European stocks advanced as earnings reports from Fiat SpA to Apple Inc reassured investors that the global economic recovery is intact amid signs the region is weathering the sovereign debt crisis.
Fiat rallied as the carmaker reported its first profit in three quarters. Rio Tinto Group led a gauge of basic-resource stocks to the best performance among 19 industry groups in the STOXX Europe 600 Index as Europe＊s manufacturing and services industries unexpectedly grew. SSL International PLC soared 33 percent after Reckitt Benckiser PLC agreed to buy the maker of Durex condoms for ﹟2.54 billion (US$3.9 billion).
The STOXX 600 climbed 3.2 percent to 255.97 this week. The gauge plunged 15 from the this year＊s high on April 15 through the lowest level reached on May 25 amid concern that governments＊ attempts to trim their budget deficits will curb economic growth. The measure has since rallied 10 percent.
※The season has certainly got off to a good start,§ said Piers Hillier, who manages US$12 billion as the chief investment officer of Liverpool Victoria Asset management in London. ※Perhaps unsurprisingly given the macro backdrop, companies have been a little bit more cautious with outlook statements.§
A composite index based on a survey of euro-area services and manufacturing purchasing managers increased to 56.7 this month from 56 last month, Markit Economics said on Thursday. Economists had projected a drop to 55.5, according to a Bloomberg survey. A reading above 50 indicates expansion.
The UK economy grew at the fastest pace in four years in the second quarter as rebounding services, manufacturing and construction ignited the recovery, the Office for National Statistics said on Friday.
Fiat rallied 6.9 percent. 〝Second-quarter net income was 90 million euros (US$116 million), compared with a 168 million-euro loss a year earlier.
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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