■ CHINESE ECONOMY
Investment set to rise
China's overall fixed-asset investment, a key driver of economic growth, is expected to grow 25.3 percent this year, state press said yesterday, citing government projections. Urban fixed-asset investment is predicted to rise 27 percent for this year, the State Information Center said in a report published in the China Securities Journal. Fixed-asset investment in the first nine months of the year increased by 26.1 percent over the same period last year, with such spending, mainly by the government on infrastructure and other projects, accounting for just under half of China's total economic output. The government think-tank expects overall fixed-asset investment to total 8.78 trillion yuan (US$1.08 trillion) this year, with urban fixed-asset investment to reach 7.45 trillion yuan, the newspaper said.
PHOTO: REUTERS
■ LABORabor
France mulls reforms
France could lift restrictions on service industries and business start-ups to create jobs in the riot-hit suburbs, Finance Minister Thierry Breton said in a newspaper interview published yesterday. He told Britain's Financial Times business daily that although the package of measures would be limited to "zone franche" special areas, the plans could be a proving ground for wider reform of the rigid French labor market. He also admitted that France had not done enough for its immigrants. Violence was continuing in French suburbs early yesterday with more cars ablaze in the troubled Paris suburbs. Breton said he would present Prime Minister Dominique de Villepin with a batch of fresh ideas once the violence ebbs.
■ JAPAN
Growth outpaces forecasts
The Japanese economy grew more than expected in the third quarter, expanding at an annualized pace of 1.7 percent, the government said yesterday. The rate of growth in the GDP from July to September was higher than the average forecast of 1.1 percent, prompting stocks and the yen to rise. However, it was substantially slower than the previous two quarters: a 3.3-percent annualized rate in the second quarter and 6.3 percent in the first. Domestic demand was the driving force behind the reading for the latest quarter. Personal spending, which makes up about 55 percent of Japan's GDP, climbed a real 0.3 percent, encouraged by increased buying of flat-display televisions, commissions on financial services and visits to the World Exposition in Aichi Prefecture, which closed at the end of September.
■ AUTOMOBILES
US giant finishes MMC sale
German-US auto giant DaimlerChrysler said yesterday it had agreed to sell its remaining 12.4-percent stake in Mitsubishi Motors Corp (MMC), effectively completing its gradual withdrawal from the Japanese firm's share capital, according to a company statement. The exact price and the impact on earnings "will be published after closing, which will take place by the end of November the latest," the statement said. But the deal was expected to boost DaimlerChrysler's financial income this year by around 500 million euros (US$585 million). Current cooperation between the two groups "will not be affected by the disposal, and will continue as previously agreed. In addition, DaimlerChrysler and MMC plan to renew and extend current projects which are mutually beneficial," DaimlerChrysler insisted.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from