■US economy
Consumer confidence up
Consumer confidence rose in November for the first time in half a year, but industrial production fell for a third consecutive month in October, new data showed on Friday. The University of Michigan's preliminary sentiment index measuring consumer confidence, based on a survey of 500 households, rose to a higher-than-expected level of 85 from 80.6 in October. Consumers, whose spending makes up two thirds of US economic activity, may feel better because of rising stocks, interest rate reductions and potential tax cuts next year, said analysts. However, industrial production dropped in October, said the Federal Reserve. Output at factories, mines and utilities fell by 0.8 percent last month.
■ Agriculture
Australia hit by drought
The damage caused by a record drought now ravaging most of Australia is likely to get worse, and the relief bill may exceed the A$200 million (US$112 million) budgeted by the government, a Cabinet minister said yesterday. "There is potential for the numbers to even get worse," Agriculture Minister Warren Truss told Network 10 television, pointing to anecdotal evidence suggesting that this year's wheat crop will be "small" and that animal husbandry industries were suffering. Some agricultural areas of Australia have been gripped by drought for almost 18 months, with some regions hit by the driest conditions in more than a century. In recent weeks, authorities have declared 70 percent of the country to be affected. Australia's central bank warned two weeks ago that the drought could cut economic growth by up to one percentage point.
■ Retailers
Thailand nixes regulations
Thailand's government has dumped controversial legislation which would have regulated foreign-owned retailers to protect the country's struggling "mom and pop" stores, a report said yesterday. The Nation newspaper said Prime Minister Thaksin Shinawatra told a provincial chamber of commerce meeting that the Retail Business Act would have sent the wrong signal to foreign investors. The law could have compromised the government's policy on free trade, he said, adding however that the interior ministry could still issue regulations on zoning and closing hours for large retail outlets.
■ Auction
JFK's car sold in New York
The Lincoln Continental that President John F. Kennedy was riding in when he was assassinated in Dallas in 1963 sold for US$225,000 at an auction in New York on Saturday. The buyer, who was not at the auction, gave his price in advance of the event. The Lincoln convertible, which is now in Connecticut, has been partially restored although its interior remains entirely original, said Arlan Ettinger, president of Guernsey's auction house. Other items related to America's 35th president also sold for substantial sums, such as a wooden rocking chair he received as a gift that sold for US$80,000 and a watercolor he painted two years before his death that went for US$30,000. The auction of US presidential memorabilia was held at the New York Historical Society. In other items, a fountain pen owned by former President Franklin Delano Roosevelt sold for US$7,000 while his silver cigarette lighter brought in US$2,000.
Agencies
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS