■ German economy
Wise Men forecast deficit
The German government's so-called "Five Wise Men" panel of independent economic advisors, said yesterday they expected the German public deficit to amount to 4.1 percent of GDP this year, far more than the 3.0-percent limit allowed by the EU. Furthermore, the German deficit ratio will exceed EU limits again next year, the economic advisors predicted in their annual report published yesterday. The advisors said that their base forecast, which does not take into account the government's proposals to bring forward planned tax cuts to the beginning of next year, was for a public deficit ratio of 3.4 percent in next year.
■ Software
Oracle upset by offer
Oracle Corp may drop its hostile takeover bid of PeopleSoft Inc because its rival is offering generous customer refunds if the deal goes through. Oracle filed a sternly worded court motion on Monday, demand-ing that PeopleSoft halt its "Customer Assurance Program." The program guarantees customers will receive refunds of two to five times their initial license fee -- often tens of millions of dollars or more -- if an acquiring company fails to support PeopleSoft products. Oracle criticized the program as so "draco-nian" and "unreasonable" that it could make the takeover "unfeasible." PeopleSoft began offering customers generous refunds shortly after Oracle began its takeover bid in June. Oracle said it became aware that the program could cost as much as US$800 million only on Oct. 27.
■ Japan
Current account surplus up
Japan's current account surplus in September jumped 37.6 percent, led by strong exports to Asia and Europe and a sharp con-traction in the services deficit, the finance ministry said yesterday. The surplus on the current account hit ¥1.59 trillion (US$14.7 billion), recording a third consecutive monthly gain, the ministry said. For the six months to September, the current account surplus rose 20 percent from a year earlier to a record ¥8.35 trillion, with the trade surplus up 0.8 percent to ¥6.03 trillion. Exports in the first half rose 5.1 percent to a record ¥25.8 trillion and imports grew 6.5 percent to ¥19.8 trillion, the ministry said. In September alone, the trade surplus was up 8.7 percent from a year earlier to ¥1.29 trillion, with exports rising 9.3 percent to ¥4.63 trillion and imports up 9.6 percent to ¥3.34 trillion.
■ Travel
Business fares hold steady
Business travel fares likely won't rise in Europe next year as companies switch to economy-class tickets for employees and low-cost carriers force traditional airlines to cut prices, said Andrew Buckley, an American Express vice president. "We will see more travelers going to the back of the cabin," Buckley said, citing a study by his company. He spoke at an airline conference in London. Slowing economies in Europe and a three-year slump in travel exacerbated this year by the war in Iraq and an outbreak of the SARS virus have hurt earnings at British Airways Plc and others. Low-cost carriers such as Ryanair Holdings Plc and EasyJet Plc have seen demand rise by attracting budget-conscious travellers. No-frills flights accounted for 20 percent of European travel in the eight months through August, tourism consultancy IPK Interna-tional said yesterday.
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
WIDE NET: Health officials said they are considering all possibilities, such as bongkrekic acid, while the city mayor said they have not ruled out the possibility of a malicious act of poisoning Two people who dined at a restaurant in Taipei’s Far Eastern Department Store Xinyi A13 last week have died, while four are in intensive care, the Taipei Department of Health said yesterday. All of the outlets of Malaysian vegetarian restaurant franchise Polam Kopitiam have been ordered to close pending an investigation after 11 people became ill due to suspected food poisoning, city officials told a news conference in Taipei. The first fatality, a 39-year-old man who ate at the restaurant on Friday last week, died of kidney failure two days later at the city’s Mackay Memorial Hospital. A 66-year-old man who dined
RESTAURANT POISONING? Deputy Minister of Health and Welfare Victor Wang at a press conference last night said this was the first time bongkrekic acid was detected in Taiwan An autopsy discovered bongkrekic acid in a specimen collected from a person who died from food poisoning after dining at the Malaysian restaurant chain Polam Kopitiam, the Ministry of Health and Welfare said at a news conference last night. It was the first time bongkrekic acid was detected in Taiwan, Deputy Minister of Health and Welfare Victor Wang (王必勝) said. The testing conducted by forensic specialists at National Taiwan University was facilitated after a hospital voluntarily offered standard samples it had in stock that are required to test for bongkrekic acid, he said. Wang told the news conference that testing would continue despite
‘CARRIER KILLERS’: The Tuo Chiang-class corvettes’ stealth capability means they have a radar cross-section as small as the size of a fishing boat, an analyst said President Tsai Ing-wen (蔡英文) yesterday presided over a ceremony at Yilan County’s Suao Harbor (蘇澳港), where the navy took delivery of two indigenous Tuo Chiang-class corvettes. The corvettes, An Chiang (安江) and Wan Chiang (萬江), along with the introduction of the coast guard’s third and fourth 4,000-tonne cutters earlier this month, are a testament to Taiwan’s shipbuilding capability and signify the nation’s resolve to defend democracy and freedom, Tsai said. The vessels are also the last two of six Tuo Chiang-class corvettes ordered from Lungteh Shipbuilding Co (龍德造船) by the navy, Tsai said. The first Tuo Chiang-class vessel delivered was Ta Chiang (塔江)