■BANKING
UK bank profit rises 4%
Standard Chartered LLC, the British bank that makes more than 90 percent of its pretax earnings in Asia, said full-year profit rose to a record as corporate lending rose. Net income climbed 4.3 percent to US$3.38 billion from a restated US$3.24 billion a year earlier, the bank said in a statement yesterday. Standard Chartered said this year had “begun well” for both wholesale and consumer banking businesses. The lender raised about £1 billion (US$1.5 billion) in a share sale in August to increase capital strength and to fund expansion in Asia.
■TOYS
US fines Japan’s Daiso
The US Consumer Product Safety Commission on Tuesday slapped a hefty US$2 million fine on US subsidiaries of Japanese retailer Daiso because of accusations that they imported lead-tainted toys and dangerous children’s products. The commission also said the companies, based in California and Washington state, would not be allowed to import children’s products until they are proven safe. Since 2008, Daiso California LLC and Daiso Seattle LLC have had five recalls of 698 toys and other children’s products. They included small wooden toys, stuffed animals, purses and ponchos and were sold in Daiso stores in California and Washington for under US$5 each. While the total number of recalled items was relatively small and no injuries were reported, the head of the commission said the civil penalty and consent decree barring imports sends a message. “This landmark agreement for an injunction sets a precedent for any firm attempting to distribute hazardous products to our nation’s children,” commission Chairwoman Inez Tenenbaum said. Yoshi Murata, a senior executive at Daiso, said the company accepted the fine and would make sure the products it imports are safe.
■TRANSPORT
Finnish union on strike
Transport workers in Finland began a strike on Tuesday to halt the transport of raw materials and products and much of the country’s bus traffic. The strike came a day after the Transport Workers Union rejected a mediation proposal by National Conciliator Esa Lonka in a labor dispute. Lonka was meeting with representatives of the union and employer organizations as the strike began at 6pm. It was not immediately clear if he would present a new proposal or ask the unions to call off the walkout. Earlier on Tuesday, the prime minister appealed for a solution to the dispute so the impact of the strike would be minimal “in the grave economic situation.”
■INTERNET
Google found in Kansas
A city in Kansas seeking to be a test hub for a high-speed broadband network being built by Google has temporarily changed its name to “Google.” Topeka Mayor William Bunten issued a proclamation declaring that, for this month, the Kansas capital would be known as “Google, Kansas — the capital city of fiber optics.” The official city Web site, Topeka.org, welcomes visitors to “The City of Google” — written in the large colorful letters the Internet search giant is known for — and includes a link to the mayor’s proclamation. Google said last month that it planned to build experimental, ultra high-speed broadband networks that would deliver Internet speeds 100 times faster than those of today. It said the envisioned one-gigabit-per-second networks would be built in “a small number of trial locations” in the US. Communities have until March 26 to make their interest known to Google.
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
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MAKING PROGRESS: Officials and industry leaders who participated in a defense forum last month agreed that Taiwan has the capabilities to work with the US, the report said Taiwan’s high-tech defense industry is to enhance collaboration with the US to produce weapons needed for self-defense, the Ministry of National Defense said in a report to the Legislative Yuan. Deputy Minister of National Defense Hsu Yen-pu (徐衍璞) discussed building regional and global industry alliances with US partners at the US-Taiwan Defense Industry Conference in Philadelphia held from Sept. 22 to Tuesday last week, the ministry said in the declassified portion of the report. The visit contributed to maintaining bilateral ties, facilitated Taiwan’s efforts to acquire weapons and equipment, and strengthened the resilience of the two nation’s defense industries, it said. Taiwan-US ties
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering
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