■ AUTOMOBILES
Ford to stick to plan
Ford Motor Co's recent stock slide is a reflection of US economic uncertainty and would not change the company's restructuring plan, its chief executive said on Tuesday night. Alan Mulally told reporters that Ford has financing in place to weather an economic downturn and its restructuring plan is flexible enough to adjust production to a declining market. "Clearly, it makes it tougher," Mulally said. "We took the actions starting a year-and-a-half ago to deal with this." Ford's stock slid to US$6 per share last week, a 22-year low.
■ TOYS
China tightens export rules
More toys made in China now need export licenses as the world's biggest manufacturer of the children's products moves to boost quality, an official said yesterday following safety scares last year. Seven new product types need the licenses, which will have to be renewed every three rather than the previous five years, said Li Qingxiang, the deputy director general of the Guangdong Entry-Exit Inspection and Quarantine Bureau. "All the new toys will have to be inspected for safety and to make sure they reach the required standard before they can be produced and exported," he said.
■ MARKETS
Non-voting shares mulled
The Tokyo Stock Exchange said yesterday it planned to allow shares with little or no voting rights to be listed, enabling the founders of new firms to raise funds without losing a grip on management. The scheme could start as early as April but a formal decision has not yet been made, an exchange official said. The move would be part of the exchange's efforts to facilitate fundraising in various forms, the official said on condition of anonymity. "Founders of unlisted companies tend to avoid going public because their stakes would decline. We plan to enable them to raise money while retaining their controlling stakes," she said.
■ COMPUTERS
Lenovo in France launch
Chinese computer maker Lenovo (聯想) said on Tuesday it would launch a range of products in France aimed at individuals as part of its global strategy of expanding its market appeal. Lenovo, which in 2005 acquired the personal computer business of IBM, plans to raise its share of the worldwide consumer market. Its "Idea" range of portable and desktop personal computers will be on sale by the middle of this month at four major retail chains, Lenovo France chairman Jean-Michel Donner said. The firm, which is focusing on "medium to high-end range models with innovative designs ... aims to launch all these products across Europe in 2008," Donner said.
■ BANKING
Cayne to give up control
Bear Stearns CEO James "Jimmy" Cayne said on Tuesday he would give up day-to-day control of the fifth-largest US investment bank amid unprecedented losses from the subprime mortgage crisis. Cayne, 73, will serve as non-executive chairman, an internal memo said. He will be succeeded as CEO by president Alan Schwartz. The management shake-up had been expected for months and is just the latest to hit the executive suites of the biggest investment houses in the US. The subprime crisis has already claimed Merrill Lynch CEO Stan O'Neal and Citigroup CEO Chuck Prince.
UPDATED (3:40pm): A suspected gas explosion at a shopping mall in Taichung this morning has killed four people and injured 20 others, as emergency responders continue to investigate. The explosion occurred on the 12th floor of the Shin Kong Mitsukoshi in Situn District (西屯) at 11:33am. One person was declared dead at the scene, while three people were declared deceased later after receiving emergency treatment. Another 20 people sustained major or minor injuries. The Taichung Fire Bureau said it received a report of the explosion at 11:33am and sent rescuers to respond. The cause of the explosion is still under investigation, it said. The National Fire
ALL-IN-ONE: A company in Tainan and another in New Taipei City offer tours to China during which Taiwanese can apply for a Chinese ID card, the source said The National Immigration Agency and national security authorities have identified at least five companies that help Taiwanese apply for Chinese identification cards while traveling in China, a source said yesterday. The issue has garnered attention in the past few months after YouTuber “Pa Chiung” (八炯) said that there are companies in Taiwan that help Taiwanese apply for Chinese documents. Minister of the Interior Liu Shyh-fang (劉世芳) last week said that three to five public relations firms in southern and northern Taiwan have allegedly assisted Taiwanese in applying for Chinese ID cards and were under investigation for potential contraventions of the Act Governing
ACCOUNTABILITY: The incident, which occured at a Shin Kong Mitsukoshi Department Store in Taichung, was allegedly caused by a gas explosion on the 12th floor Shin Kong Group (新光集團) president Richard Wu (吳昕陽) yesterday said the company would take responsibility for an apparent gas explosion that resulted in four deaths and 26 injuries at Shin Kong Mitsukoshi Zhonggang Store in Taichung yesterday. The Taichung Fire Bureau at 11:33am yesterday received a report saying that people were injured after an explosion at the department store on Section 3 of Taiwan Boulevard in Taichung’s Situn District (西屯). It sent 56 ambulances and 136 paramedics to the site, with the people injured sent to Cheng Ching Hospital’s Chung Kang Branch, Wuri Lin Shin Hospital, Taichung Veterans General Hospital or Chung
STAY WARM: Sixty-three nontraumatic incidents of OHCA were reported on Feb. 1, the most for a single day this year, the National Fire Agency said A total of 415 cases of out-of-hospital cardiac arrest (OHCA) occurred this month as of Saturday, data from the National Fire Agency showed as doctors advised people to stay warm amid cold weather, particularly people with cardiovascular disease. The Central Weather Administration yesterday issued a low temperature warning nationwide except for Penghu County, anticipating sustained lows of 10°C or a dip to below 6°C in Nantou, Yilan, Hualien and Taitung counties, as well as areas north of Yunlin County. The coldest temperature recorded in flat areas of Taiwan proper yesterday morning was 6.4°C in New Taipei City’s Shiding District (石碇). Sixty-three nontraumatic OHCA