■BANKING
Citi wants to pay bonuses
Citigroup Inc, which has received US$45 billion in federal bailout funds and potentially could have to raise more capital based on “stress test” results, is requesting permission from the Treasury Department to pay out special bonuses to certain workers, the Wall Street Journal said late on Tuesday. Citigroup is seeking Treasury permission to pay retention bonuses to workers it says are demoralized amid the company’s restructuring and the sharp drop in the value of its stock, the paper reported, citing people familiar with the matter. The Treasury Department hasn’t made a decision on the request, the paper said. The amount of bonuses requested wasn’t disclosed.
■PHARMACEUTICALS
Bayer profits fall 44 percent
German pharmaceutical and chemical company Bayer AG said yesterday that its first-quarter net profit fell 44 percent as the global economic crisis cut sharply into demand. The Leverkusen-based company said net profit for the January to March period was down to 425 million euros (US$561 million) from 762 million euros a year earlier. Sales for the company fell 7.5 percent, dropping to 7.9 billion euros from 8.5 billion euros.
■COMPUTERS
Sun’s losses balloon
Sun Microsystems Inc’s loss ballooned in the latest quarter as restructuring charges and a 20 percent drop in sales compounded the financial woes that Oracle Corp is set to inherit by acquiring Sun for US$7.4 billion. Sun, a server and software maker whose wobbly performance for most of the last decade pushed it into Oracle’s clutches, said after the market closed on Tuesday that it lost US$201 million, or US$0.27 per share, in the three months ended March 29. A year ago, Sun lost US$34 million, or US$0.04 per share.
■SOUTH KOREA
Surplus hits record high
South Korea achieved a record current account surplus of US$6.65 billion last month as imports fell more sharply than exports, the central bank said yesterday. The figure was the highest since January 1980 when records began and sharply up on a revised US$3.56 billion surplus in February, the Bank of Korea said in a report. South Korea’s current account, which measures trade, service and investment flows between the country and the rest of the world, had been in the black between October and December before it swung into deficit in January.
■EUROPEAN UNION
Confidence bounces back
European business and consumer confidence has bounced back this month for the first time in nearly two years. The European Commission says businesses and shoppers in both the 27-member EU and the 16 countries that use the euro are more optimistic for the first time since May 2007. Officials say yesterday’s report indicates “a clear improvement in sentiment in industry and among consumers.”
■SINGAPORE
Recession likely hit bottom
Singapore’s worst-ever recession likely bottomed out in the first quarter, but the city-state faces a tepid recovery as global demand for its exports struggles to rebound, the central bank said yesterday. The country’s economy could shrink as much as 9 percent this year as a “deep and prolonged” global downturn batters sales abroad, which account for about 60 percent of GDP. The economy contracted 11.5 percent in the first quarter from a year earlier.
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
RULES BROKEN: The MAC warned Chinese not to say anything that would be harmful to the autonomous status of Taiwan or undermine its sovereignty A Chinese couple accused of disrupting a pro-democracy event in Taipei organized by Hong Kong residents has been deported, the National Immigration Agency said in a statement yesterday afternoon. A Chinese man, surnamed Yao (姚), and his wife were escorted by immigration officials to Taiwan Taoyuan International Airport, where they boarded a flight to China before noon yesterday, the agency said. The agency said that it had annulled the couple’s entry permits, citing alleged contraventions of the Regulations Governing the Approval of Entry of People of the Mainland Area into the Taiwan Area (大陸地區人民進入台灣地區許可辦法). The couple applied to visit a family member in
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
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