■AUTOMOBILES
Peugeot posts 2.2% decline
PSA Peugeot Citroen, Europe’s second-biggest carmaker, posted a 2.2 percent decline in full-year vehicle sales and said Europe would lag behind a market recovery in the rest of the world this year. Peugeot Citroen sold 3.19 million cars and light trucks last year, compared with 3.26 million a year earlier, the Paris-based company said in a statement yesterday. The introduction of sales incentives last year helped reduce the effects of the recession, which caused a 14 percent plunge in Peugeot’s first-half European sales. The region’s industry-wide car deliveries fell 2.8 percent in the first 11 months, the Brussels-based European Automobile Manufacturers’ Association said on Dec. 15.
■RETAIL
Brighthouse sales strong
British rent-to-own retailer Brighthouse posted strong sales for the run-up to Christmas and said yesterday it was well positioned for further growth. The 190-store firm, which sells electrical appliances, household furniture and related products to customers who make weekly payments, said sales increased 21 percent to £50.5 million (US$80.6 million) in the 13 weeks to Dec. 24. Sales at stores open over a year rose 9 percent. The group, owned by investment firm Vision Capital, said it was on track to open a total of 20 stores in the year to end of March. “Current overall performance is in line with management expectations. Looking forward to 2010, the company is well placed for further growth,” chief executive Leo McKee said.
■INVESTMENT
FCP enters biofuel tie-up
A partnership set up by investment boutique Future Capital Partners (FCP) aims to raise £236 million in project finance for a biofuel plant it will construct in Grimsby, northern Britain. Future Capital chief executive Tim Levy said the bulk of the project finance would be raised through a combination of debt and equity though wealthy private investors will be tapped for £40 million. Future Capital said in a statement it expects to provide investors, who must commit at least £50,000, annual returns in excess of 30 percent over a five to seven year period. The venture has also secured purchasing contracts worth at least £1.5 billion, with an unnamed global banking group agreeing to purchase all the ethanol produced over 10 years for 1 billion based on current fuel prices.
■INVESTMENT
Reliance raises US$750mn
India’s Reliance Industries said yesterday it raised US$756 million in another share issue, its third in four months as it prepares to make overseas acquisitions. Reliance, the country’s largest private sector firm, said in a statement it had sold 33 million shares at an average price of 1,050 rupees (US$23) each, raising nearly 35 billion rupees. The company has made a bid for the bankrupt Netherlands-based chemical firm LyondellBasell. Last week, the Wall Street Journal reported that Reliance had raised its valuation of Lyondell to about US$13.5 billion from the US$12 billion initially put forward in November. “If the Lyondell deal does not come through, there could be others in the pipeline,” said Hitesh Agrawal, head of research with Mumbai-based brokerage Angel Broking. A deal between Reliance and Lyondell, the world’s third-largest chemicals maker, would create a global energy and chemicals giant, with annual revenues estimated at near US$80 billion.
INVESTIGATION: The case is the latest instance of a DPP figure being implicated in an espionage network accused of allegedly leaking information to Chinese intelligence Democratic Progressive Party (DPP) member Ho Jen-chieh (何仁傑) was detained and held incommunicado yesterday on suspicion of spying for China during his tenure as assistant to then-minister of foreign affairs Joseph Wu (吳釗燮). The Taipei District Prosecutors’ Office said Ho was implicated during its investigation into alleged spying activities by former Presidential Office consultant Wu Shang-yu (吳尚雨). Prosecutors said there is reason to believe Ho breached the National Security Act (國家安全法) by leaking classified Ministry of Foreign Affairs information to Chinese intelligence. Following interrogation, prosecutors petitioned the Taipei District Court to detain Ho, citing concerns over potential collusion or tampering of evidence. The
‘FORM OF PROTEST’: The German Institute Taipei said it was ‘shocked’ to see Nazi symbolism used in connection with political aims as it condemned the incident Sung Chien-liang (宋建樑), who led efforts to recall Democratic Progressive Party (DPP) Legislator Lee Kun-cheng (李坤城), was released on bail of NT$80,000 yesterday amid an outcry over a Nazi armband he wore to questioning the night before. Sung arrived at the New Taipei City District Prosecutors’ Office for questioning in a recall petition forgery case on Tuesday night wearing a red armband bearing a swastika, carrying a copy of Adolf Hitler’s Mein Kampf and giving a Nazi salute. Sung left the building at 1:15am without the armband and apparently covering the book with a coat. This is a serious international scandal and Chinese
Seventy percent of middle and elementary schools now conduct English classes entirely in English, the Ministry of Education said, as it encourages schools nationwide to adopt this practice Minister of Education (MOE) Cheng Ying-yao (鄭英耀) is scheduled to present a report on the government’s bilingual education policy to the Legislative Yuan’s Education and Culture Committee today. The report would outline strategies aimed at expanding access to education, reducing regional disparities and improving talent cultivation. Implementation of bilingual education policies has varied across local governments, occasionally drawing public criticism. For example, some schools have required teachers of non-English subjects to pass English proficiency
TRADE: The premier pledged safeguards on ‘Made in Taiwan’ labeling, anti-dumping measures and stricter export controls to strengthen its position in trade talks Products labeled “made in Taiwan” must be genuinely made in Taiwan, Premier Cho Jung-tai (卓榮泰) said yesterday, vowing to enforce strict safeguards against “origin laundering” and initiate anti-dumping investigations to prevent China dumping its products in Taiwan. Cho made the remarks in a discussion session with representatives from industries in Kaohsiung. In response to the US government’s recent announcement of “reciprocal” tariffs on its trading partners, President William Lai (賴清德) and Cho last week began a series of consultations with industry leaders nationwide to gather feedback and address concerns. Taiwanese and US officials held a videoconference on Friday evening to discuss the
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