Heavy hitters from the business world Saturday told Asia-Pacific leaders, along with US President George W. Bush, not to sacrifice the fragile global economy in their drive to stamp out terrorism.
"We must work together to ensure security against terrorism," top Cemex Group official Javier Prieto, representing business, told the Asia-Pacific Economic Cooperation (APEC) forum at this remote Mexican beach resort.
"We need, however, to ensure that in pursuing common security, we do not sacrifice the economic openness which is the basis of our common prosperity," said Prieto, chairman of the APEC Business Advisory Council (ABAC).
He pressed APEC to fight the threat of global deflation, keep the world economy open, rebuild investor confidence shattered by a slew of corporate scandals and foster small and big business.
"We meet at a time when the global economy is extremely fragile and the global economy faces the prospects of global deflation with severe implications for the prosperity, stability and security of the people of the Asia-Pacific," he said.
The world economy faces major challenges, Prieto said.
"Our most immediate challenge is to find solutions to enhance global security. However, we must find solutions that simultaneously protect our citizens while not substantially impeding the flow of goods, services and investment."
APEC leaders adopted Saturday a slew of anti-terrorist measures to reinforce civil planes' cockpit doors, tighten baggage checks and boost maritime security, the White House said in a statement.
It is known as the Secure Trade in the APEC region (STAR) initiative.
"The STAR initiative commits APEC economies to accelerate action on screening people and cargo for security before transit, increasing security on ships and airplanes while en route, and enhancing security in airports and seaports," the statement said.
US Transport Secretary Norman Mineta put some teeth into a key element of the plan, warning here this week the US would turn away foreign passenger planes after next April unless they are equipped with reinforced cockpit doors to deter hijackers.
Japan has signalled that it is uneasy with some aspects of the plan that dealt with maritime safety inspections.
Japan proposed a "balanced approach" to measures to secure shipments from terror bombings, saying stricter inspections could block free trade flows, a Japanese official said this week.
Zhang Yazhou was sitting in the passenger seat of her Tesla Model 3 when she said she heard her father’s panicked voice: The brakes do not work. Approaching a red light, her father swerved around two cars before plowing into a sport utility vehicle and a sedan, and crashing into a large concrete barrier. Stunned, Zhang gazed at the deflating airbag in front of her. She could never have imagined what was to come: Tesla Inc sued her for defamation for complaining publicly about the vehicles brakes — and won. A Chinese court ordered Zhang to pay more than US$23,000 in
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday held its first board of directors meeting in the US, at which it did not unveil any new US investments despite mounting tariff threats from US President Donald Trump. Trump has threatened to impose 100 percent tariffs on Taiwan-made chips, prompting market speculation that TSMC might consider boosting its chip capacity in the US or ramping up production of advanced chips such as those using a 2-nanometer technology process at its Arizona fabs ahead of schedule. Speculation also swirled that the chipmaker might consider building its own advanced packaging capacity in the US as part
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said that its investment plan in Arizona is going according to schedule, following a local media report claiming that the company is planning to break ground on its third wafer fab in the US in June. In a statement, TSMC said it does not comment on market speculation, but that its investments in Arizona are proceeding well. TSMC is investing more than US$65 billion in Arizona to build three advanced wafer fabs. The first one has started production using the 4-nanometer (nm) process, while the second one would start mass production using the
US President Donald Trump has threatened to impose up to 100 percent tariffs on Taiwan’s semiconductor exports to the US to encourage chip manufacturers to move their production facilities to the US, but experts are questioning his strategy, warning it could harm industries on both sides. “I’m very confused and surprised that the Trump administration would try and do this,” Bob O’Donnell, chief analyst and founder of TECHnalysis Research in California, said in an interview with the Central News Agency on Wednesday. “It seems to reflect the fact that they don’t understand how the semiconductor industry really works,” O’Donnell said. Economic sanctions would