■ECONOMY
Recovery on track: IMF
The IMF welcomed on Saturday signs that a global economic rebound was on track, but said many challenges still stood in the way, in particular those related to government finances. “Signs of a strengthening economic recovery are encouraging, but many challenges remain that need to be tackled collaboratively,” a statement said following a meeting of the IMF’s financial committee. The IMF’s 186 members added that “we are strongly committed to ensuring sustainable public finances and addressing sovereign debt risks,” after the meeting was overshadowed by Greece’s financial crisis.
■JAPAN
Stimulus still necessary
Japanese Finance Minister Naoto Kan said the government should maintain measures to stimulate growth to ensure the recovery in the world’s second-largest economy, a prepared statement showed yesterday. “The Japanese economy seems to have had more of a chance to gradually overcome difficult situations, however, the situation remains tough as shown by the persistently high unemployment rate,” Kan said in the statement to the IMF’s steering committee in Washington. “Under these circumstances, for the time being, we need to maintain the economic stimulus measures to ensure recovery.”
■ELECTRONICS
Israel lifts ban on iPad
Israel yesterday reversed a ban on Apple’s new iPad after initially confiscating the devices at its airports because the wireless signal was 40 times stronger than the legal limit. “After verification, we found that the iPad operates on a constant signal to the standards required,” communications ministry spokesman Yechiel Shavi said, adding that confiscated devices would be returned to their owners. The touchscreen gadget is so far only on sale in the US, where federal regulations allow much higher Wi-Fi signal strength than the European standard followed in Israel. Earlier this month, Apple said that because of strong US demand for the device it would not go on sale internationally until the end of next month.
■AVIATION
JAL losses reach US$1.6bn
Debt-ridden Japan Airlines (JAL) is forecast to have posted a group operating loss of about ¥160 billion (US$1.6 billion) for the financial year that ended in last month, Japan’s Sankei Shimbun reported yesterday. JAL and two subsidiaries filed in January for bankruptcy protection with a combined US$25 billion in debt — one of the largest corporate failures in Japanese history. JAL’s results will be the worst since it had tied up with Japan Airlines System in 2002 as revenue dropped sharply due to a rapid slowdown in the Japanese economy, the newspaper reported, without citing any sources. The airline’s subsidiary, Japan Airlines International, appears to have secured a small profit last month, but JAL continues to face difficulties in its business this month as volcanic eruptions in Iceland forced flight cancellations, the newspaper said.
■INVESTMENT
S Korea exposure in Greece
South Korean financial companies held US$380 million in ship-finance loans linked to Greece at the end of last year, the nation’s financial watchdog said on Saturday. The debt accounts for 0.72 percent of all lending in overseas markets by domestic financial companies, the Financial Supervisory Service said in an e-mailed statement. Greece’s request for a US$60 billion bailout led by the EU will have a “limited’ impact on the soundness of local financial firms, the regulator said.
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
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
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