The US-led administration in Iraq is to establish a major credit facility "within weeks" to lubricate overseas trade after last week's lifting of UN sanctions, its head Paul Bremer announced on Monday. \n"It will be a substantial credit facility that first symbolically indicates to the world that Iraq is open for business and also provides a practical incentive to people who want to trade with Iraq," Bremer told a news conference. \nThe facility will be funded by a raft of private banks as well as the Central Bank of Iraq, he said. \nHe added that a further US$250 million of central bank reserves had been recovered undamaged from the bank's vaults after they had been drained of wartime flooding from the Tigris River by coalition troops over the past week. \n"We are now nearing the end of the first stage of our task here and entering a new stage," said Bremer, noting that government ministries, most power and water supplies, and a new police force were all now up and running. \n"The task now is to help the Iraqis rebuild their economy after decades of state control and mismanagement." \nBremer said the lifting of UN sanctions had been a "big step along this road." \n"Oil revenues will now all be used for the Iraqi people as we work to establish the first free economy here in years," he said. \n"Encouraging robust trade between Iraq and the rest of the world is a key part of our stra-tegy," he said, adding that a market economy was the "best protection for political freedom" in Iraq. \nBremer said the occupation had yet to work out any detailed economic policies, and was still looking at the closely related issues of trade tariffs, currency, and price deregulation. \n"We are in the process now of trying to establish what the relationship should be and what the steps should be. I don't have a preconceived view on that," he said. "Because the economy was so tightly controlled and interlinked, you can't change any one part of it, without changing it all." \nBremer said that for the moment the ration system on which some 60 percent of Iraqis depended for basic goods under former president Saddam Hussein would be preserved. \n"In the long term we would like to see market prices brought into the economy," he said. \n"At this point it would be premature for me to lay down specific guidelines [for foreign investment] and it's a matter that, in the end, an Iraqi government would want to make a contribution to discussing," he said.
The Chinese Nationalist Party (KMT) caucus yesterday issued a rebuttal to former US secretary of state Condoleezza Rice, who said a fistfight in the Legislative Yuan might have been “provoked from the outside” to destabilize Taiwan. Rice made the comment in an online discussion about the AUKUS alliance of Australia, the UK and the US hosted by the Policy Exchange forum in London on Thursday. On mention of Taiwan, she was quoted by The Australian as predicting that Beijing would use paramilitary forces and acts of sabotage to destabilize the nation. “There was a fistfight in the Taiwanese parliament a few weeks ago
A Taiwanese YouTuber suspected of creating and selling deepfake porn videos featuring more than 100 politicians and influencers was on Monday released on bail after being arrested the previous day. Chu Yu-chen (朱玉宸), 26, who uses the name Xiaoyu (小玉) on YouTube, was arrested on Sunday in New Taipei City, along with two suspected accomplices, a 24-year-old YouTuber surnamed Yeh (耶), known as Shaiw Shaiw (笑笑), and a 22-year-old man Chuang (莊). The three suspects were on Monday escorted to the New Taipei District Prosecutors’ Office for further questioning on suspicion of distributing obscene videos and publicly insulting others, in contravention of
ADVANCING TECH: With revenue on target to reach US$15.4 billion, the Hsinchu-based chipmaker said it is looking to produce 3-nanometer chips later this year Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday announced plans to build a new plant in Japan next year to produce 22-nanometer and 28-nanometer chips in its latest effort to expand its global manufacturing footprint. The Japanese fab is to start operations in 2024, the world’s biggest contract chipmaker said, ending months of speculation. “We have received strong commitment to supporting this project from our customers and the Japanese government,” TSMC chief executive officer C.C. Wei (魏哲家) told a quarterly investors’ conference. “We believe the expansion of our global manufacturing footprint will enable us to better serve our customers’ needs and reach global talent,
KNOWN ISSUES: Fire safety issues were found in the 40-year-old building, which previously housed a theater and restaurants, in 2019, last year and May, an official said Forty-six people died and 41 were injured in a building fire that raged out of control for hours overnight in Kaohsiung, authorities said yesterday. Flames and smoke billowed from the lower floors of the 13-story Cheng Chung Cheng (城中城) building on Fubei Road in Yancheng District (鹽埕), as firefighters tried to douse the blaze from the street and aerial platforms. The death toll rose steadily through the day as rescue workers searched the combined commercial and residential building. By late afternoon, authorities said 32 bodies had been found, while a further 14 people who showed no signs of life were among 55