■ ECONOM
Japan’s GDP growth higher
Japan raised its reading for economic growth in the first quarter, due mainly to a stronger-than-expected increase in capital investment. Japan’s GDP in the January to March period grew at an annual pace of 4 percent, up from a preliminary reading of 3.3 percent, revised figures released yesterday by the Cabinet Office showed. On a quarterly basis, GDP grew a revised 1 percent. Growth in capital expenditures was a key factor in the revised GDP figures. They posted a 0.2 percent quarterly rise, markedly better than a preliminary reading of a 0.9 decline, the government said.
■PRODUCTION
Chavez favors cooperation
Venezuelan President Hugo Chavez is encouraging Venezuela’s private sector to work with his government to create new businesses and factories that would produce consumer goods. The socialist president said he was open to joint ventures with private companies in “non-strategic” areas of the economy. He gave no other details. Chavez on Tuesday said he hoped the cooperation would spur growth, which hit a four-year low of 4.8 percent in the first quarter. Annual inflation in the oil-rich country reached 29.3 percent in April. Chavez has nationalized the country’s largest steel, cement and electricity companies in the last two years.
■MANUFACTURING
Beijing slaps toy factories
Beijing has revoked the export licenses of 700 toy factories over safety failings, state media reported yesterday, after a series of high-profile scandals hit the image of Chinese goods overseas. Beijing launched a massive campaign to inspect all 3,540 toy firms with export permits last August after tens of millions of Chinese-made toys were recalled globally over design or manufacturing flaws. It barred 700 firms — nearly one in five — from exporting because they failed to meet safety standards, the China Daily quoted a senior safety official as saying. China exported about 22 billion toys globally every year, a quarter of which went to Europe, the China Daily said.
■FOREX
China eyes US portfolio
China’s foreign exchange regulator is to invest more than US$2.5 billion in the latest portfolio launched by US private equity fund TPG, the Financial Times reported yesterday. The fund that China’s State Administration of Foreign Exchange (SAFE) plans to invest in is worth US$17 billion, the report said, citing unnamed sources. The administration manages the bulk of China’s US$1.76 trillion in foreign exchange reserves. SAFE has kept a low investment profile but previously built up small stakes in French oil giant Total and British energy giant BP, earlier media reports said.
■TAKEOVERS
Distributor mulls Staples deal
The Dutch office supplies distributor Corporate Express NV said yesterday it would recommend a 9.25 euros per share takeover bid by Staples Inc to shareholders, reversing an earlier plan to merge with a French competitor. The boards of Corporate Express said they decided to endorse the Staples deal after the US company raised its offer for the fourth time to 9.25 euros per share. Including Corporate Express debt, the offer values the company at about 3.1 billion euros (US$4.8 billion), the companies said in a joint statement. The companies said they “have agreed on a number of key issues with regard to strategy, employees and integration process.”
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from