■GM food
US, Argentina may fight EU
Top US and Argentine trade officials said they held talks on the possibility of taking joint legal action against the EU for blocking imports of genetically modified food. Deputy US Trade Representative Peter Allgeier and Argentine Vice Minister of Foreign Relations Martin Redrado said the two countries shared a strong interest in making sure world markets remain open to the new biotech food products. The George W. Bush administration has been under pressure from US farmers and members of Congress to launch a WTO case against the EU for its four-year moratorium on approving imports of new biotech food and pharmaceuticals.
■ Personal wealth
McCartney richest rocker
Former Beatle Paul McCartney is at the top of the short list of rockers whose wealth has topped US$1 billion dollars, Rolling Stone magazine says. McCartney is thought to have earned some US$72.1 million last year after going on tour for the first time since 1993, the magazine says in its April 3 edition due on newsstands this weekend. Last year, he earned almost US$30 million more than the Rolling Stones, who still earned a staggering US$44 million, the magazine says. The Stones earned US$7 million dollars in one night for playing at a birthday bash for Texas multimillionaire David Bonderman. In third place was the Dave Matthews Band which last year earned US$31.3 million.
■ Bank of Japan
Nation wants a `Greenspan'
Ruling coalition officials urged Bank of Japan governor-designate Toshihiko Fukui to be the "Greenspan of Japan" yesterday and to pull out all the stops to restore health to Japan's faltering economy. Fukui's appointment was approved by the upper house of parliament yesterday morning, a day after getting the green light from the lower house. After yesterday's approval, Fukui met policy chiefs of the ruling coalition parties, who compared him to US Federal Reserve Chairman Alan Greenspan, credited with keeping the US economy rolling for much of his 15 years in office. "I told Fukui we want him to be the Greenspan of Japan," said Hidenao Nakagawa, parliament affairs chief of the ruling Liberal Democratic Party.
■ Technology
HP shares fall
Shares of Hewlett-Packard Co (HP) closed lower on Thursday, a day marked by gains in the technology sector, after the computer giant restated its operating cash flow for its recently ended first quarter. HP lowered its operating cash flow to US$647 million, 18 percent lower than the US$791 million it had previously reported, according to a Securities and Exchange Commission report filed Wednesday. The restated result doesn't change HP's total gross cash at the end of the quarter, which stood at US$13.2 billion, nor does it change HP's sales or earnings results. HP said it had erroneously classified some items as operating cash flow. Shares of HP closed at US$15.00, down US$0.57, or 4 percent, Thursday on the New York Stock Exchange. According to analysts at Merrill Lynch & Co and Buckingham Research, Hewlett-Packard management said the error was caused by a misallocation of proceeds from an investment disposition into the operating section instead of the investing section.
Agencies
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
Taiwan’s exports soared to an all-time high of US$61.8 billion last month, surging 49.7 percent from a year earlier, as the global frenzy for artificial intelligence (AI) applications and new consumer electronics powered shipments of high-tech goods, the Ministry of Finance said yesterday. It was the first time exports had exceeded the US$60 billion mark, fueled by the global boom in AI development that has significantly boosted Taiwanese companies across the international supply chain, Department of Statistics Director-General Beatrice Tsai (蔡美娜) told a media briefing. “There is a consensus among major AI players that the upcycle is still in its early stage,”
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
Japanese Prime Minister Sanae Takaichi yesterday said that China using armed force against Taiwan could constitute a "survival-threatening situation" for Japan, allowing the country to mobilize the Japanese armed forces under its security laws. Takaichi made the remarks during a parliamentary session while responding to a question about whether a "Taiwan contingency" involving a Chinese naval blockade would qualify as a "survival-threatening situation" for Japan, according to a report by Japan’s Asahi Shimbun. "If warships are used and other armed actions are involved, I believe this could constitute a survival-threatening situation," Takaichi was quoted as saying in the report. Under Japan’s security legislation,
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