Asian currencies dropped for a fourth week, the longest run of losses since June, as concern that some European nations would struggle to contain and finance budget deficits eroded demand for emerging-market assets.
Malaysia’s ringgit and the Singapore dollar led declines as the MSCI Asia-Pacific Index of regional shares slumped to a 10-week low.
The ringgit dropped 1 percent this week to 3.4445 per US dollar in Kuala Lumpur, and touched a four-month low of 3.4540 on Friday, according to data compiled by Bloomberg. The Singapore dollar lost 1.3 percent to S$1.4233, while the South Korean won slid 0.7 percent to 1,169.45.
The New Taiwan dollar yesterday traded near the strongest level in three weeks, closing up NT$0.003 to NT$32.184 against the US dollar.
The euro headed for a fourth weekly loss versus the US dollar and yen. The euro slid 1.3 percent to US$1.3678 from US$1.3863 last Friday. Against the yen, the euro dropped 2.4 percent to ¥122.09, after falling 3.4 percent on Thursday, the biggest drop since October 2008. The US dollar fell 1.1 percent to ¥89.25, from ¥90.27 last week.
The pound declined 2.2 percent in the week, the most since the five days through Sept. 18, and was at US$1.5630 as of 5:30pm in London on Friday. Sterling declined 0.5 percent to £0.8716 per euro and was 3.3 percent weaker at ¥139.60.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
SHOT IN THE ARM: The new system can be integrated with Avenger and Stinger missiles to bolster regional air defense capabilities, a defense ministry report said Domestically developed Land Sword II (陸射劍二) missiles were successfully launched and hit target drones during a live-fire exercise at the Jiupeng Military Base in Pingtung County yesterday. The missiles, developed by the Chungshan Institute of Science and Technology (CSIST), were originally scheduled to launch on Tuesday last week, after the Tomb Sweeping Day holiday long weekend, but were postponed to yesterday due to weather conditions. Local residents and military enthusiasts gathered outside the base to watch the missile tests, with the first one launching at 9:10am. The Land Sword II system, which is derived from the Sky Sword II (天劍二) series, was turned