Gas prices cut as oil falls
Gasoline prices were cut by more than 8 percent in response to easing global crude oil prices, as the communist nation shifts toward a more flexible pricing system in the state-run sector. Petrol prices now range from 10,600 to 11,000 dong (US$0.66-US$0.69) per liter following a 1,000 dong cut on Tuesday, while diesel and kerosene prices remain unchanged. Easing Middle East tensions have contributed to a fall in crude prices, which topped US$78 in July but is now just under US$64.
UK considers market move
Britain is mulling laws aimed at protecting its financial markets in the wake of a bid by New York's NASDAQ to buy the London Stock Exchange, a minister said yesterday. The UK Treasury's newly appointed economic secretary Ed Balls said the move is not meant to block foreign ownership of London's bourses but will ensure regulatory powers remain in the hands of the City watchdog, the Financial Services Authority (FSA). "It will confer a new and specific power on the FSA to veto rule changes proposed by exchanges that would be disproportionate in their impact on the pivotal economic role that exchanges play in the UK and Europe," Balls said.
Regulatory link planned
The government plans to set up an agency to link regulatory efforts by the central bank, market watchdogs and other monitors, a deputy finance minister said yesterday. Such an agency would be meant to respond to changes in China's evolving financial industry, Vice Finance Minister Li Yong (李勇) said in a speech to a financial conference. "We are trying to set up a financial supervisory coordinating system between the central bank, fiscal department and financial regulators," Li said. He didn't say what form the new body would take. China also is studying how to establish a deposit insurance system, Li said.
■ Auto industry
Ford to review cost plan
Ford Motor Co's board is expected to review a plan to cut white-collar staffing, benefits and other costs by 30 percent as part of a broader restructuring, according to a published report. The plan was reported on Tuesday night on the Web site of the Wall Street Journal, citing unnamed "people familiar with the matter." Ford's board meets yesterday and today. The Wall Street Journal reported that details of the cost-cutting efforts could be disclosed as soon as tomorrow. It said Ford's board is also expected to hear details about a new pricing strategy aimed at keeping prices closer to the suggested retail price.
■ Auto industry
Hino mulls S Korea tie-up
Japanese truck maker Hino Motors Ltd is mulling a tie-up with Europe's fourth-biggest truck manufacturer, Sweden's Scania AB, to sell midsize trucks in South Korea, a Hino spokesman said yesterday. The deal, if realized, would expand an already-existing technological exchange and cooperation agreement between the two companies, Hino spokesman Junichi Yoshida said. The move underscores Hino's efforts to better compete with its rivals in the global market such as DaimlerChrysler AG, which acquired Hino's domestic rival Mitsubishi Fuso Truck & Bus Corp. Yoshida said Hino is considering selling 4-tonne trucks through Scania's sales network in South Korea.
SCHEDULE: The delegation is due to meet with President Tsai Ing-wen this morning and witness the signing of an MOU on bilateral health cooperation in the afternoon US Secretary of Health and Human Services (HHS) Alex Azar yesterday arrived in Taipei aboard a US government plane at the head of a delegation that is the highest-level visit by a US official since Washington switched diplomatic recognition to China in 1979. Azar’s flight landed at Taipei International Airport (Songshan airport) at 4:48pm, nearly one hour earlier than scheduled, the Ministry of Foreign Affairs said. The apron where it landed is reserved for military aircraft, the Songshan Air Force Base Command said. The members of Azar’s delegation included HHS Assistant Secretary for Preparedness and Response Robert Kadlec, HHS Chief of Staff Brian
ALEX AZAR: The first visit by a head of the Department of Health and Human Services would strictly observe the CECC’s special regulations, the Ministry of Foreign Affairs said US Secretary of Health and Human Services (HHS) Alex Azar is to lead a delegation to Taiwan — the highest-level visit by a US Cabinet official since the two sides cut formal relations in 1979. The plan was announced yesterday morning by the US Department of Health and Human Services and confirmed by the Ministry of Foreign Affairs (MOFA). Beijing has expressed its concerns to Washington, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin (汪文斌) said later yesterday. Taiwan and the US only issued statements saying that the visit would happen “in the coming days.” MOFA said that due to security concerns, it would
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did
The military last week sent “no small number” of Marine Corps officers to the Pratas Islands (Dongsha Island, 東沙群島) following reports of a Chinese People’s Liberation Army (PLA) drill targeting the islands scheduled for this month. In an interview with Hong Kong’s Bauhinia Magazine published on Saturday last week, PLA National Defense University professor Li Daguang (李大光) confirmed that the Chinese army was planning to stage a simulated invasion of the Pratas Islands in the South China Sea this month. The islands comprise three atolls, with Pratas Island, at 1.74km2, being the largest. They lie southwest of Taiwan proper in the South