US pension funds: Bush expresses concern
President George W. Bush expressed concern Saturday for US retirement funds which have been hit hard by stock market volatility. "I am concerned about the fact that 401k's [retirement schemes] have been affected, that people's savings have been eroded," Bush said in a speech here. The US stock market has had heavy losses over the past few months, the Dow Jones Industrial Average -- one of the market's primary indicators -- falling to its lowest level since November 1997. A large percentage of Americans invest their savings for retirement in a portfolio of stocks and bonds known as a 401k. The president also made reference to the fact that Congress has still yet to pass a budget for fiscal 2003. "There's no budget in the US senate. In Washington every idea sounds wonderful but the problem with it is that the price tag runs in the billions. There is a danger that Congress will overspend," he said.
Microsoft: Gates plans to visit India
Bill Gates, who heads US computer software giant Microsoft, will visit India next month, officials said yesterday. Gates will visit India from Nov. 11-14, a statement released by the company's Indian subsidiary said. "During the four days, Gates will spend a day each in New Delhi, Hyderabad, Bombay and Bangalore," it said. "Gates' itinerary includes meetings with key government officials, academicians, leading corporate houses and industry associations," it added. "India is a big bet for Microsoft ... Gates' third visit to India is a testimony to the growing importance of India in Microsoft's overall gameplan," said Rajiv Kaul, who heads Microsoft's Indian arm. Microsoft has had a presence in India since 1987, with offices in five Indian cities including the southern information-technology showcase city of Bangalore.
Corporate tax: Japan's rates unchanged
Japanese Finance Minister Masajuro Shiokawa said yesterday the government's planned tax cuts for the next fiscal year would not include a reduction in the country's corporate tax rate. "At this moment, I am not thinking about cutting the corporate tax rate," Shiokawa told a television program on Japan Broadcasting Corp. "Instead, I would like to support companies through other forms of tax breaks," he said, adding the government would implement tax cuts aimed at stimulating capital investment and research and development. The base rate for Japan's corporate tax is 30 percent, but the effective tax rate, which includes regional corporate taxes and other levies, stands at 40.87 percent, compared with 40.75 percent in the US and 48.55 percent in Germany.
Accounting: PWC to buy Asia unit
PricewaterhouseCoopers LLP, the world's biggest accounting firm, agreed to sell its corporate and fraud investigation business in Asia to the unit's management. Steve Vickers, managing director at PricewaterhouseCoopers Investigations Asia Ltd, will head the new company, which will be called International Risk Ltd. Vickers declined to disclose the terms of the transaction, due to be completed on Oct 15. "In the past 12 months, there has been big increase in demand for corporate security and investigative due diligence services, which PWC doesn't normally cover," Vickers said.
ENDEAVOR MANTA: The ship is programmed to automatically return to its designated home port and would self-destruct if seized by another party The Endeavor Manta, Taiwan’s first military-specification uncrewed surface vehicle (USV) tailor-made to operate in the Taiwan Strait in a bid to bolster the nation’s asymmetric combat capabilities made its first appearance at Kaohsiung’s Singda Harbor yesterday. Taking inspiration from Ukraine’s navy, which is using USVs to force Russia’s Black Sea fleet to take shelter within its own ports, CSBC Taiwan (台灣國際造船) established a research and development unit on USVs last year, CSBC chairman Huang Cheng-hung (黃正弘) said. With the exception of the satellite guidance system and the outboard motors — which were purchased from foreign companies that were not affiliated with Chinese-funded
PERMIT REVOKED: The influencer at a news conference said the National Immigration Agency was infringing on human rights and persecuting Chinese spouses Chinese influencer “Yaya in Taiwan” (亞亞在台灣) yesterday evening voluntarily left Taiwan, despite saying yesterday morning that she had “no intention” of leaving after her residence permit was revoked over her comments on Taiwan being “unified” with China by military force. The Ministry of the Interior yesterday had said that it could forcibly deport the influencer at midnight, but was considering taking a more flexible approach and beginning procedures this morning. The influencer, whose given name is Liu Zhenya (劉振亞), departed on a 8:45pm flight from Taipei International Airport (Songshan airport) to Fuzhou, China. Liu held a news conference at the airport at 7pm,
KAOHSIUNG CEREMONY: The contract chipmaker is planning to build 5 fabs in the southern city to gradually expand its 2-nanometer chip capacity Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday confirmed that it plans to hold a ceremony on March 31 to unveil a capacity expansion plan for its most advanced 2-nanometer chips in Kaohsiung, demonstrating its commitment to further investment at home. The ceremony is to be hosted by TSMC cochief operating officer Y.P. Chyn (秦永沛). It did not disclose whether Premier Cho Jung-tai (卓榮泰) and high-ranking government officials would attend the ceremony. More details are to be released next week, it said. The chipmaker’s latest move came after its announcement earlier this month of an additional US$100 billion
Authorities yesterday elaborated on the rules governing Employment Gold Cards after a US cardholder was barred from entering Taiwan for six years after working without a permit during a 2023 visit. American YouTuber LeLe Farley was barred after already being approved for an Employment Gold Card, he said in a video published on his channel on Saturday. Farley, who has more than 420,000 subscribers on his YouTube channel, was approved for his Gold Card last month, but was told at a check-in counter at the Los Angeles International Airport that he could not enter Taiwan. That was because he previously participated in two
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