■ China
Forex rules tightened
China's foreign exchange watchdog yesterday said it will tighten up on offshore funds flowing into foreign companies' coffers in a bid to thwart currency specu-lation and slow growth in foreign debt. "The new rule will help to crack down on illegal forex speculation, curb the fast growth of capital inflows and foreign debt, and maintain a stable monetary policy and rate of exchange for the yuan," the State Administration of Foreign Exchange said in a statement. With Beijing under pressure from major trading partners to revalue its currency, speculative funds, or "hot-money," have poured into the country on expectations of a revalua-tion of the yuan. Following investigations last year, the agency found foreign com-panies were using offshore funds in China to conduct business that "went beyond normal operations." Now, when applying to bring in foreign exchange funds of US$200,000 or more, foreign-invested companies must present documents explaining the use of the funds, the agency said.
■ Aviation
AirAsia sees tough fight
Malaysian no-frills airline AirAsia warned yesterday of an industry shake-out as more carriers enter the market but said it is ahead of the pack and will expand its fleet and maintain low fares despite rising fuel costs. Chief executive Tony Fernandes also said AirAsia's initial public offering (IPO) slated for September is on track but talks with Singapore's state investment arm, Temasek Holdings, on taking a stake in the airline are expected to be put on hold until after the listing. "The low-fare market is going to be very, very crowded and very few are going to survive," with budget carriers not only fighting among themselves but also with other major airlines which had started to slash prices, Fernandes said. "Many others are trying to emulate us but we have a two-and-a-half years advantage, so we'll take it as it comes." Fernandes said AirAsia planned to expand its fleet from 17 aircraft to 24 by October and 36 by June next year.
■ Automobiles
Production pact nears end
DaimlerChrysler will stop making Dodge and Chrysler cars at Mitsubishi Motors Corp's central Illinois auto plant next year, the com-pany said. The decision comes at the end of a five-year agreement, and is not related to recent financial troubles at Mitsubishi Motors, plant spokesman Dan Irvin told The Panta-graph newspaper in Bloom-ington, Illinois for a story in yesterday's edition. Chrysler Group spokesman Dave Elshoff declined to say if the company would build other DaimlerChrysler vehicles at Mitsubishi Motors' only North American manufac-turing facility. The Normal plant produced 156,800 vehicles in the fiscal year that ended in March.
■ Retailing
Wal-Mart gets Chicago OK
Wal-Mart won Chicago City Council approval on Wed-nesday to build its first store in Chicago after months of delay and intense lobbying by the chain's foes and supporters. The council's action means that Detroit and New York City are the only top-10 urban markets in the US without a Wal-Mart store or approval to build one. The victory for Wal-Mart comes after an expensive defeat last month in the Los Angeles suburb of Inglewood, where voters rejected a superstore. However, the city council rejected an application for a second store in the South Side neighborhood.
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
‘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)
EYE ON STRAIT: The US spending bill ‘doubles security cooperation funding for Taiwan,’ while also seeking to counter the influence of China US President Joe Biden on Saturday signed into law a US$1.2 trillion spending package that includes US$300 million in foreign military financing to Taiwan, as well as funding for Taipei-Washington cooperative projects. The US Congress early on Saturday overwhelmingly passed the Further Consolidated Appropriations Act 2024 to avoid a partial shutdown and fund the government through September for a fiscal year that began six months ago. Under the package, the Defense Appropriations Act would provide a US$27 billion increase from the previous fiscal year to fund “critical national defense efforts, including countering the PRC [People’s Republic of China],” according to a summary