■MINING
Alcoa Q4 loss smaller
Alcoa Inc on Monday reported a smaller net loss for the fourth quarter, though revenue shrank as higher metal prices were offset by ongoing weakness in aerospace, construction and gas turbine businesses. Alcoa’s quarterly performance marks the unofficial beginning of the earnings season for S&P 500 companies, and it can be a sign of things to come. The report was released after the market closed and Alcoa’s shares fell in aftermarket activity. The Pittsburgh company reported a net loss of US$277 million, or US$0.28 per share, compared with a loss of US$1.19 billion, or US$1.49 per share, a year ago.
■JAPAN
Current account surplus rises
The country’s current account surplus grew in November for a fourth straight month, boosted by solid exports to the rest of Asia, government data showed yesterday. The surplus in the current account — the broadest measure of trade with the rest of the world — rose 76.9 percent from a year earlier to ¥1.10 trillion (US11.9 billion) in the month, the finance ministry said. The world’s second-largest economy logged a trade surplus of ¥490.6 billion, against a deficit of ¥92.2 billion in the same month of the previous year.
■AVIATION
Airbus to double output
Plane maker Airbus aims to double output of its new A380 superjumbo this year, chief operating officer Fabrice Breguier said in an interview published yesterday. “Airbus’ objective is to double A380 deliveries in 2010,” Breguier was quoted as saying in the French business daily Les Echos. “Our objective is deliver 20 A380s this year, attaining a stable rate of two planes per month in the second half of the year,” he said. In 2008 Airbus delivered 12 of the superjumbos.
■UNITED STATES
Fed made record profits
The Federal Reserve made record profits last year of about US$45 billion that will be returned to the coffers at the Treasury, the Washington Post reported on Monday. The Post said the figure, which it said was according to its own calculations based on public records, would be the highest earnings in the Fed’s 96-year history. The newspaper noted that much of the profits came about because of the Fed’s program of buying bonds with the aim of driving down interest rates and fueling growth in the hobbled the domestic economy.
■INTERNET
AOL to trim workforce
US Internet company AOL said on Monday it would cut jobs after a voluntary departure program failed to meet a target of trimming one-third of its global workforce. The Internet pioneer, which was spun off from media giant Time Warner last month after a troubled merger, had announced in November it would take a US$200 million charge as part of a restructuring as it regained independence.
■AUTOMOBILES
BMW expects growth
German automaker BMW expects a return to global sales growth this year, helped by emerging markets like China, after a difficult period last year, its head of sales said on Monday. “We see markets starting to recover,” Ian Robertson, head of sales and marketing, told reporters at the Detroit Auto Show, adding that BMW was aiming for “single digit growth.” BMW, which owns the BMW, Rolls-Royce and Mini brands, reported a 10.4 percent drop in global sales last year, for a total of 1.29 million vehicles.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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