■Stocks
Gold rises sharply
Gold prices rocketed to five-and-a-half-year highs on Tuesday as weakness in the dollar, rallying oil prices and fears of a war against Iraq lured ever more investors into the safe-haven asset. Spot gold hit a peak of US$341.70 an ounce, the highest since mid-June 1997 and marking a 1.7 percent gain from closing levels in New York on Monday, although prices edged lower over the course of the day. Gold closed in London at US$336.70/337.45 an ounce, down from the highs for the day, but up from Monday's New York finish at US$336.00/336.70. Dealers said Tuesday's highs could be exceeded. "The issue is whether the big funds come in again. If we see another wave of buying, it will easily go through," he said. Gold prices have risen some US$87 since the market bottomed early last year at US$253 an ounce.
■ Free trade
Japan told to `open up'
It is time for Japan to take the lead in establishing a free trade in East Asia to survive global competition, the chief of Japan's largest business group said yesterday. "It is time to promote the idea of a free economic zone in East Asia," Hiroshi Okuda, chairman of the Japan Business Federation or "Nippon Keidanren," said in a lecture. The Japanese need to "open up their country for a third time," he argued, citing drastic changes the nation underwent in the 19th century after the end of the feudal period and following its 1945 defeat in WWII. By doing so, East Asia could become "an engine for the world economy" on a par with the US and Europe, forming "a stable triangle," said Okuda, who also chairs Japan's top auto maker Toyota Motor Corp. The idea that Japan would take a dominant leadership role in East Asia has been considered "a taboo" due to bitter memories of Japan's aggression in the region before and during WWII, Okuda noted.
■ Wireless Web
Intel boosts wireless plan
Intel Corp, the world's biggest computer-chip maker, is investing in two startup companies as part of its strategy to speed up the adoption of wireless networking. Intel, which in October earmarked US$150 million to fund wireless companies, will invest an undisclosed amount in STSN Inc and TeleSym, Inc, spokeswoman Laura Anderson said. STSN of Salt Lake City, provides wireless Internet connections in hotels, and Bellevue, Washington-based TeleSym delivers wireless voice communications. Intel is hoping that the adoption of wireless networks in airports, cafes and businesses will spur new demand for personal computers. Its Banias chip for laptops is designed to work with wireless features so that it's easier to connect to the Internet and corporate networks.
■ Cars
Honda predicts record sales
Japan's number two car maker, Honda Motor Co Ltd, yesterday predicted record sales and production next year due to stronger demand in Asia, mainly from the surging Chinese market. Honda's global auto sales next year are expected to rise by 10 percent to 3.1 million vehicles, up from the record 2.82 million seen in 2002. Honda's global production is expected to hit a record 3.19 million vehicles in 2003, a rise of 10.8 percent. "Our strong forecast was due to robust economies in Asia, particularly the strong Chinese market," said Kazuhiro Suda, a spokesman for Honda.
Agencies
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique