■ECONOMY
Global economy faces risks
The global economy faces increased risk to its recovery as growth slows in the US and China, and Japan battles the yen’s appreciation, South Korean Finance Minister Yoon Jeung Hyun said. “We’re seeing some unexpected troubles in major economies,” Yoon said. “Their policy focus has shifted from exit policy to sustaining the economic recovery momentum with fiscal consolidation.” Yoon said the uncertain global outlook calls for a balanced approach by South Korea’s government between exit policy and recovery, even as domestic economic indicators excepting the property market show strength.
■TRADE
India blasts US moves
India’s Trade Minister Anand Sharma lashed out at perceived protectionist moves by the US on Saturday, calling them “regressive” and saying they could delay economic recovery. The statement by Sharma came after the US state of Ohio banned outsourcing back-office jobs to places such as India in an effort to boost domestic employment. It also follows a recent US law raising visa fees for skilled workers that India says will hit its flagship outsourcing sector.
■PHILIPPINES
Infrastructure agency formed
Philippine President Benigno Aquino formed an agency to evaluate and help process investments in infrastructure, his media group said in a statement yesterday. The government will budget 300 million pesos (US$6.8 million) in working funds for a Private-Public Infrastructure Center that will process qualified proposals within six months, the statement said. Aquino will seek investments in the country’s rail, road and port projects during his trip to the US this month, it said.
■METALS
China to launch lead futures
China may launch lead futures as early as December, offering smelters an investment tool to hedge their risks, an executive at the China Futures Association said. “The launch of lead futures paves the way for a base metals index futures, by which market participants can hedge all the other small metals, given the correlation,” Zhang Yisheng (張宜生), vice chairman of the association, said at a conference in Shanghai. China is the world’s biggest producer and consumer of the metal used in batteries.
■INSURANCE
Guyana’s CLICO bankrupt
The Guyana branch of pan-Caribbean Colonial Life Insurance Company (CLICO) was declared bankrupt on Saturday, with the Guyana central bank hoping to recover millions of US dollars tied up in Florida’s crisis-ridden real-estate sector. Governor of the Bank of Guyana, Lawrence Williams, said a legal battle was ongoing against the liquidator of CLICO (Bahamas) to recoup US$34 million that CLICO’s Guyana branch invested in Florida real estate.
■HOUSEWARES
Martha Stewart sued
Martha Stewart Living Omnimedia Inc was sued by an Illinois company that says the maker of household goods is infringing a patent for “Protect-A-Bed” mattress covers designed to keep bedbugs from biting sleepers. JAB Distributors LLC claims the Martha Stewart Collection Allergy Wise Mattress Protector is using its invention without permission. JAB is seeking a court order to prevent further use, plus unspecified cash compensation, according to the complaint filed on Thursday in US federal court in Chicago.
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
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
BULLY TACTICS: Beijing has continued its incursions into Taiwan’s airspace even as Xi Jinping talked about Taiwan being part of the Chinese family and nation China should stop its coercion of Taiwan and respect mainstream public opinion in Taiwan about sovereignty if its expression of goodwill is genuine, the Ministry of Foreign Affairs (MOFA) said yesterday. Ministry spokesman Jeff Liu (劉永健) made the comment in response to media queries about a meeting between former president Ma Ying-jeou (馬英九) and Chinese President Xi Jinping (習近平) the previous day. Ma voiced support for the so-called “1992 consensus,” while Xi said that although the two sides of the Taiwan Strait have “different systems,” this does not change the fact that they are “part of the same country,” and that “external
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