■Euro zone
Industrial activity falls
Industrial activity in the 12-nation euro zone last month registered its steepest fall since January 2002, data showed yesterday. The region's purchasing managers' index (PMI), a measure of manufacturing operations, fell 1.1 points month-on-month to 48.4 in December, NTC Research said. The decline was the biggest in 11 months and came after the PMI had gone up over October and November. For the fourth month running the index remained below the boom-bust level of 50, indicating that the sector was still experiencing contraction.
■ Strike
Venezuela's oil choked
Leaders of Venezuela's crippling strike claimed Wednesday that since the protest was launched one month ago, only about 4.5 million barrels of oil were exported, equivalent to about six percent the November figure. The Democratic Coordinator (CD), one of the strike organizers, said only six oil tankers left the country since the beginning of the strike as compared with 240 to 260 in a regular month. The vessels were "carrying around 4.5 million barrels in total" the CD said in a statement. In November, Venezuela exported an average of about 2.8 million barrels of oil a day. The CD estimated output at 190,000 barrels a day, well short of the government's figures and only a fraction of regular output. It said daily crude production was of 145,000 barrels in western Venezuela, 25,000 in the east and 20,00 in the south.
■ Automakers
Hyundai boost sales target
South Korea's top automaking conglomerate, Hyundai Motor Group, said yesterday its sales target for this year was 65.2 trillion won (US$55.3 billion), up 15.6 percent from last year. The company said it also planned to invest 5.23 trillion won this year, up 65.5 percent over last year, with research and development expenditure seen at 2.25 trillion won, up 49 percent. Hyundai said it ranked as the nation's third largest conglomerate in terms of sales last year, after the Samsung and LG groups. Hyundai Motor alone is expected to raise its sales to 30.1 trillion won this year, up from 27.3 trillion won. Kia Motors, a subsidiary of Hyundai Motor Co, is expected to increase sales from 14.15 trillion won to 16.7 trillion won. Hyundai Motor is aiming to sell a total of 2.04 million vehicles this year, up from 1.85 million a year earlier, with exports accounting for 1.20 million units, up from 1.06 million a year earlier.
■ Labor
Workers want flexibility
Many hard-pressed British workers are starting to value flexible hours allowing them to take care of family concerns above extra cash, according to a government survey published yesterday. Almost half of the 4,000 respondents in the Department of Trade and Industry survey said they most sought flexible working hours when looking for a new job. A third said flexibility was more important than an extra UK Pound 1,000 (US$1,600) a year, with just 10 percent preferring a company car, and seven percent opting for gym membership. The research, conducted in partnership with a recruitment website, coincided with a DTI campaign to highlight new "family friendly" employment rights that will see employers encouraged to consider requests from parents of young children for a more flexible approach.
Agencies
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from