■ Interest rates
No rate schedule for BOJ
Bank of Japan (BOJ) Governor Toshihiko Fukui said that while his nation's economy is "right on track," the bank hasn't decided on the timing of interest rate increases. "The economy is right on track, but the schedule for rate raising is quite uncertain, quite open," Fukui, 70, said in an interview as he arrived in Basel on Saturday for a meeting of Group of 10 central bankers. "We have to take time and watch, closely watch, the future development of the economy." The BOJ on March 9 voted to reduce the amount of money it makes available to lenders, ending a five-year policy of flooding the world's second-largest economy with money to fight deflation. Asked if the BOJ may raise rates this year, Fukui said the situation is "a bit uncertain."
■ Trade
China and France ink deal
A joint agreement between France and China to work closer to beat counterfeiters has been hailed as the first step in an effort to end the multibillion dollar illegal trade. French budget minister and government spokesman Jean-Francois Cope signed the agreement, the first of its kind between the two trading partners, in Beijing last week. It will see greater exchange of intelligence between the two customs authorities in a bid to end the flow of pirated French luxury items, such as designer clothes and wine, from China. "The reason why China decided that now was a good time to sign such a deal is because it is acutely conscious of the dangers counterfeiting poses to its own economy," Cope said in an interview during a two-day stop-off in Hong Kong. "It is now producing its own patents and because of that it needs to protect its own intellectual property rights," he added.
■ Banking
US-Syrian deals prohibited
Syria said on Saturday it was not surprised by the US administration's decision to ban US banks from dealing with its state-owned Commercial Bank of Syria and its subsidiary, claiming it was part of political pressure on the country. "This new move comes in the framework of continuing pressures on Syria for purely political considerations," Syrian Finance Minister Mohammed al-Hussein said. The US Treasury Department said on Thursday that US banks must close any accounts they have with the two Syrian banks, as part of an effort to crack down on terrorist financing. The order covers the Commercial Bank of Syria and its subsidiary, the Syrian Lebanese Commercial Bank. On Friday, the Syrian bank's general manager, Dureid Dergham, said operations of the two banks would not be affected by the US decision.
■ Finance
Singapore, Hong Kong tops
Singapore and runner-up Hong Kong emerged as the East Asian economies that made the greatest strides at financial sector reform and liberalization in recent years, a new study said on Saturday. Japan, South Korea and Thailand followed in the study of 15 economies by Nanyang Technological University (NTU). The strong showing of the city-state reflected the Monetary Authority of Singapore's liberalization measures, said Tan Khee Giap, one of the economists who participated in the study co-funded by NTU and the Institute of Southeast Asian Studies. Singapore simply "opened up faster," Tan said.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
BULLY TACTICS: Beijing has continued its incursions into Taiwan’s airspace even as Xi Jinping talked about Taiwan being part of the Chinese family and nation China should stop its coercion of Taiwan and respect mainstream public opinion in Taiwan about sovereignty if its expression of goodwill is genuine, the Ministry of Foreign Affairs (MOFA) said yesterday. Ministry spokesman Jeff Liu (劉永健) made the comment in response to media queries about a meeting between former president Ma Ying-jeou (馬英九) and Chinese President Xi Jinping (習近平) the previous day. Ma voiced support for the so-called “1992 consensus,” while Xi said that although the two sides of the Taiwan Strait have “different systems,” this does not change the fact that they are “part of the same country,” and that “external
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source