■ Development
IMF unblocks Kenya loans
The IMF has unblocked lending to Kenya and approved a US$250 million loan, saying the country has shown commitment in fighting corruption blamed for a near-collapse of the economy, the government announced yesterday. "Accordingly, Kenya now has a three-year financial arrangement under the Poverty Reduction and Growth Facility (PRGF) 250 million dollars," Finance Minister David Mwiraria told a press conference in Nairobi. "Kenya will immediately access funds amounting to 36 million dollars from the IMF," Mwiraria said, flanked by IMF country representative Samuel Itam. The minister said good governance and fighting endemic corruption were among the key conditions that had to be met before IMF freed up funds.
■ Automobiles
VW loses luxury cars
The Volkswagen company in Germany has lost track of a dozen of its high-powered, luxury Phaeton cars. An internal memo circulating at the various factories asks if anyone has seen the top-of-the-line cars recently, according to the newspaper Bild yesterday. VW has so many test and staff cars in the company fleet that it can only keep tabs on them by computer. The memo says VW does not believe the phantom Phaetons have been stolen, but rather suspects they have been booked out of one depot without being booked in properly at another, or have ended up in a car pool without the proper paperwork being filled in. Some of the missing cars are worth more than 100,000 euros (about US$120,000), with soft leather seats and a 420-horsepower engine under the bonnet.
■ Stock markets
HK brokers can access China
Hong Kong brokers will soon ply their trade in China with greater ease after a deal is signed next week with China, Hong Kong's leader announced. The agreement -- to be formally signed by Hong Kong's Securities and Futures Commission and the China Securities Regulatory Commission -- will also grant reciprocal treatment to Chinese brokers who want to trade in Hong Kong. Under the agreement, Hong Kong brokers who pass an examination on mainland laws and regulations will be allowed to work in China beginning in January. There are an estimated 16,000 stock and futures brokers in Hong Kong. The agreement was part of a free-trade pact recently signed by Hong Kong and China, which promised greater opportunities in China for Hong Kong professionals such as lawyers and accountants.
■ Economic policy
Arroyo pledges to carry on
Philippine President Gloria Macapagal Arroyo vowed yesterday to carry out the economic reforms she promised, amid fears the country would suffer yet another crisis following the recent resignation of her finance secretary. "What we need most are fiscal reforms, macroeconomic reforms," she told the crowd at a political forum at the Ateneo de Manila University, in an attempt to downplay possible adverse results brought about by the sudden exit of Jose Isidro Camacho on Friday. Arroyo said overspending in government agencies must be trimmed down significantly, if not totally stopped. The 48-year-old minister, a highly-respected banker prior to his government stint in January 2001, said he quit because he was "physically and emotionally" exhausted. His aides say Camacho was disappointed with Arroyo's refusal to carry out needed reforms.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
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