■CHINA
Wal-Mart adjusts plans
Wal-Mart, the world’s largest retailer, yesterday said it has revised a planned overhaul of its China-based management after intervention by government-run trade unions. On April 10, US-based Wal-Mart said it needed to slash mid-level executives in an effort to adapt to “the changeable market situation.” However, the US retail giant seems to have softened its position after negotiating with employees, trade unions and local governments following a wave of staff complaints in domestic media reports.
■INTERNET
Amazon sales jump 18%
Amazon.com posted an 18 percent boost in sales and a 24 percent rise in profits as the online retail giant shrugged off the effects of the economic downturn. The Seattle-based retailer said that it earned US$177 million in the first quarter, compared to US$143 million a year ago. Sales were up to US$4.89 billion compared with US$4.13 billion a year ago. The company said the strongest boost to its earnings came from sales of its new electronic book reader, the Kindle.
■BANKING
AmEx net profit down 56%
US finance firm American Express said on Thursday it would make further cost-cutting moves following a sharp drop in quarterly earnings. “We continue to be very cautious about the economic outlook and plan to initiate additional reengineering efforts in the second quarter to help further reduce our operating costs,” said Kenneth Chenault, chairman and chief executive. Amex said net profit in the first quarter fell 56 percent from a year ago to US$443, or US$0.31 per share, amid rising write-offs of credit card debt.
■BANKING
Obama calls for fairness
US President Barack Obama urged US credit card company executives on Thursday to stop unfair rate increases and be more transparent and accountable, tapping into popular outrage over abusive lending. Obama said after a White House meeting with 13 credit card executives that he wanted new legislation being considered by the US Congress to protect consumers against unfair rate increases and ban “abusive fees and penalties.”
■JAPAN
Nomura posts record loss
Japan’s largest brokerage house, Nomura Holdings Inc, incurred a record net loss for the last fiscal year that ended on March 31, the firm said yesterday. The record loss amounted to ¥709.44 billion (US$7.24 billion) after the firm was hit hard by the global financial turmoil and the burden of taking over part of the Lehman Brothers in September last year. Nomura also posted a net loss of ¥67.85 billion in fiscal 2007.
■CHINA
Japan cool on certification
Japan voiced concern on Friday about a Chinese plan to order certification of high-tech information security products, which could have wide-ranging effects on trade and on foreign manufacturers in China. China has said it will unveil on May 1 the rules for certifying the products, which include smart card chip operating systems, secure routers, secure database systems, anti-spam products and firewall products. “If a compulsory certification system of information-security products, which would be unprecedented internationally, is introduced, then this may have a negative impact on smooth trade ties between Japan and China,” Japan’s chief cabinet Secretary Takeo Kawamura said.
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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