■TAXATION
Global bank agreement near
Large economies are nearing agreement on a global bank tax, British Prime Minister Gordon Brown said in an interview yesterday, but he played down expectations a deal could be struck as soon as June. Britain, France and Germany were broadly agreed on the need for a levy that would cost financial institutions billions of dollars, Brown told the Financial Times newspaper, adding he hoped the US would join them. But the prime minister sought to play down suggestions the levy, which he has been promoting for some time, could be agreed upon at the G20 summit in June in Toronto, the paper said.
■OIL
Crude rises above US$85
Oil prices rose above US$85 a barrel yesterday in Asia, extending gains from last week as investors bet an improving US job market will herald growing crude demand. Benchmark crude for May delivery was up US$0.30 to US$85.17 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract climbed up US$1.11 to settle at US$84.87 on Thursday following a gain of US$1.39 on Wednesday. Global oil trading was closed for the Good Friday holiday. In London, Brent crude was up US$0.12 at US$84.13 on the ICE futures exchange.
■SOUTH KOREA
Early rate hike unlikely
The government and central bank agreed yesterday to cooperate closely in economic and monetary policy, a statement seen by analysts as ruling out an early interest rate rise. “Both sides agreed to share information and work closely for harmonized economic and monetary policies,” they said in a joint statement after a meeting between Finance Minister Yoon Jeung-hyun and the new Bank of Korea governor, Kim Choong-soo. Kim took office on Thursday. The bank last month kept its key rate at an all-time low of 2 percent for a 13th straight month. It will hold the next rate-setting meeting on Friday.
■RESOURCES
Japan eyes rare metals
Japan is planning to offer economic aid to countries rich in rare metal resources, with an eye on securing supplies of the materials used in environmentally friendly cars, a report said yesterday. In the first of such deals, Japan is looking to offer hundreds of millions of dollars in loans as early as next month to help build a 100-megawatt geothermal power plant in Bolivia, the Nikkei Shimbun reported, without citing sources. About half of the world’s lithium deposits are believed to be in Bolivia’s Great Lake of Uyuni. Lithium is used in manufacturing lithium-ion batteries used in electric cars. It is also used in pharmaceutical and fine-chemical industries as well as in the manufacturing of alloyed metals.
■CAMBODIA
Foreign ownership allowed
The Cambodian parliament yesterday approved a law allowing foreign ownership of property such as apartments and office buildings, in a measure intended to increase economic growth. The draft law, which will permit foreigners to buy leaseholds on buildings and apartments, but not own the land beneath them, was passed when 85 of 96 members of parliament who attended the meeting voted in favor. The law will take effect after approval from Cambodia’s Senate and promulgation from King Norodom Sihamoni.
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
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
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