■ Free trade
US works with Singapore
US trade representative Robert Zoellick joined officials in Singapore yesterday, seeking to resolve the final sticking points of a free trade agreement (FTA) which would become the first between Washington and an Asian country. Zoellick, who arrived on Sunday from Sydney where he attended a meeting of world trade ministers, was also scheduled to call on Prime Minister Goh Chok-tong, who has successfully pursued FTAs with Australia, New Zealand, Japan and the European Trade Association. A team of US negotiators has been in the city-state for more than a week holding the 11th round of talks. The US is Singapore's second-largest trading partner following Malaysia. A US-Singapore FTA is expected to be a model for other potential US pacts in the region.
■ Telecoms
Netcom to purchase assets
China Netcom Communication Group Corp, China's No. 2 fixed-line operator, plans to lead a group of investors to buy most of Asia Global Crossing Ltd, after the fiber-optic network operator filed for bankruptcy. Asia Global Crossing said China Netcom will set up a new company, which will probably include Newbridge Capital Ltd and Softbank Asia Infrastructure Fund, according to a statement on PRNewswire. The investors will provide US$120 million of equity to the new company and an undisclosed amount of loans. "We believe that the newly recapitalized company will be well positioned to capture a large share of the future data communications needs of carriers and enterprises in the region," Edward Tian, chief executive officer of China Netcom, said.
■ Airlines
Dragon users increase
Hong Kong Dragon Airlines Ltd, the smaller of the city's two carriers, handled more passengers and cargo in October than in the year-earlier month, helped by rising traffic in China. Dragonair's passenger volume rose 31 percent to 341,355 people last month from a year earlier, it said in a faxed statement. Its cargo volume jumped 58 percent to 19,020 tonnes last month from the year-ago period, a record monthly volume. In the first 10 months of the year, the airline carried 18 percent more passengers and 62 percent more cargo. "Passenger numbers overall continued to rise, with the bulk of that increase being accounted for by business traffic," Chief Executive Officer Stanley Hui said in the statement. "The amount of cargo carried in October was yet another monthly record for us -- the fifth monthly record we have seen set so far this year."
■ Economy
Singapore cuts forecast
Singapore cut its economic growth forecast for this year by at least a third as exports to the US falter and last month's bombing on the Indonesian island of Bali threatens to curb investment in the region. The city-state's economy will probably expand between 2 percent and 2.5 percent, the government said, cutting its forecast of between 3 percent and 4 percent growth. Exports to the US shrank 5.7 percent October as overseas shipments had their worst performance in four months, a separate report showed. The economy shrank at an annual pace of 10.1 percent in the third quarter from the previous three months, revised figures today showed, as sales slumped at companies such as Chartered Semiconductor Manufacturing Ltd.
Agencies
ECONOMIC RESILIENCE: Only 11.4 percent of Taiwan’s overseas investments last year were in China, and businesses are dispersing their investments elsewhere, Lai said China’s ambition to annex Taiwan is based on a desire to change the rules-based international order, rather than a desire for territorial gains, President William Lai (賴清德) said in an interview. During an appearance on the talk show The View With Catherine Chang, aired last night, Lai said China aimed to achieve hegemony, and that peace and stability in the Taiwan Strait was an issue of worldwide concern. During the interview, Lai also discussed his “four-pillar plan” for peace and prosperity, which he first outlined in an article published by the Wall Street Journal on July 4 last year. That
‘REGRETTABLE’: TPP lawmaker Vivian Huang said that ‘we will continue to support Chairman Ko and defend his innocence’ as he was transferred to a detention facility The Taipei District Court yesterday ruled that Taiwan People’s Party (TPP) Chairman Ko Wen-je (柯文哲) be detained and held incommunicado over alleged corruption dating to his time as mayor of Taipei. The ruling reversed a decision by the court on Monday morning that Ko be released without bail. After prosecutors on Wednesday appealed the Monday decision, the High Court said that Ko had potentially been “actively involved” in the alleged corruption and ordered the district court to hold a second detention hearing. Ko did not speak to reporters upon his arrival at the district court at about 9:10am yesterday to attend a procedural
Thirty Taiwanese firms, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and ASE Technology Holding Co (日月光投控), yesterday launched a silicon photonics industry alliance, aiming to accelerate the medium’s development and address the energy efficiency of artificial intelligence (AI) devices like data centers. As the world is ushering in a new AI era with tremendous demand for computing power and algorithms, energy consumption is emerging as a critical issue, TSMC vice president of integrated interconnect and packaging business C.K. Hsu (徐國晉) told a media briefing in Taipei. To solve this issue, it is essential to introduce silicon photonics and copackaged optics (CPO)
The High Court yesterday overturned a Taipei District Court decision to release Taiwan People’s Party Chairman Ko Wen-je (柯文哲) and sent the case back to the lower court. The Taipei District Prosecutors’ Office on Saturday questioned Ko amid a probe into alleged corruption involving the Core Pacific City development project during his time as Taipei mayor. Core Pacific City, also known as Living Mall (京華城購物中心), was a shopping mall in Taipei’s Songshan District (松山) that has since been demolished. On Monday, the Taipei District Court granted a second motion by Ko’s attorney to release him without bail, a decision the prosecutors’ office appealed
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