■TELECOMS
Vodafone Q1 profits jump
Britain’s Vodafone, the world’s biggest mobile phone company by revenue, reported a nearly 10 percent rise in quarterly revenue yesterday, which it attributed partly to favorable exchange rates. It said its revenue was up £10.7 billion (US$17.7 billion), up 9.3 percent in April to June, the first quarter of its trading year, compared with the previous quarter. It also cited a boost to revenue from “merger and acquisition activity, primarily attributable to the additional stake in Vodacom,” a South African operator that it took control of last November.
■INSURANCE
Credit data leak probed
The Japanese arm of global insurer Alico said yesterday that credit card data of some 110,000 customers could have been leaked, and that fraudulent purchases may have been made in more than 1,000 cases. The American Life Insurance Co, affiliated with troubled US giant American International Group said it was first alerted last week by credit card companies about the suspected cases among its policyholders. “We have been investigating the issue. We are yet to determine how the data could have been leaked,” a spokesman said.
■MEDIA
Star TV job cuts planned
News Corp is planning a sweeping shakeup of its Star Asian television operations, including a sharp cut in jobs in Hong Kong and the rest of the region, the Financial Times said yesterday. James Murdoch, head of News Corp’s Asian and European operations, will head the shakeup as the group aims to cut costs and consolidate overlapping operations, the newspaper said, citing unnamed sources. Star’s Indian operation, which generates the most profits for the group in Asia and reports to Hong Kong, will become independent and start reporting directly to Murdoch.
■MANUFACTURING
Merck’s Q2 profits plunge
German drug and chemical maker Merck KGaA said yesterday that its second quarter net profit fell 48 percent as higher research costs and one-time effects from the acquisition of Serono weighed on the bottom line. The company reported a net profit of 108 million euros (US$153 million) in the April-June period compared with 207 million euros a year earlier. Sales for the quarter were nearly unchanged at 1.9 billion euros. Merck also makes liquid crystals and this division saw sales fall to 189 million euros, down 21 percent from the year ago quarter.
■CONSTRUCTION
Biggest IPO launched
China State Construction Engineering Corp (中國建築工程) said it has raised 50.16 billion yuan (US$7.3 billion) in the world’s biggest IPO this year. The nation’s largest home builder was selling 12 billion yuan-denominated A shares at the top end of an indicated range of 3.96 yuan to 4.18 yuan, a statement filed with the Shanghai Stock Exchange late on Thursday said. The IPO surpasses Brazil VisaNet’s recent US$4.27 billion listing to become the world’s biggest IPO so far this year.
■CHEMICALS
Nufarm shares soar
Shares in Australian agricultural chemicals company Nufarm Ltd rocketed yesterday after it revealed it had talked takeover terms with Chinese chemical trader Sinochem Corp (中國化工). Nufarm said the approach from Sinochem had been “on a confidential, preliminary and incomplete basis” and that there was no certainty a takeover offer would be put before shareholders.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from
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