■ ELECTRONICS
LG posts quarter profit
LG Electronics Inc said yesterday that it swung to a net profit in the second quarter from a loss the year before, boosted by sales of mobile phones and appliances. The company, South Korea's largest consumer appliance manufacturer and a major global producer of cellphone handsets, earned 385 billion won (US$420 million) in the three months ended June 30, it said in a statement. LG posted a net loss of 9.7 billion won a year earlier. Sales rose 1.7 percent to 5.9 trillion won from 5.80 trillion won a year earlier.
■ FINANCE
US may charge Dow's Li
Dow Jones board member David Li said yesterday that US securities regulators are considering legal action against him as part of a trading investigation, but the Hong Kong banker denied wrongdoing. Li said in a statement that the US Securities and Exchange Commission informed him that it is considering "civil enforcement action" against him for alleged violations of US securities laws. The possible legal case against Li stems from an earlier lawsuit filed by the SEC against two other Hong Kong residents accused of illegal trading activity.
■ FINANCE
Barclays puts up a fight
Barclays PLC said yesterday it is considering altering its all-share offer for ABN Amro Holding NV in order to remain competitive with a higher rival offer from a consortium led by Royal Bank of Scotland PLC. The RBS group intends to bid 71.1 billion euros (US$97.8 billion), mostly in cash, for the Dutch bank, in the largest takeover battle in the history of the financial industry. Barclays' current proposed bid, all in shares, is worth at least 10 percent less. Barclays said yesterday that it is considering "possible alternative ... offer structures, including [the] introduction of a partial cash consideration."
■ ELECTRONICS
Toshiba recalls batteries
Japanese electronics giant Toshiba Corp announced yesterday it began recalling about 5,100 Sony-made batteries for laptop computers in Japan and overseas. Toshiba spokesman Keisuke Omori said there have been three cases in which the batteries caught fire between September and last month. There were no injuries from the three fires; two in Japan and one in Australia, he said. The battery models to be recalled are different from those returned in a massive recall of Sony Corp lithium-ion battery packs last year. Subjects to recall are a total 5,100 batteries sold in Japan, the US, Europe, Australia and China, used for Dynabook, Dynabook Satellite, Satellite and Tecra, the spokesman said.
■ CHINA
Steps listed to cool growth
China's sizzling economy expanded by a stunning 11.9 percent in the second quarter from a year ago, the government said yesterday, announcing that it would take new steps to cool the boom. The figures put China on track for a fifth straight year of expansion above 10 percent and moved it closer to overtaking slower-growing Germany as the world's third-largest economy. Inflation grew 4.4 percent last month, its fastest rate in more than two years, and the economy also is under pressure from a swollen trade imbalance and high energy consumption, the National Statistics Bureau said. Growth from April to last month exceeded forecasts and was a sharp rise over the 11.1 percent rate in the first quarter.
Taiwan yesterday said it was looking forward to attending an upcoming memorial in Japan to mark the 80th anniversary of the atomic bombing of Nagasaki, a day after the Japanese city said it had retracted its previous decision to not invite Taiwan to the event. The case has been dealt with by Taiwan’s representative office in Fukuoka and the Nagasaki City Government, the Ministry of Foreign Affairs said. The ministry would decide who to send to the Aug. 9 event once it receives the invitation, it added. The ministry made the remarks following a Japanese media report on Saturday that said Nagasaki Mayor
LANDMARK: Taiwan and Haiti are set to mark the 70th anniversary of diplomatic relations next year, the president said, adding that the two would deepen bilateral ties President William Lai (賴清德) yesterday pledged continued support for Haiti, particularly in food aid and healthcare, as the Caribbean nation faces ongoing social and economic challenges. Speaking at a meeting with Haitian Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste, Lai said Taiwan would step up bilateral cooperation to help improve Haiti’s social infrastructure. Taiwan would continue supporting Haiti through initiatives aimed at improving healthcare, food security and overall development, he said. Taiwan and Haiti are set to mark the 70th anniversary of diplomatic relations next year, the president said, adding that the two nations would continue to support each other and deepen bilateral
UNILATERAL: The move from China’s aviation authority comes despite a previous 2015 agreement that any changes to flight paths would be done by consensus The Mainland Affairs Council (MAC) yesterday slammed Beijing for arbitrarily opening the M503 flight route’s W121 connecting path, saying that such unilateral conduct disrespected the consensus between both sides and could destabilize the Taiwan Strait and the wider region. The condemnation came after the Civil Aviation Administration of China (CAAC) earlier yesterday announced it “has activated the W121 connecting path of the M503 flight route,” meaning that west-to-east flights are now permitted along the path. The newly activated west-to-east route is intended to “alleviate the pressure caused by the increase of flights,” China’s state-run Xinhua news agency quoted China’s Taiwan Affairs Office
STRONG WINDS: Without the Central Mountain Range as a shield, people should be ready for high-speed winds, CWA weather forecaster Liu Yu-chi said Danas was yesterday upgraded to a typhoon and could grow stronger as it moves closely along the nation’s west coastline, the Central Weather Administration (CWA) said. Hsinchu and Chiayi cities, Taichung, Tainan and Kaohsiung, as well as Hsinchu, Miaoli, Changhua, Yunlin, Nantou, Chiayi, Penghu and Pingtung counties have canceled work and school today. Work and school in Keelung, Taipei, New Taipei City and Taoyuan, and Yilan, Taitung, Hualien, Kinmen and Lienchiang (Matsu) counties would continue as usual, although offices and schools would be closed in Taoyuan’s Luju (蘆竹), Dayuan (大園), Guangyin (觀音) and Sinwu (新屋) districts. As of 5pm yesterday, the typhoon’s
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