European stocks posted their second weekly decline since last month as Dubai’s attempt to delay debt repayments rattled investors, offsetting US reports that showed the economy is recovering.
Alpha Bank SA, Greece’s third-biggest lender, and National Bank of Greece SA, the largest, declined more than 8 percent on concern about the country’s economy. Compass Group PLC jumped 8.4 percent after the world’s largest catering company said full-year profit rose 32 percent as cost cuts offset a decline in UK sales.
British Prime Minister Gordon Brown said he and Financial Stability Board Chairman Mario Draghi were confident that Dubai’s debt troubles were “containable.”
National benchmark indexes slipped in 13 of the 18 western European markets this past week. The UK’s FTSE 100 retreated 0.1 percent and France’s CAC 40 declined 0.2 percent. Germany’s DAX gained 0.4 percent.
Greece’s Alpha Bank slumped 12 percent, while National Bank of Greece fell 8.9 percent. Marfin Investment Group SA, the biggest buyout fund in southeast Europe, sank 14 percent.
European banking shares were the worst performers among 19 industry groups in the in the benchmark index, losing 2.2 percent. Commerzbank AG, Germany’s second-biggest bank, declined 4.9 percent. The Dow Jones STOXX 600 financial services index posted the second-biggest retreat, with a 1.8 percent decline.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
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