■STOCK MARKETS
NZX not affected by quake
NZX Ltd chief executive officer Mark Weldon said the Wellington-based bourse wasn’t affected by Saturday’s earthquake in Christchurch and will open as normal today. About 10 smaller Christchurch-based companies, mainly involving retail and finance-service operations, may have been affected by the quake, Welson said in a telephone interview yesterday, without identifying them.
■AUTOMOBILES
Curb over-capacity: official
China should end preferential policies for automotive companies in order to curb over-capacity in an industry where sales jumped 55 percent last month, said Chen Bin (陳斌), a top official at China’s economic planning agency. Chen said booming auto sales were leading to blind investment in the industry, which could result in annual production capacity of more than 31 million units by 2015.
■ECONOMY
Trade deficit narrows
The US trade deficit probably narrowed in July as a slowing economy prompted Americans to buy fewer goods from abroad, economists said before a government report due this week. The gap between imports and exports decreased to US$47 billion from US$49.9 billion in June, according to the median of 60 estimates in a Bloomberg News survey ahead of the US Commerce Department’s report on Thurdsay. The deficit swelled by a record US$7.9 billion in June. Demand for overseas products may cool as American consumers and businesses curb spending in coming months, while growing foreign economies mean companies like Caterpillar Inc will see sales climb.
■INSURANCE
Investment rules relaxed
China has approved insurers to hold stakes and invest in property assets of unlisted companies, the China Insurance Regulatory Commission said yesterday in a statement on its Web site. However, insurers cannot invest in commercial property or be directly involved in real estate development, it said.
■CHINA
Operating revenues rise
Combined operating revenue at China’s 500 largest enterprises rose 6.3 percent last year, with the three top contributors coming from the energy industry, the People’s Daily said, citing an industrial rankings report. Operating revenue rose to 27.6 trillion yuan (US$4.1 trillion). Combined profits grew 25 percent to 1.5 trillion yuan last year, while combined assets increased 22 percent to 91.3 trillion yuan, the state-owned official newspaper said, citing a report by the China Enterprise Confederation and China Enterprise Directors Association.
■REAL ESTATE
New complex for Doha
Al-Futtaim, a family-owned business in the United Arab Emirates, signed an agreement with Qatar Islamic Bank and Aqar Real Estate Investment for a property project valued at 6 billion dirhams (US$1.6 billion). The venture plans to build an entertainment and retail complex in Doha, the companies said in a joint statement yesterday. The project will be located on the northern highway linking the Doha airport with the proposed Bahrain Causeway. Construction of the 433,000m² project will begin early next year and the first phase is scheduled for completion in the first quarter of 2012 and the remaining two phases by 2015, according to the statement.
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
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
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