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.
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.
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.
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.
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.
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.
EXTRADITION DEAL? A former prosecutor said that the US Department of Justice might ask Taiwan to extradite the men in return for the US doing something in return The US won arrest warrants for three Taiwanese men — a former president of China-based Fujian Jinhua Integrated Circuit Co (福建晉華) and two engineers — charged with stealing secrets from Idaho-based Micron Technology Inc. The effort to apprehend the three men — former Fujian Jinhua president Stephen Chen (陳正坤), and Ho Chien-ting (何建廷) and Wang Yong-ming (王永銘), who work for Taiwan-based United Microelectronics Corp (UMC, 聯電) — is notable because they were charged in 2018 in the first case filed under the “China initiative” of US President Donald Trump’s administration targeting trade-secret theft, hacking and economic espionage. However, legal experts have said
There was a net reduction last year in the number of Taipei residents and this year is expected to set a 23-year high for population decline in the city, Ministry of the Interior statistics released yesterday showed. From January to last month, 18,861 more people moved out of Taipei than moved into the capital, an increase of 7,000 from the same period last year, the data showed. That is a 7.2 percent decrease in the city’s population since the start of the year, the biggest drop in both percentage and total number among all municipalities and counties nationwide, the data showed. The data
COUNCILS CLASH: The Mainland Affairs Council said a new office in Hong Kong is to assist people with issues related to investment, study and employment in Taiwan The Mainland Affairs Council (MAC) yesterday denied an accusation by the Hong Kong-Taiwan Economic and Cultural Co-operation and Promotion Council that its Taiwanese counterpart in the territory was “interfering with Hong Kong’s internal affairs.” The Hong Kong council leveled the accusation after Taipei’s Taiwan-Hong Kong Economic and Cultural Co-operation Council this month announced it would establish a Taiwan-Hong Kong Services and Exchanges Office to facilitate humanitarian aid for Hong Kongers. The new office is scheduled to begin operations on Wednesday. The MAC yesterday asked the Hong Kong council to “not misinterpret” the government’s intentions. The two Taiwan-Hong Kong councils were established in 2010 to
IRRESPONSIBLE ATTITUDES? Some experts say the NHI system does not do enough to educate the public, or pay doctors to talk to patients, about healthy lifestyles While the life expectancy of Taiwanese newborns in 2018 reached 80.69 years, the number of years people spent in poor health hit a record high at 8.41 years, Ministry of Health and Welfare statistics showed on Saturday. Healthy life expectancy is calculated by a person’s life expectancy minus the time they spend in ill health, such as the loss of mobility, disabilities and chronic disease, based on medical records and calculations about the years they live with disabilities. The number of years that Taiwanese spend in poor health is increasing slowly, but steadily, rising by 0.46 years, or five-and-a-half months, between 2012