■ Finance
China eases offshore rules
China is relaxing controls on companies seeking overseas financing in a move aimed at boosting development of private and high-tech companies, the country's foreign exchange regulator said. The change in policy will enable Chinese to set up offshore companies to raise funds and conduct mergers and acquisitions inside China. "After a period of fast growth, many private and high-tech companies wishing to expand face capital shortages," the State Administration of Foreign Exchange said in a statement seen yesterday on its Web site. ``This will make it more convenient to seek financing in the international capital market,'' the statement said. The revised rules, which take effect Nov. 1, require such offshore companies to transfer income back to China within 180 days after it is earned, it said. The change is also aimed at eliminating a loophole that made it hard for regulators to monitor cross-border capital flows.
■ Ratings
Fitch upgrades S Korea
Fitch Ratings yesterday raised South Korea's sovereign credit rating, saying that North Korea's promise last month to abandon its nuclear weapons program has reduced security risks on the Korean Peninsula. "South Korea's ratings have been constrained by concerns about threats posed by a nuclear-armed North," James McCormack, head of Asia Sovereigns at Fitch, said in a press release. The most recent round of six-party talks ended last month with Pyongyang pledging to abandon its nuclear program, which it claims has already yielded weapons. The upgrade of South Korea's long-term foreign currency rating to A+ from A puts Fitch's rating two notches above Moody's Investors Service's A3 and one above Standard & Poor's Ratings Services' A.
■ Automobiles
Japan's top three set record
Toyota Motor Corp, Nissan Motor Co and Honda Motor Co, Japan's three largest automakers, built a record number of vehicles in the first half as they attracted more buyers in North America and other markets. Toyota's overseas production exceeded that in Japan for the first time in the six months ended Sept. 30, surging 21 percent to 1.82 million units from a year ago, the firm said yesterday. Nissan built 1.03 million vehicles overseas, up 19 percent. Honda's rose 13 percent to 1.09 million units. The three firms are raising overseas production to respond more quickly to rising sales in the US, Europe and China. Making more cars abroad also helps shield the companies from currency fluctuations. "Japan's big three are increasing sales and profit from overseas, which allows them to strategically and effectively expand capacity when they need to," said Masayuki Kubota, who helps manage about US$8.5 billion at Daiwa Investments in Tokyo.
■ Aviation
Jetstar to fly to Phuket
Singapore-based budget airline Jetstar Asia said it will fly to Phuket in Thailand four-times weekly from today, further boosting the island's recovery from last year's tsunami disaster. "Phuket is solidly back on the map. All indications point to an economy that has settled down and is ready to accept a new phase in its tradition as a great resort destination," said Jetstar Asia chief executive Ken Ryan in a statement. Jetstar Asia, which is backed by Qantas, is offering a one-way fare without taxes of at least S$30 (US$17.75) for travel up to Dec. 15, the statement said.
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
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
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