■ Development
IMF unblocks Kenya loans
The IMF has unblocked lending to Kenya and approved a US$250 million loan, saying the country has shown commitment in fighting corruption blamed for a near-collapse of the economy, the government announced yesterday. "Accordingly, Kenya now has a three-year financial arrangement under the Poverty Reduction and Growth Facility (PRGF) 250 million dollars," Finance Minister David Mwiraria told a press conference in Nairobi. "Kenya will immediately access funds amounting to 36 million dollars from the IMF," Mwiraria said, flanked by IMF country representative Samuel Itam. The minister said good governance and fighting endemic corruption were among the key conditions that had to be met before IMF freed up funds.
■ Automobiles
VW loses luxury cars
The Volkswagen company in Germany has lost track of a dozen of its high-powered, luxury Phaeton cars. An internal memo circulating at the various factories asks if anyone has seen the top-of-the-line cars recently, according to the newspaper Bild yesterday. VW has so many test and staff cars in the company fleet that it can only keep tabs on them by computer. The memo says VW does not believe the phantom Phaetons have been stolen, but rather suspects they have been booked out of one depot without being booked in properly at another, or have ended up in a car pool without the proper paperwork being filled in. Some of the missing cars are worth more than 100,000 euros (about US$120,000), with soft leather seats and a 420-horsepower engine under the bonnet.
■ Stock markets
HK brokers can access China
Hong Kong brokers will soon ply their trade in China with greater ease after a deal is signed next week with China, Hong Kong's leader announced. The agreement -- to be formally signed by Hong Kong's Securities and Futures Commission and the China Securities Regulatory Commission -- will also grant reciprocal treatment to Chinese brokers who want to trade in Hong Kong. Under the agreement, Hong Kong brokers who pass an examination on mainland laws and regulations will be allowed to work in China beginning in January. There are an estimated 16,000 stock and futures brokers in Hong Kong. The agreement was part of a free-trade pact recently signed by Hong Kong and China, which promised greater opportunities in China for Hong Kong professionals such as lawyers and accountants.
■ Economic policy
Arroyo pledges to carry on
Philippine President Gloria Macapagal Arroyo vowed yesterday to carry out the economic reforms she promised, amid fears the country would suffer yet another crisis following the recent resignation of her finance secretary. "What we need most are fiscal reforms, macroeconomic reforms," she told the crowd at a political forum at the Ateneo de Manila University, in an attempt to downplay possible adverse results brought about by the sudden exit of Jose Isidro Camacho on Friday. Arroyo said overspending in government agencies must be trimmed down significantly, if not totally stopped. The 48-year-old minister, a highly-respected banker prior to his government stint in January 2001, said he quit because he was "physically and emotionally" exhausted. His aides say Camacho was disappointed with Arroyo's refusal to carry out needed reforms.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last