European stocks rose for a fourth straight week as European leaders agreed on a Greek rescue proposal, putting the IMF on standby.
EFG Eurobank Ergasias SA and Alpha Bank SA led gains as governments reached an agreement to help Greece cut its budget deficit. Hochtief AG and Next PLC rose after reporting earnings that topped analysts’ estimates. Infineon Technologies AG climbed 14 percent as the European semiconductor maker said this week it sees increasing demand across all units. Stora Enso Oyj and UPM-Kymmene Oyj led gains in basic-resource stocks as Bank of America Merrill Lynch Global Research raised its recommendations on Europe’s two largest papermakers.
The STOXX Europe 600 Index gained 1.3 percent to 263.58, a fourth straight weekly advance. The measure has gained 7.2 percent so far this month amid optimism the EU will help Greece rein in Europe’s biggest budget deficit and as the US Federal Reserve pledged to maintain record-low borrowing costs for an extended period. The gauge has surged 67 percent since March 9 last year as governments and central banks around the world maintained low interest rates and committed more than US$12 trillion to stimulate the economy.
“Generally the market has accepted the Greek matter and we have an agreement now, which at least in the short term will have a positive effect on markets,” said Raimund Saxinger, a fund manager at Frankfurt Trust, which oversees about US$22 billion.
National benchmark indexes rose in 17 of 18 western European markets. The UK’s FTSE 100 rose 0.9 percent and Germany’s DAX advanced 2.3 percent, while France’s CAC 40 increased 1.6 percent. Greece’s ASE Index jumped 4.8 percent as banks led gains.
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
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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
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