■ TEXTILES
EU to scrap China quota
The European Commission and China have agreed to scrap the quota restrictions on Chinese textiles next year in favor of a monitoring system, the EU's executive arm said yesterday. The quotas will be replaced by a textile import "double checking system," which will track both the issuing of export licenses in China and the import of goods into the EU, the commission said. "I welcome this further step in the cooperation between the EU and China in ensuring a smooth transition to free trade in textiles," EU Trade Commissioner Peter Mandelson said in a statement.
■ TELECOMS
Sprint Nextel boss quits
Sprint Nextel Corp, the third-largest US wireless provider, said on Monday that Gary Forsee, its chairman, president and chief executive, is stepping down, effective immediately. Sprint said it decided to replace Forsee based on its board's belief that it is the "right time to put in place new leadership." The company also warned it expects to report a net loss of approximately 337,000 post-paid subscribers in the third quarter and projects this year's operating revenue will be slightly below its previously targeted range of US$41 billion to US$42 billion.
■ AUTOMOBILES
UAW sets Chrysler deadline
Fresh off a two-day strike at General Motors Corp, the United Auto Workers (UAW) union has set a strike deadline of today for contract negotiations with Chrysler LLC, a source close to the negotiations said on Monday. The union will not necessarily walk off the job if an agreement is not reached by the deadline of 11am today, the source said. Negotiations could be extended on an hourly or daily basis. The UAW is using a landmark agreement reached with GM as a framework for negotiations with Chrysler. But Chrysler officials have said that the firm's new owner -- private equity group Cerberus Capital Management -- does not want to pay to transfer the administration of retiree health care to the union.
■ INVESTMENT
Sallie Mae to sue investor
Sallie Mae said on Monday that it was suing the investor group that had offered to acquire the US' largest student lender in order to force the buyers to go through with their original US$25 billion deal or else pay a US$900 million breakup fee. The buyers group, led by private equity company J.C. Flowers & Co, has said that student loan legislation signed into law by US President George W. Bush last month, in addition to weaker economic conditions, made the US$60-a-share price agreed upon in April unacceptable. Sallie Mae said it expected the buyers to honor their contract.
■ ENTERTAINMENT
PlayStation 3 prices cut
Sony Corp's game unit said yesterday that it would cut the prices of its next generation PlayStation 3 game consoles in Japan next week and offer a new low-range model next month. Sony Computer Entertainment Inc will cut the price of its model with 20 gigabytes of hard disk memory by about 10 percent to ¥44,980 (US$384) from ¥49,980, effective Oct. 17, it said in a statement on its Web site. The price of the 60GB models will be cut to about ¥54,980. A new lower-tier 40GB model will hit Japanese stores on Nov. 11 at a suggested retail price of ¥39,980.
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MAKING PROGRESS: Officials and industry leaders who participated in a defense forum last month agreed that Taiwan has the capabilities to work with the US, the report said Taiwan’s high-tech defense industry is to enhance collaboration with the US to produce weapons needed for self-defense, the Ministry of National Defense said in a report to the Legislative Yuan. Deputy Minister of National Defense Hsu Yen-pu (徐衍璞) discussed building regional and global industry alliances with US partners at the US-Taiwan Defense Industry Conference in Philadelphia held from Sept. 22 to Tuesday last week, the ministry said in the declassified portion of the report. The visit contributed to maintaining bilateral ties, facilitated Taiwan’s efforts to acquire weapons and equipment, and strengthened the resilience of the two nation’s defense industries, it said. Taiwan-US ties
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering
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