■AUTOMOBILES
Toyota to increase hybrids
Toyota Motor Corp plans to double its global production of hybrid vehicles in about two years, positioning fuel-sipping cars as a core profit earner, a report said yesterday. The automaker recently notified parts suppliers that it intends to roll out about 800,000 hybrids domestically this year, with the figure to be raised to about 900,000 in 2011 and 1.1 million in 2012, the Nikkei reported. Last year’s output was estimated to be about 500,000, it said without citing sources. Toyota also plans to sell an additional 10 new hybrid models, from minivans and subcompacts to luxury cars, within a few years, on top of its current lineups such as the Prius, Sai and Lexus HS250h, the Nikkei said.
■FINANCE
French bank considers exit
French bank Societe Generale yesterday said it was considering pulling out of Australia and was in discussions with regulators regarding its banking license. Australian branch chief executive John Harvey said no decision had yet been made but that a total exit was “clearly on the agenda,” adding that the bank was in talks with the Australian Prudential Regulation Authority (APRA). “We are in regular dialogue with APRA and their position is that we retain our branch banking licence while Societe Generale continues to conduct banking operations in Australia,” Harvey said, Dow Jones Newswires reported. “There is no official close date as we continue to operate substantial businesses in treasury and equipment finance.”
■SINGAPORE
Exports jump again
Exports jumped last month for the second month as global demand for the city-state’s electronics surged. Exports excluding oil rose 26.1 percent from a year earlier to S$13.2 billion (US$9.5 billion), Trade and Industry Ministry figures showed yesterday. The ministry said sales abroad rose a seasonally adjusted 1.7 percent from November. Electronics — which account for 40 percent of non-oil exports — rebounded strongly, rising 25.2 percent from a year earlier after falling 6.1 percent in November.
■LUXURY GOODS
Richemont sales gain
The Swiss group Richemont, which markets watches and other luxury items, reported yesterday a modest third-quarter sales gain thanks to a strong performance in Asia. Richemont said sales rose 2 percent from October to last month to reach 1.6 billion euros (US$2.3 billion), beating a forecast of 1.5 billion euros from analysts surveyed by the financial agency AWP. Sales last month alone were up 12 percent, said Richemont, whose product range includes such names as Cartier, Vacheron-Constantin, Piaget, Montblanc and Baume & Mercier. Richemont recorded a quarterly sales gain of 25 percent in Asia, notably in China and Hong Kong.
■FINANCE
Thai lending to grow 9.8%
Thailand’s central bank said lending by commercial banks is expected to grow 9.8 percent this year, boosted by a recovery in the economy. “Lending started to pick up late last year and the trend should continue,” Assistant Governor Sorasit Soontornkes told reporters in Bangkok yesterday. The combined loan portfolio of Thailand’s banks contracted 1.78 percent last year as demand for new money declined amid the nation’s economic recession, he said. Lenders including Bangkok Bank PCL, the nation’s biggest, have said loans will probably expand this year, led by demand from consumers and small and medium-sized companies.
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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