SATISFIED: Financial Supervisory Commission Chairman Gordon Chen said the limit had proved effective and could be extended for another week if deemed necessary
By Flora Wang And Lisa Wang
The Cabinet yesterday extended the halved daily drop limit on the stock market for another week after several days of poor performance on the TAIEX.

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CONFLICTING OPINIONS: French President Nicolas Sarkozy has called for a revamp of global financial architecture that might not win unqualified support from the US
US President George W. Bush announced on Saturday he would host the first in a proposed series of global summits on the financial crisis as the world grapples with the biggest economic debacle since the Great Depression.

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South Korea yesterday announced a government guarantee of up to US$100 billion on foreign borrowing by its banks in a bold move to stabilize financial markets.

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Former Beijing vice mayor Liu Zhihua (劉志華), who was in charge of overseeing Olympic construction projects, has been given a death sentence for corruption, a court clerk and his lawyer said.

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The US is to launch a forum to promote security of mainly US businesses in Asia amid concerns on issues ranging from copyright piracy to terrorism threats, officials said.

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