■ LIQUIDITY
BOJ withdraws more funds
The Bank of Japan (BOJ) announced yesterday it would withdraw a further ¥2 trillion (US$17.0 billion) in funds from the banking system as fears of a domestic credit squeeze faded. The two-step move came a day after the central bank drained ¥1.6 trillion from the money market, the amount it had injected since Friday as part of concerted global efforts to ward off a potential credit squeeze. A BOJ official said the bank had decided to withdraw the additional funds after money-market interest rates declined, suggesting there was enough liquidity in the banking system despite worries over US mortgages.
■ BONDS
PRC eases debt issue rules
China has published new rules making it easier for listed companies to issue debt, potentially providing a lift for the nation's famously inactive corporate bond market. Qualified firms will now be allowed to issue corporate bonds with a maturity of more than one year without bank guarantees, the China Securities Regulatory Commission said in a statement on its Web site late on Tuesday. The proceeds can be used for any general corporate purpose approved by its shareholders, but must conform with the government's economic policies, the commission said.
■ MUSIC
Lennon songs on iTunes
Apple Inc has begun selling downloads of tracks from 16 of John Lennon's albums, including Working Class Hero and John Lennon/Platic Ono Band, on iTunes, the company said on Tuesday. The albums represent Lennon's recording output while he was with Capital Records, a unit of Britain's EMI Group PLC. While many of the late singer-songwriter's solo recordings have been available for download commercially elsewhere, this marks the first time they have been available on Apple's online music service. Songs on two albums -- Lennon Legend and Acoustic -- were being made available for download exclusively on iTunes, the company said.
■ AUTOMOBILES
Proton unveils new model
Malaysia's troubled state-run car manufacturer Proton unveiled yesterday its new sedan and projected robust sales to include exports in the region and Europe. And with the launch, after long delays, the company also said it was waiting for a government go-ahead to press ahead on a possible tie-up with automobile giant Volkswagen. Designed to replace its 14-year-old Wira model, the sleek 1,600cc Persona sedan is designed to appeal to the young professional after the firm lost its status as the country's leading car seller to local rival Perodua. Proton is also looking at exporting the vehicle to Singapore, Thailand, Indonesia, Australia and Britain.
■ BIOFUEL
FAO calls for regulation
International rules to regulate the biofuel market should be devised and implemented, the head of the UN Food and Agriculture Organization (FAO) said in a comment piece published on the Financial Times Web site yesterday. FAO Director-General Jacques Diouf urged the EU and the US to lower trade barriers against importing ethanol, establish environmental standards for bioenergy and provide microcredit to farmers in developing countries so they can develop their biofuel industries.
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
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
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