■ Economy
Singapore's outlook bright
Singapore's economy is likely to grow at the higher end of the official forecast of 4 percent to 6 percent this year due to a favorable external environment, Prime Minister Lee Hsien Loong (李顯龍) said yesterday. "The outlook for this year remains bright. The external environment is stable, with our major trading and investment partners growing steadily," Lee said in his May Day messsage. "For the full year, we expect to grow by 4 percent to 6 percent and we have a good chance of achieving growth nearer the upper end of the forecast," he said. Singapore's economy got off to a strong start this year, growing 9.1 percent year-on-year in the first quarter, according to preliminary figures released last month. Its key manufacturing sector, which accounts for one third of gross domestic product, grew a better-than-expected 25.2 percent, boosted by the biomedical and transport engineering industries. The economy grew 6.4 percent last year.
■ Energy
Oil prices increase in Asia
Oil prices were higher in Asian trade yesterday amid concerns Iran will be hit with sanctions or even military action because of its controversial nuclear program, dealers said. At 2:25pm, New York's main contract, light sweet crude for June delivery was at US$72.40 a barrel, up US$0.52 from US$71.88 in the US on Friday. Brent North Sea crude for June delivery was up US$0.43 at US$72.45. "Oil prices are still very bullish," said Tetsu Emori, chief commodities strategist with Mitsui Bussan Futures in Tokyo. The June contract fell in early trade on profit-taking but dealers had predicted the declines would be limited because of fears crude producer Iran would be hit with sanctions or even military action over its nuclear program.
■ Automobiles
Japanese sales decline
Nissan Motor Co, Japan's second-largest automaker, led a 7.8 percent drop in the country's auto sales in April, the 10th straight monthly decline, as a lack of new models deterred customers. Sales of cars, trucks and buses excluding minicars by Japan's 12 automakers fell to 242,596 units last month from April last year, the Japan Automobile Dealers Association said in a release yesterday. Nissan's sales declined 27 percent to 34,681 units. New models boost sales for about a year in Japan, with one of the shortest product cycles in the world. The Japanese are also driving their cars longer than before, which is stalling the market's growth. Nissan's sales began to drop in October as the boost from six new or redesigned models such as the Tiida and Note compact cars released between September 2004 and January last year tapered off.
■ Trade
WTO sets timetable
WTO negotiators are seeking to rescue a global accord by setting a six-week timetable to cut import duties on commodities and industrial goods ranging from corn and computers to cars. Admitting the WTO's 149 governments would miss last Sunday's deadline to work out how to pare farm subsidies and import tariffs, the organization's head, Pascal Lamy, said last week that leaving an accord until July "would guarantee failure." Trade ministers including US Trade Representative Rob Portman, European Trade Commissioner Peter Mandelson, Brazilian Foreign Minister Celso Amorim and India's Kamal Nath failed to reach a breakthrough in meetings in Paris, London and Rio de Janeiro.
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