■ US economy
O'Neill calls economy mixed
The Federal Reserve's interest-rate cut last week was an appropriate response to a "mixed" economic outlook and the value of the dollar isn't a concern, US Treasury Secretary Paul O'Neill said. "The reduction in the rate that they made last week is a good idea given what feels like, as the chairman of the Federal Reserve said today, a soft spot in our economy right now," O'Neill said in an interview with public television's Charlie Rose in New York. "The thing that we feel a responsibility for now is that this economy stays on the positive side of the line." O'Neill said he's not worried about the dollar, which has weakened in the past three straight weeks against the euro and the yen. Asked whether he's concerned about the value of the dollar, O'Neill said, "No."
■ World markets
Afghans gain more access
Afghan carpets, Moroccan bowls and South American knitwear might soon sit alongside super-sleek suits and sofas in Giorgio Armani stores around the world. Armani was made a goodwill ambassador for the United Nations High Commission for Refugees (UNHCR) in May and on Wednesday said his billion-dollar business could also play an active role in helping poorer countries. "Right now it seems designing dresses is rather worthless. I would like to help in other ways, for example by helping these people to work and sell their products in my shops," Armani said at the start of a fund-raising campaign for Colombian refugees. Armani hosted a showing of a UNHCR documentary filmed in Colombia and Ecuador last year, featuring fellow goodwill ambassador, American actress Angelina Jolie. "After this film, I'd say I'm ready to leave [fashion] tomorrow," said Armani.
Agencies
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source