■INSURANCE
Swiss Re reports profit surge
Swiss Re, one of the world’s biggest reinsurers, yesterday reported a surge in first-quarter profit, although its results were dampened by losses from Chile’s earthquake and European storm Xynthia. Net profit rose by 21 percent to US$158 million in the first three months of this year against US$130 million a year earlier, the company said in a statement. “In the first quarter of 2010, we continued to deliver strong underlying performance, even though the result was impacted by high natural catastrophe losses, mainly from the earthquake in Chile and European winter storm Xynthia,” chief executive Stefan Lippe said.
■ELECTRONICS
Sanyo set for return to profit
Sanyo Electric said yesterday it expected to return to profit in the year to March next year, thanks to rising global demand for environmental products such as solar panels. For the year Sanyo, which became part of industry giant Panasonic in December, expected a net profit of ¥5 billion (US$53.4 million) and operating profit of ¥40 billion on sales of ¥1.75 trillion. The company said it expected to see continued moderate recovery in the global economy, although it also warned against the risk of rising prices of raw materials and falling prices of electronics products.
■BANKING
Commerzbank makes profit
Germany’s Commerzbank, hard hit by the financial crisis, reported yesterday its first profit since the second quarter of 2008, saying the result far exceeded expectations. Q1 profit was 708 million euros (US$909 million), against a loss of 864 million euros for the first quarter last year, the company said. Analysts had forecast a profit of US$435 million.
■RECRUITMENT
Adecco posts Q1 profit
Swiss-based staffing company Adecco SA yesterday posted a first-quarter net profit of 57 million euros thanks to improved market conditions. The profit compares to 23 million euros for the same period last year. Adecco CEO Patrick De Maeseneire said market conditions have significantly improved in most regions with higher demand in France and North America. Group revenues for the quarter were up 7 percent at 4 billion euros, Adecco said.
■AUTOMOBILES
French firm eyes venture
PSA Peugeot Citroen says it is creating a Chinese joint venture with Changan Automobile Group to make small, low-emission vehicles. The French carmaker said yesterday it is teaming up with the state-owned Chinese automaker for a 50-50 venture to produce “environmentally friendly light commercial vehicles and passenger cars.” A letter of intent has been signed, but details are still being discussed. The deal won’t compete with existing partnerships with other companies, Peugeot Citroen said.
■RATINGS
Goldman review possible
Fitch Ratings said on Wednesday that Goldman Sachs’ recent legal troubles and the evolving regulatory landscape might lead the agency to eventually review the bank’s top-tier credit rating. Fitch Ratings, a major credit ratings agency, said in a release that it left Goldman Sachs Group Inc’s rating of “A+” alone for now given its strong performance. Fitch noted that Goldman “consistently” outperforms its global banking peers. However, Fitch said it lowered its long-term view of Goldman’s debt ratings because of the legal issues Goldman is facing, which could hurt its reputation and ability to generate revenue.
UPDATED (3:40pm): A suspected gas explosion at a shopping mall in Taichung this morning has killed four people and injured 20 others, as emergency responders continue to investigate. The explosion occurred on the 12th floor of the Shin Kong Mitsukoshi in Situn District (西屯) at 11:33am. One person was declared dead at the scene, while three people were declared deceased later after receiving emergency treatment. Another 20 people sustained major or minor injuries. The Taichung Fire Bureau said it received a report of the explosion at 11:33am and sent rescuers to respond. The cause of the explosion is still under investigation, it said. The National Fire
ACCOUNTABILITY: The incident, which occured at a Shin Kong Mitsukoshi Department Store in Taichung, was allegedly caused by a gas explosion on the 12th floor Shin Kong Group (新光集團) president Richard Wu (吳昕陽) yesterday said the company would take responsibility for an apparent gas explosion that resulted in four deaths and 26 injuries at Shin Kong Mitsukoshi Zhonggang Store in Taichung yesterday. The Taichung Fire Bureau at 11:33am yesterday received a report saying that people were injured after an explosion at the department store on Section 3 of Taiwan Boulevard in Taichung’s Situn District (西屯). It sent 56 ambulances and 136 paramedics to the site, with the people injured sent to Cheng Ching Hospital’s Chung Kang Branch, Wuri Lin Shin Hospital, Taichung Veterans General Hospital or Chung
‘TAIWAN-FRIENDLY’: The last time the Web site fact sheet removed the lines on the US not supporting Taiwanese independence was during the Biden administration in 2022 The US Department of State has removed a statement on its Web site that it does not support Taiwanese independence, among changes that the Taiwanese government praised yesterday as supporting Taiwan. The Taiwan-US relations fact sheet, produced by the department’s Bureau of East Asian and Pacific Affairs, previously stated that the US opposes “any unilateral changes to the status quo from either side; we do not support Taiwan independence; and we expect cross-strait differences to be resolved by peaceful means.” In the updated version published on Thursday, the line stating that the US does not support Taiwanese independence had been removed. The updated
‘LAWFUL USE’: The last time a US warship transited the Taiwan Strait was on Oct. 20 last year, and this week’s transit is the first of US President Donald Trump’s second term Two US military vessels transited the Taiwan Strait from Sunday through early yesterday, the Ministry of National Defense said in a statement, the first such mission since US President Donald Trump took office last month. The two vessels sailed south through the Strait, the ministry said, adding that it closely monitored nearby airspace and waters at the time and observed nothing unusual. The ministry did not name the two vessels, but the US Navy identified them as the Arleigh Burke-class guided-missile destroyer USS Ralph Johnson and the Pathfinder-class survey ship USNS Bowditch. The ships carried out a north-to-south transit from