■ OIL
Prices weaken in Asia
Oil prices weakened in Asian trade yesterday after initially spiking sharply in reaction to a fire that struck a pipeline linking the US to key energy supplier Canada, dealers said. With the pipeline partially resuming shipments after the blaze, traders are focusing on next week's OPEC output meeting in Abu Dhabi, they said. In afternoon trade New York's main contract, light sweet crude for delivery next month fell US$0.13 to US$90.88 a barrel from US$91.01 in late US trading on Thursday. Brent North Sea crude for delivery next month fell US$0.27 to US$89.95 a barrel.
■ FINANCE
Samsung Securities raided
State prosecutors raided the offices of a Samsung Group financial company on Friday, a company spokesman and media report said, amid a probe into allegations the conglomerate created a slush fund to bribe influential figures. Kim Jin-ho, a spokesman for Samsung Securities Co, said six prosecutors led the raid of the company's Seoul office and were backed by 40 other officials. The raid came after prosecutors earlier this month launched an investigation into allegations that Samsung, South Korea's biggest conglomerate, bribed prosecutors, judges and lawmakers using a 200 billion won (US$215 million) slush fund.
■ WTO
China-US spat resolved
China has agreed to eliminate a dozen tax breaks and other subsidies the US challenged this year at the WTO, resolving one of the series of trade spats between the countries. "This outcome represents a victory for US manufacturers and their workers," US Trade Representative Susan Schwab said on Thursday. "The agreement also demonstrates that two great trading nations can work together to settle disputes to their mutual benefit," she said. China's decision will abolish tax breaks and other subsidies that benefit the broad spectrum of Chinese industries, including steel, wood products and information technology, Schwab said.
■ FINANCE
Morgan Stanley loses Cruz
Morgan Stanley said on Thursday that co-president Zoe Cruz, one of the most powerful women on Wall Street, will leave in the latest investment bank management shakeup since the summer's credit turmoil. Robert Scully, who was named co-president along with Cruz last year, will remain at the firm in a new capacity. He will join a newly created office of the chairman, and will focus on Morgan Stanley's sovereign investors. Cruz had been with Morgan Stanley for the past 25 years, and rose to her current title after former chief executive Philip Purcell promoted her in a move to consolidate power.
■ RETAIL
Sears profits drop 99%
Sears Holdings Corp reported a 99 percent drop in third-quarter profit on Thursday on weak sales at Sears and Kmart stores and investment losses under hedge-fund manager chairman Eddie Lampert. It was the worst quarter since Lampert formed the company by combining Sears and Kmart in March 2005, heightening questions among investors about Lampert's strategy for reviving two faded chains. Sears shares tumbled US$16.09, or 13.8 percent, to US$100.25 in morning trading. Net income fell to US$2 million from US$196 million a year ago.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from
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