■ Fraud
Man convicted of bond fraud
A Chinese businessman has been sentenced to life in jail by a court in southern Guangdong province for massive bond fraud, state media reported Friday. Lan Yunsheng, the former general manager of Heyuan Ausheng Co, illegally raised 1.01 billion yuan (US$122 million) from 192 different companies via bond repurchase transactions, Xinhua news agency said, citing the court. Lan falsified documents in order to complete the bond repurchase transactions, Xinhua said. Another company employee and a securities trader were also sentenced to lengthy jail terms for their roles in the scam, according to the agency.
■ Trade
US Congress approves FTA
The US House of Representatives Thursday approved a free-trade pact with Singapore, giving the US administration a victory and advancing the the first US free-trade deal with an Asian nation.
The House passed the measure 272 to 155 and approved a separate pact with Chile 270 to 156. The measures are expected to win passage in the Senate next week, which would ratify the pacts signed by US President George W. Bush's administration. The US Congress agreed to give the president the authority to negotiate trade agreements that could be voted up or down by lawmakers, but not modified. Thursday's action drew quick praise from US business groups, which said the free-trade measures would be good for companies and the economy.
■ Aerospace
US revokes Boeing contracts
The Pentagon said Thursday it was revoking US$1 billion worth of contracts awarded to Boeing Co following allegations its employees stole trade secrets from a rival defense contractor. The contracts will be reassigned to one of Boeing's rivals, US Air Force Under Secretary Peter Teets told reporters. The move follows allegations that certain Boeing employees obtained proprietary information from competitor Lockheed Martin Corp during the bidding process for a 1998 contract to launch military satellites. "We are extremely disappointed by the circumstances that prompted our customer's action, but we understand the US Air Force's position that unethical behavior will not be tolerated," said Boeing chairman and chief executive officer Phil Condit in a statement.
■ Trade
HK's exports grow 14%
Hong Kong's exports last month surged 14.0 percent from a year earlier, picking up from the 13.6 percent rate reported for May as demand increased in East Asia and Europe, the government said yesterday. The territory's exports last month reached HK$142.3 billion (US$18.27 billion), the Census and Statistics Department said in a statement. Re-exports, or those trans-shipped through Hong Kong mostly from China, increased 16.5 percent to US$132.1 billion while locally made or domestic exports fell 10.4 percent to US$10.3 billion, it said. Imports rose 11.5 percent to US$146.4 billion last month to leave a visible trade deficit of US$4.0 billion. Export growth picked up again to double-digits on the back of a distinct increase in demand from China, Japan, South Korea, Taiwan and Indonesia. Exports to the EU likewise recorded faster growth last month but exports to the US dipped further, falling for the third month in a row.
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