■INVESTMENT
Seoul to launch fund
South Korea will launch a US$3.94 billion fund next month to boost corporate investment as part of a drive for economic recovery, officials said yesterday. The 5 trillion-won fund was approved by President Lee Myung-bak at his meeting with business leaders and policymakers, the Ministry of Strategy and Finance said. The ministry plans to expand the fund to 20 trillion won after drawing participation from other pension funds and institutional investors.
■TRADE
Australia posts huge deficit
Australia yesterday reported its largest trade deficit in 12 months as softening commodity prices and demand hammered export earnings, dealers said. The trade deficit almost doubled to A$556 million (US$449 million) in seasonally adjusted terms in May, up from A$282 million in April, the Australian Bureau of Statistics (ABS) said. Exports plunged 5 percent over the month, partially offset by a 4 percent fall in imports. It was the steepest fall since July last year, when Australia reported a seasonally adjusted deficit of A$717 million and was more than four times the median market expectation of A$125 million.
■ELECTRONICS
Hitachi to supply GM
Japanese electronics manufacturer Hitachi Ltd said yesterday it would supply lithium-ion batteries for hybrid vehicles to General Motors Corp next year and sharply raise production capacity to meet surging demand for gas-electric cars. Hitachi currently makes 40,000 lithium-ion batteries per month and will lift the capacity to 3 million units. “We plan to boost our production capacity for lithium-ion batteries as we expect demand for hybrid vehicles will continue to grow worldwide,” Hitachi spokesman Shinya Yamada said. He declined to say when capacity expansion would start.
■INTERNET
YouTube raises upload limit
Video-sharing site YouTube said on Wednesday it was doubling the size limit for uploads to its Web site to allow users to post more high-definition (HD) video. YouTube, in a blog post, said the size limit for uploads to the site was being doubled — from 1 gigabyte to 2 gigabytes. “The increase means you can upload longer videos at a higher resolution as well as large HD files directly from your camera,” YouTube said. “The changes allow you to share links directly to the HD version of your video, as well as embed the HD version on your blog or Web site,” it said.
■TELECOMS
Telefonica eyeing T-Mobile
Telefonica has joined Vodafone in considering a bid for T-Mobile UK, while France Telecom is weighing up a possible joint venture with the British mobile operator, the Financial Times said yesterday, citing people close to the matter. The FT on Monday reported that Vodafone, the world’s biggest mobile phone company by revenue, was exploring a bid to buy T-Mobile UK, the British arm of Deutsche Telekom.
■MINING
Rio Tinto 97% subscribed
Mining giant Rio Tinto said yesterday investors had bought 97 percent of the new London-listed shares issued by the group to help it raise US$15.2 billion. The Anglo-Australian group on June 5 announced plans to raise US$11.8 billion from the sale of fresh London-listed stock and US$3.4 billion from new shares listed in Sydney. Results of the Sydney rights issue would be announced today, the company said.
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
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
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