■ Economics
Singapore's growth slows
Singapore's economy grew at an annualized 3.2 percent in the third quarter, down from the sizzling 18 percent in the previous three months, preliminary estimates said yesterday. Growth in Southeast Asia's fourth largest economy was driven by a 10 percent expansion in the key manufacturing sector, higher than the 6.4 percent in the second quarter, the Ministry of Trade and Industry reported. Compared to a year ago, the economy expanded by 6 percent in the third quarter. "Driven by an upsurge in biomedical manufacturing, the manufacturing sector is estimated to have grown at 10.0 percent in the third quarter," the ministry said. The estimates are computed from July and August data. The government will release a complete report for the third quarter next month. The service industries expanded by 5.1 percent, driven by financial services. The government forecasts full year economic growth of 3.5 percent to 4.5 percent this year. The city-state posted GDP growth of 8.4 percent last year.
■ Economics
South Korea's CCI rises
South Korea's consumer confidence index (CCI) rebounded last month, ending five straight months of declines in a sign of economic recovery, official data showed yesterday. The index improved to 96.7 last month from 94.8 in August, the National Statistical Office said. The latest solid gain followed five months of declines since March when it was 102.2, the office said. A reading below 100 indicates that there are more people who are pessimistic about the economy than optimistic. GDP grew 3.3 percent year-on-year in the three months to June, up from a 2.7 percent gain in the previous quarter, the Bank of Korea said last month. The central bank forecast 4.5 percent growth in the second half of the year. For the six months to June, GDP grew 3 percent, falling well short of the 4.6 percent in the same period last year. In July, the central bank lowered its economic growth forecast for this year to 3.8 percent from 4 percent, saying record high oil prices were slowing an overall economic recovery.
■ Telecoms
Possible deal for Marconi
British newspapers said on Sunday that Swedish telecoms giant LM Ericsson was poised to take control of struggling British firm Marconi Corp. The Sunday Telegraph newspaper reported that Ericsson had submitted the highest bid for Marconi, trumping an offer made by Chinese firm Huawei Technologies Co (華為技術). The Mail on Sunday newspaper said that unnamed sources close to the deal believed Ericsson planned to retain around 80 percent of Marconi if its bid was successful, and spin off the rest. Marconi spokesman David Beck said speculation of a takeover deal from Ericsson was just one of a series of rumors that was doing the rounds. "We are not going to comment on any of these rumors," he said. An Ericsson official refused to comment on the speculation.
■ Entertainment
Sanctuary needs help
British music company Sanctuary Group Plc, home to Axl Rose and Elton John, said yesterday it was cutting by 175 jobs, or 25 percent of its workforce, following a string of profit warnings. Sanctuary, the world's biggest independent music label, said last month that it expected to make a loss this year before interest, tax, depreciation and amortization and exceptional items, admitting it was paying the price for growing too quickly.
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
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
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
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