■ TECHNOLOGY
Infineon posts loss
German chipmaker Infineon Technologies AG posted an unexpected net loss for the second quarter, dashing analyst forecasts for a profit, as restructuring costs and lower sales chipped away at its bottom line. The company lost 11 million euros (US$15 million) in the quarter, less than the 26 million euros it lost in the same quarter a year earlier. Sales slipped 2 percent to 1.96 billion euros from 1.99 billion euros a year earlier, slightly below the 2.01 billion euros analysts expected. The figures included the operations of Qimonda AG, the computer chip maker that Infineon spun off but in which it still holds a nearly 86 percent stake. Excluding Qimonda, Infineon sales fell 8 percent to 978 million euros from 1.06 billion euros a year earlier.
■ TECHNOLOGY
Microsoft posts big profits
Microsoft Corp reported on Thursday that its profits soared to a record high in the first three months of the year due to sales of its new Vista operating system and Office software. Profit in the quarter ending last month was US$4.43 billion, or US$0.50 per share, as compared to US$0.29 per share, or US$2.98 billion, in the same period last year. The software colossus credited the success of its globally-promoted new Vista operating system and related software for what it declared a record-breaking quarter. Revenues at the world's largest software company tallied US$14.4 billion in the quarter as compared to US$10.9 billion during the same three months last year.
■ PET FOOD
Pet food firm sues supplier
A US pet food manufacturer that recalled 60 million cans of its products last month has sued another company that it says supplied a contaminated ingredient. Menu Foods Midwest Corp wants las Vegas-based ChemNutra Inc to pay costs associated with the recall of dog and cat food and is seeking damages "in excess of US$75,000." According to Menu Foods' lawsuit, wheat gluten that ChemNutra sold to Menu Foods Midwest, an affiliate of Menu Foods Ltd, contained melamine, a chemical found in plastics and pesticides. Menu Foods Ltd recalled its products after 16 pets, mostly cats, died from eating contaminated food.
■ MARKETS
Bank's IPO a big success
China CITIC Bank (中信銀行), China's seventh-largest bank, nearly doubled in price on its trading debut in Shanghai yesterday after the year's largest initial public offering so far, dealers said. CITIC Bank's A-shares closed at 11.37 yuan (US$1.47), up 96 percent and well above expectations for a trading range of 6.5 to 8 yuan, they said. The lender, which also listed in Hong Kong yesterday, sold 2.302 billion A-shares in Shanghai at 5.8 yuan and 4.885 billion H-shares in Hong Kong at HK$5.86 (US$0.75).
■ ECONOMY
BOJ leaves rate unchanged
The Bank of Japan (BoJ) left its key interest rate unchanged yesterday after Tokyo said consumer prices marked their sharpest decline in two years last month, fueling concerns that deflation remains a threat. The core consumer price index slid a worse-than-expected 0.3 percent last month. It was the second straight decline after the index fell 0.1 percent in February. Later yesterday, the BoJ voted unanimously to keep its key interest rate unchanged at 0.5 percent, as widely expected. The central bank last raised the rate in February from 0.25 percent.
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer began talks with high-ranking Chinese officials in Switzerland yesterday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy. The US delegation has begun meetings in Geneva with a Chinese delegation led by Chinese Vice Premier He Lifeng (何立峰), Xinhua News Agency said. Diplomats from both sides also confirmed that the talks have begun, but spoke anonymously and the exact location of the talks was not made public. Prospects for a major breakthrough appear dim, but there is
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