■ Economics
China names FX head
The governor of China's central bank, which oversees the country's US$1.07 trillion in foreign-exchange reserves, confirmed that a former vice finance minister will be named to manage part of the world's largest currency holdings. Lou Jiwei (樓繼偉) is "engaged in doing preparatory work on the agency," the People's Bank of China's Governor Zhou Xiaochuan (周小川) said yesterday at the annual meeting of the National People's Congress in Beijing, without elaborating. China plans to set up an agency to help manage its currency reserves, modeling it on Singapore's Temasek Holdings Pte to create what would become Asia's largest government-controlled investment fund.
■ Asset management
AMP opens Singapore office
AMP Capital Investors, the fund management unit of Australia's biggest life insurer, has opened a regional office in Singapore as it aims to capitalize on Asia's growth. AMP Capital, which manages A$105.6 billion (US$83 billion) of funds, including A$5 billion from Asia, said Asian investments are becoming more important for the company. It has appointed Greg Seow, previously with DBS Asset Management and Government of Singapore Investment Corp, non-executive chairman in Asia.
■ Automobiles
Car import permits issued
Malaysia has granted special import permits for 3,000 modified foreign cars that were stranded at ports after the government stopped issuing permits for such vehicles last year, reports said yesterday. Deputy Prime Minister Najib Razak was quoted by the Sunday Star as saying the government was resolving an old problem and had not changed its policy of no longer giving permits for imports of "tuned-up" cars, which have their engines modified to improve their power or performance. In the past, some companies have imported cars before the permits were approved. This led to cars being stuck at ports and in storage after the government stopped issuing permits for tuned-up vehicles, the newspaper said.
■ Companies
Le-Nature creditors file plan
Creditors of bankrupt Le-Nature's Inc want the Latrobe drink-maker's assets liquidated. The creditors filed a reorganization plan on Friday to pay off the company's debts by selling its assets, which they say could fetch US$40 million. They also called for bankruptcy trustee Todd Nielson to be replaced and broader powers given to a replacement to sell the company's assets and sue its former executives.
■ Companies
Reliance plans stake sale
Reliance Industries Ltd, India's most valuable company, plans to sell a 10 percent stake to financial and strategic investors, the Business Standard reported, without saying where it obtained the information. Reliance's associate companies may sell shares held by them in the parent company to financial or strategic investors from India or abroad "at an appropriate time in the future," Mumbai-based Reliance said yesterday in an e-mailed statement that announced it would absorb Indian Petrochemicals Corp, its chemicals unit. The associate companies of Reliance owned a total 47.3 percent of Indian Petrochemicals, which will be swapped for 2 percent of Reliance equity after the takeover, according to the statement.
Taiwanese actress Barbie Hsu (徐熙媛) has died of pneumonia at the age of 48 while on a trip to Japan, where she contracted influenza during the Lunar New Year holiday, her sister confirmed today through an agent. "Our whole family came to Japan for a trip, and my dearest and most kindhearted sister Barbie Hsu died of influenza-induced pneumonia and unfortunately left us," Hsu's sister and talk show hostess Dee Hsu (徐熙娣) said. "I was grateful to be her sister in this life and that we got to care for and spend time with each other. I will always be grateful to
REMINDER: Of the 6.78 million doses of flu vaccine Taiwan purchased for this flu season, about 200,000 are still available, an official said, following Big S’ death As news broke of the death of Taiwanese actress and singer Barbie Hsu (徐熙媛), also known as Big S (大S), from severe flu complications, the Centers for Disease Control (CDC) and doctors yesterday urged people at high risk to get vaccinated and be alert to signs of severe illness. Hsu’s family yesterday confirmed that the actress died on a family holiday in Japan due to pneumonia during the Lunar New Year holiday. CDC Deputy Director-General Tseng Shu-hui (曾淑慧) told an impromptu news conference that hospital visits for flu-like illnesses from Jan. 19 to Jan. 25 reached 162,352 — the highest
TAIWAN DEFENSE: The initiative would involve integrating various systems in a fast-paced manner through the use of common software to obstruct a Chinese invasion The first tranche of the US Navy’s “Replicator” initiative aimed at obstructing a Chinese invasion of Taiwan would be ready by August, a US Naval Institute (USNI) News report on Tuesday said. The initiative is part of a larger defense strategy for Taiwan, and would involve launching thousands of uncrewed submarines, surface vessels and aerial vehicles around Taiwan to buy the nation and its partners time to assemble a response. The plan was first made public by the Washington Post in June last year, when it cited comments by US Indo-Pacific Commander Admiral Samuel Paparo on the sidelines of the Shangri-La Dialogue
COMBINING FORCES: The 66th Marine Brigade would support the 202nd Military Police Command in its defense of Taipei against ‘decapitation strikes,’ a source said The Marine Corps has deployed more than 100 soldiers and officers of the 66th Marine Brigade to Taipei International Airport (Songshan airport) as part of an effort to bolster defenses around the capital, a source with knowledge of the matter said yesterday. Two weeks ago, a military source said that the Ministry of National Defense ordered the Marine Corps to increase soldier deployments in the Taipei area. The 66th Marine Brigade has been tasked with protecting key areas in Taipei, with the 202nd Military Police Command also continuing to defend the capital. That came after a 2017 decision by the ministry to station