is suspected of being owned by a Chinese state-run company and had docked at the ports of Kaohsiung and Keelung for three months using different names. On Tuesday last week, the Togo-flagged freighter Hong Tai 58 (宏泰58號) and its Chinese crew were detained after the Taipei-Penghu No. 3 submarine cable was severed. When the Coast Guard Administration (CGA) first attempted to detain the ship on grounds of possible sabotage, its crew said the ship’s name was Hong Tai 168, although the Automatic Identification System (AIS)
An Akizuki-class destroyer last month made the first-ever solo transit of a Japan Maritime Self-Defense Force ship through the Taiwan Strait, Japanese government officials with knowledge of the matter said yesterday. The JS Akizuki carried out a north-to-south transit through the Taiwan Strait on Feb. 5 as it sailed to the South China Sea to participate in a joint exercise with US, Australian and Philippine forces that day. The Japanese destroyer JS Sazanami in September last year made the Japan Maritime Self-Defense Force’s first-ever transit through the Taiwan Strait, but it was joined by vessels from New Zealand and Australia,
SECURITY: The purpose for giving Hong Kong and Macau residents more lenient paths to permanent residency no longer applies due to China’s policies, a source said The government is considering removing an optional path to citizenship for residents from Hong Kong and Macau, and lengthening the terms for permanent residence eligibility, a source said yesterday. In a bid to prevent the Chinese Communist Party (CCP) from infiltrating Taiwan through immigration from Hong Kong and Macau, the government could amend immigration laws for residents of the territories who currently receive preferential treatment, an official familiar with the matter speaking on condition of anonymity said. The move was part of “national security-related legislative reform,” they added. Under the amendments, arrivals from the Chinese territories would have to reside in Taiwan for
CRITICAL MOVE: TSMC’s plan to invest another US$100 billion in US chipmaking would boost Taiwan’s competitive edge in the global market, the premier said The government would ensure that the most advanced chipmaking technology stays in Taiwan while assisting Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in investing overseas, the Presidential Office said yesterday. The statement follows a joint announcement by the world’s largest contract chipmaker and US President Donald Trump on Monday that TSMC would invest an additional US$100 billion over the next four years to expand its semiconductor manufacturing operations in the US, which would include construction of three new chip fabrication plants, two advanced packaging facilities, and a research and development center. The government knew about the deal in advance and would assist, Presidential
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