■ Economics
China names FX head
The governor of China's central bank, which oversees the country's US$1.07 trillion in foreign-exchange reserves, confirmed that a former vice finance minister will be named to manage part of the world's largest currency holdings. Lou Jiwei (樓繼偉) is "engaged in doing preparatory work on the agency," the People's Bank of China's Governor Zhou Xiaochuan (周小川) said yesterday at the annual meeting of the National People's Congress in Beijing, without elaborating. China plans to set up an agency to help manage its currency reserves, modeling it on Singapore's Temasek Holdings Pte to create what would become Asia's largest government-controlled investment fund.
■ Asset management
AMP opens Singapore office
AMP Capital Investors, the fund management unit of Australia's biggest life insurer, has opened a regional office in Singapore as it aims to capitalize on Asia's growth. AMP Capital, which manages A$105.6 billion (US$83 billion) of funds, including A$5 billion from Asia, said Asian investments are becoming more important for the company. It has appointed Greg Seow, previously with DBS Asset Management and Government of Singapore Investment Corp, non-executive chairman in Asia.
■ Automobiles
Car import permits issued
Malaysia has granted special import permits for 3,000 modified foreign cars that were stranded at ports after the government stopped issuing permits for such vehicles last year, reports said yesterday. Deputy Prime Minister Najib Razak was quoted by the Sunday Star as saying the government was resolving an old problem and had not changed its policy of no longer giving permits for imports of "tuned-up" cars, which have their engines modified to improve their power or performance. In the past, some companies have imported cars before the permits were approved. This led to cars being stuck at ports and in storage after the government stopped issuing permits for tuned-up vehicles, the newspaper said.
■ Companies
Le-Nature creditors file plan
Creditors of bankrupt Le-Nature's Inc want the Latrobe drink-maker's assets liquidated. The creditors filed a reorganization plan on Friday to pay off the company's debts by selling its assets, which they say could fetch US$40 million. They also called for bankruptcy trustee Todd Nielson to be replaced and broader powers given to a replacement to sell the company's assets and sue its former executives.
■ Companies
Reliance plans stake sale
Reliance Industries Ltd, India's most valuable company, plans to sell a 10 percent stake to financial and strategic investors, the Business Standard reported, without saying where it obtained the information. Reliance's associate companies may sell shares held by them in the parent company to financial or strategic investors from India or abroad "at an appropriate time in the future," Mumbai-based Reliance said yesterday in an e-mailed statement that announced it would absorb Indian Petrochemicals Corp, its chemicals unit. The associate companies of Reliance owned a total 47.3 percent of Indian Petrochemicals, which will be swapped for 2 percent of Reliance equity after the takeover, according to the statement.
The government is aiming to recruit 1,096 foreign English teachers and teaching assistants this year, the Ministry of Education said yesterday. The foreign teachers would work closely with elementary and junior-high instructors to create and teach courses, ministry official Tsai Yi-ching (蔡宜靜) said. Together, they would create an immersive language environment, helping to motivate students while enhancing the skills of local teachers, she said. The ministry has since 2021 been recruiting foreign teachers through the Taiwan Foreign English Teacher Program, which offers placement, salary, housing and other benefits to eligible foreign teachers. Two centers serving northern and southern Taiwan assist in recruiting and training
WIDE NET: Health officials said they are considering all possibilities, such as bongkrekic acid, while the city mayor said they have not ruled out the possibility of a malicious act of poisoning Two people who dined at a restaurant in Taipei’s Far Eastern Department Store Xinyi A13 last week have died, while four are in intensive care, the Taipei Department of Health said yesterday. All of the outlets of Malaysian vegetarian restaurant franchise Polam Kopitiam have been ordered to close pending an investigation after 11 people became ill due to suspected food poisoning, city officials told a news conference in Taipei. The first fatality, a 39-year-old man who ate at the restaurant on Friday last week, died of kidney failure two days later at the city’s Mackay Memorial Hospital. A 66-year-old man who dined
‘CARRIER KILLERS’: The Tuo Chiang-class corvettes’ stealth capability means they have a radar cross-section as small as the size of a fishing boat, an analyst said President Tsai Ing-wen (蔡英文) yesterday presided over a ceremony at Yilan County’s Suao Harbor (蘇澳港), where the navy took delivery of two indigenous Tuo Chiang-class corvettes. The corvettes, An Chiang (安江) and Wan Chiang (萬江), along with the introduction of the coast guard’s third and fourth 4,000-tonne cutters earlier this month, are a testament to Taiwan’s shipbuilding capability and signify the nation’s resolve to defend democracy and freedom, Tsai said. The vessels are also the last two of six Tuo Chiang-class corvettes ordered from Lungteh Shipbuilding Co (龍德造船) by the navy, Tsai said. The first Tuo Chiang-class vessel delivered was Ta Chiang (塔江)
EYE ON STRAIT: The US spending bill ‘doubles security cooperation funding for Taiwan,’ while also seeking to counter the influence of China US President Joe Biden on Saturday signed into law a US$1.2 trillion spending package that includes US$300 million in foreign military financing to Taiwan, as well as funding for Taipei-Washington cooperative projects. The US Congress early on Saturday overwhelmingly passed the Further Consolidated Appropriations Act 2024 to avoid a partial shutdown and fund the government through September for a fiscal year that began six months ago. Under the package, the Defense Appropriations Act would provide a US$27 billion increase from the previous fiscal year to fund “critical national defense efforts, including countering the PRC [People’s Republic of China],” according to a summary