■ STEEL
ThyssenKrupp cuts jobs
ThyssenKrupp plans to shed more than 3,000 jobs, a press report said yesterday, the first time a German industrial group would eliminate permanent posts as a result of the country’s recession. ThyssenKrupp, a steel maker and manufacturer of industrial goods, would cut 1.5 percent of its workforce as it struggles with falling demand for its products, the Financial Times said, without identifying its sources. The group’s steel, automotive and ship building divisions would be affected by the cuts, the newspaper said. Until now, German groups have reduced workers’ hours or eliminated temporary posts in an attempt to weather the country’s worst recession since the 1930s. In January, the heads of 30 leading German companies told German Chancellor Angela Merkel they would not resort to compulsory layoffs, the report said.
■ AUTOMOBILES
Fiat may take Chrysler debt
Chrysler LLC’s chief executive said on Thursday that if its proposed alliance with automaker Fiat SpA goes through, the Italian automaker would be responsible for 35 percent of Chrysler’s debt to the US government. Chrysler is living off US$4 billion in US government loans and is seeking an additional US$5 billion. CEO Bob Nardelli said in a video posted on Thursday on Chrysler’s Web site that the company could be viable on its own, but he said a deal with Fiat would enhance that viability. Fiat is discussing trading its small-car technology for a 35 percent stake in Chrysler.
■ ENERGY
Total to refine in China
French energy giant Total, spurred by more attractive pricing rules, is planning to set up new refining and petrochemicals projects in China, state media reported yesterday. Total wants to take advantage of a new system in China allowing competitive pricing and an appropriate profit margin for oil refiners, the China Daily reported, citing Total China chairman Jacques de Boisseson. Total currently operates one refinery in northeastern China and has no petrochemicals plant there. It has recently set up a venture with PetroChina in the South Sulige block in the Inner Mongolia region.
■ RETAIL
Wal-Mart pays out US$2bn
Wal-Mart Stores Inc has announced it has paid US$2 billion this year to its US employees in bonuses, merchandise discounts and retirement contributions. The world’s largest retailer said on Thursday that US$934 million of the money went toward bonuses, averaging US$666 for each of the company’s 1.4 million domestic workers. Wal-Mart chief executive officer Mike Duke said US$789 million was paid in profit-sharing and retirement contributions and the remainder went to the employee stock purchase plan and merchandise discounts for workers. In a letter, Duke congratulated employees for Wal-Mart’s recent successes in an economic environment that has its competitors struggling.
■ ELECTRONICS
Pre needs polishing: Palm
Palm Inc on Thursday said its upcoming Pre phone needed “more polishing” but that it was on track to start selling the high profit device in the first half of the year as it looks to grab back smartphone business from rivals. The company gave the update while it reported a wider loss and revenue that fell 70 percent from a year ago, in line with its recent warning for a weak fiscal third quarter.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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