■GERMANY
Sales fall beats expectations
Retail sales fell 1.8 percent last year, final figures showed yesterday, better than a preliminary estimate of a 2 percent drop given last month, the national statistics office said. The figures suggested that consumption in Europe’s biggest economy held up better than expected in the midst of its worst post-war recession. “Apparently, German consumers did not let the financial crisis ruin their Christmas shopping,” ING senior economist Carsten Brzeski said. “Still, private consumption seems to be caught in a zig-zag pattern without getting to a real upward trend.”
■INSURANCE
Munich Re profits soar
The world’s biggest reinsurer, Munich Re, reported yesterday that net profit soared 62 percent last year, exceeding the group’s own forecast. Munich Re posted a net profit of 2.56 billion euros (US$3.56 billion), up from 1.58 billion euros in 2008, and said it would raise its dividend by 4.5 percent to 5.75 euros. “This is another good result that demonstrates Munich Re’s earnings strength,” a statement quoted finance director Jorg Schneider as saying. “We are realistic in our expectations and remain dependable for investors.”
■INDUSTRY
Siemens doubles investment
German industrial conglomerate Siemens AG said yesterday it would double its annual investment in India to 250 million euros, as it continues to grow in emerging market economies. Siemens, based in Munich, said it was expected that the Indian economy would grow 7 percent this year and 8 percent next year and that it wants to expand its market share to 10 percent by 2012. The bulk of the new investment will go to energy technology. The company said that currently about 30 percent of India’s population has no access to power, which is why the Indian government is planning to add 150 gigawatts over the next seven years — an amount equal to Germany’s entire installed capacity. In addition, 20 percent of the energy mix should be generated from renewable sources by the year 2020.
■FINANCE
Normura still in the black
Japan’s top securities firm Nomura reported yesterday a third straight quarter in the black, boosted by its purchase of large parts of failed Wall Street bank Lehman Brothers. Nomura Holdings posted net earnings of ¥10.2 billion (US$113 million) for the fiscal third quarter through December — a significant improvement on a year-earlier loss of ¥343.0 billion. “We were profitable for the third straight quarter, booking increased revenues and net income in both the retail and wholesale businesses,” Nomura chief executive Kenichi Watanabe said in a statement.
■REAL ESTATE
Singapore tycoon dies
Property tycoon Ng Teng Fong (黃廷芳), listed by Forbes business magazine as Singapore’s richest man with a fortune of more than US$8 billion, died yesterday, his flagship company said. The 82-year-old founder of privately held Far East Organization (遠東機構) suffered a brain hemorrhage on Jan. 23 and underwent an operation before he passed away peacefully in Singapore, a company press release said. Far East Organization and its Hong Kong-based sister company Sino Group (信和集團) comprise one of Asia’s biggest property groups, with a combined annual turnover of US$5.5 billion and total assets valued at more than US$40 billion, the company Web site said.
Taiwanese actress Barbie Hsu (徐熙媛) has died of pneumonia at the age of 48 while on a trip to Japan, where she contracted influenza during the Lunar New Year holiday, her sister confirmed today through an agent. "Our whole family came to Japan for a trip, and my dearest and most kindhearted sister Barbie Hsu died of influenza-induced pneumonia and unfortunately left us," Hsu's sister and talk show hostess Dee Hsu (徐熙娣) said. "I was grateful to be her sister in this life and that we got to care for and spend time with each other. I will always be grateful to
REMINDER: Of the 6.78 million doses of flu vaccine Taiwan purchased for this flu season, about 200,000 are still available, an official said, following Big S’ death As news broke of the death of Taiwanese actress and singer Barbie Hsu (徐熙媛), also known as Big S (大S), from severe flu complications, the Centers for Disease Control (CDC) and doctors yesterday urged people at high risk to get vaccinated and be alert to signs of severe illness. Hsu’s family yesterday confirmed that the actress died on a family holiday in Japan due to pneumonia during the Lunar New Year holiday. CDC Deputy Director-General Tseng Shu-hui (曾淑慧) told an impromptu news conference that hospital visits for flu-like illnesses from Jan. 19 to Jan. 25 reached 162,352 — the highest
COMBINING FORCES: The 66th Marine Brigade would support the 202nd Military Police Command in its defense of Taipei against ‘decapitation strikes,’ a source said The Marine Corps has deployed more than 100 soldiers and officers of the 66th Marine Brigade to Taipei International Airport (Songshan airport) as part of an effort to bolster defenses around the capital, a source with knowledge of the matter said yesterday. Two weeks ago, a military source said that the Ministry of National Defense ordered the Marine Corps to increase soldier deployments in the Taipei area. The 66th Marine Brigade has been tasked with protecting key areas in Taipei, with the 202nd Military Police Command also continuing to defend the capital. That came after a 2017 decision by the ministry to station
PETITIONS: A Democratic Progressive Party official quoted President William Lai as saying that civil society groups are organizing the recall drives at the grassroots level Some civil society groups yesterday announced that they have collected enough signatures to pass the first-stage threshold to initiate a recall vote against Chinese Nationalist Party (KMT) legislators in 18 constituencies nationwide, saying that they would submit the signatures to the Central Election Commission (CEC) today. They also said that they expected to pass the threshold in eight more constituencies in the coming days, meaning the number of KMT legislators facing a recall vote could reach 26. The groups set up stations to collect signatures at local marketplaces and busy commercial districts. The legislators their petition drives target include Fu