■FINANCE
China cuts US bondholdings
China’s holding of US Treasury bonds fell for the first time in nearly a year, the US government said on Monday after Chinese leaders voiced fear over the soaring US budget deficit. Beijing owned US$763.5 billion in US Treasury securities in April, the lowest level since ramping up purchases in June last year, the US Treasury said in its monthly international capital data report. The April holdings fell from US$767.9 billion in March. Brazil cut its US bond holdings to US$126.0 billion in April from US$126.6 billion in March, while Russia reduced its ownership to US$137 billion from US$138.4 billion.
■RETAIL
Tesco sales surge 12.6%
Britain’s biggest retailer Tesco said yesterday that sales jumped 12.6 percent in the first quarter of the group’s financial year, boosted by its international division. Sales excluding oil rose sharply in the 13 weeks to the end of last month, compared with the same period of the previous fiscal year, Tesco said in a trading update. “We’ve made a solid start to the financial year, maintaining good momentum in a challenging economic climate,” chief executive Terry Leahy said in the statement.
■INTERNET
Yahoo expands footprint
Internet giant Yahoo expanded its mobile platform in the Asia-Pacific region yesterday in a bid to attract users who prefer to access the Web from their phones instead of computers. Yahoo Mobile is now available in Australia, Malaysia, Singapore and Taiwan, as well as Argentina, Brazil, Italy, Mexico and Spain, company officials said at the CommunicAsia 2009 trade fair in Singapore. Featuring customizable home pages and localized content, Yahoo Mobile can now be accessed on more than 400 mobile devices, a company statement said. It is now available in 17 countries across Europe, Asia and the Americas.
■AVIATION
Dreamliner finishing tests
Boeing Co said its delayed 787 Dreamliner would probably be capable of flying right now after sailing through some of the last remaining ground tests. “I personally believe the airplane could fly today,” Scott Carson, head of Boeing’s commercial airplanes unit, said in a Bloomberg Television interview at the Paris Air Show. The plane cleared intermediate gauntlet testing that simulates flight conditions and multiple systems failures “in a much better condition than we’d anticipated,” he said. Chicago-based Boeing didn’t want to rush the testing process just for the show and the plan remains for the Dreamliner to fly in the next two weeks, Carson said yesterday. The Dreamliner is running about two years late following development and production glitches.
■FINANCE
Sumitomo plans share sale
Sumitomo Mitsui Financial Group (SMFG) said yesterday its plan to raise US$9.6 billion in new capital should improve its competitiveness as Japan tries to emerge from its deep recession. “The additional fund ... will be used to supplement various businesses as we carry out our duty as a commercial bank, which is the smooth provision of funds,” a company spokesman said. Japan’s No. 3 banking group said on Monday it would raise about ¥923 billion (US$9.6 billion) in the biggest ever share sale by a Japanese financial institution.
DETERRENCE: With 1,000 indigenous Hsiung Feng II and III missiles and 400 Harpoon missiles, the nation would boast the highest anti-ship missile density in the world With Taiwan wrapping up mass production of Hsiung Feng II and III missiles by December and an influx of Harpoon missiles from the US, Taiwan would have the highest density of anti-ship missiles in the world, a source said yesterday. Taiwan is to wrap up mass production of the indigenous anti-ship missiles by the end of year, as the Chungshan Institute of Science and Technology has been meeting production targets ahead of schedule, a defense official with knowledge of the matter said. Combined with the 400 Harpoon anti-ship missiles Taiwan expects to receive from the US by 2028, the nation would have
North Korea yesterday fired about 10 ballistic missiles to the sea toward Japan, the South Korean Joint Chiefs of Staff (JCS) said, days after Pyongyang warned of “terrible consequences” over ongoing South Korea-US military drills. Pyongyang recently dashed hopes of a diplomatic thaw with Seoul, Washington’s security ally, describing its latest peace efforts as a “clumsy, deceptive farce.” Seoul’s military detected “around 10 ballistic missiles launched from the Sunan area in North Korea toward the East Sea [Sea of Japan] at around 1:20pm,” JCS said in a statement, referring to South Korea’s name for the body of water. The missiles
‘UNWAVERING FRIENDSHIP’: A representative of a Japanese group that co-organized a memorial, said he hopes Japanese never forget Taiwan’s kindness President William Lai (賴清德) yesterday marked the 15th anniversary of the Tohoku earthquake and tsunami, urging continued cooperation between Taiwan and Japan on disaster prevention and humanitarian assistance. Lai wrote on social media that Taiwan and Japan have always helped each other in the aftermath of major disasters. The magnitude 9 earthquake struck northeastern Japan on March 11, 2011, triggering a massive tsunami that claimed more than 19,000 lives, according to data from Japanese authorities. Following the disaster, Taiwan donated more than US$240 million in aid, making it one of the largest contributors of financial assistance to Japan. In addition to cash donations and
North Korea tested nuclear-capable rocket launchers, state media reported yesterday, a day after Seoul detected the launch of about 10 ballistic missiles. The test comes after South Korean and US forces launched their springtime military drills, due to run until Thursday. North Korean leader Kim Jong-un on Saturday oversaw the testing of the multiple rocket launcher system (MRLS), the Korean Central News Agency (KCNA) said. The test involved 12 600mm-caliber ultra-precision multiple rocket launchers and two artillery companies, it said. Kim said the drill gave Pyongyang’s enemies, within the 420km striking range, a sense of “uneasiness” and “a deep understanding
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