■Tourism
Arrivals in Singapore fall
Singapore expects the number of tourists to fall between 30 percent and 40 percent this year because of an outbreak of SARS that has infected 206 people on the island, said Gerald Lee, a director at Singapore Tourism Board. That would be the worst-ever decline in tourism, he said. The disease, which has killed 28 in Singapore -- the fourth-highest after China, Hong Kong and Taiwan -- has prompted national carrier Singapore Airlines Ltd to cut a third of its capacity since March. Last month, the city said tourist arrivals fell 67 percent.
■ Disease
Anti-SARS pact in the works
Malaysia, Thailand and Indonesia will form a pact to highlight that the Southeast Asian neighbors are free from the deadly SARS in a bid to boost tourism, it was reported yesterday. "We want to stress that there is no local transmission of SARS in these countries," said chairman of the Indonesia, Malaysia and Thailand Growth Triangle (IMT-GT) Marketing Taskforce, Syed Mohamad Aidid Syed. "We encourage people to travel within this sub-region but they should take health precautions, exercise a high standard of hygiene and frequent food outlets and places with a high quality of cleanliness," he was quoted as saying by the Star newspaper.
■ Enron
Ex-CFO faces new charges
Andrew Fastow, the former chief financial officer accused of fueling Enron Corp's downfall, was to be arraigned yesterday regarding new charges released against him earlier this month. Fastow, 41, was indicted in October on 78 counts of fraud, money laundering, conspiracy and obstruction of justice. Yesterday he was to be arraigned on new charges of insider trading, filing false tax forms and conspiracy to falsify books and records in an expanded indictment unveiled May 1. Fastow, who pleaded innocent to the first round of charges last year, was allowed to postpone his arraignment on the new charges because a status hearing in his case already had been slated for yesterday, according to prosecutors. He won't appear in court under a new federal rule allowing defendants to waive appearances when new charges are added to existing indictments.
■ Trade
Talks raise fears in Australia
Fresh concerns arose yesterday about the impact of a free-trade deal with the US on Australian agriculture and drug prices as negotiations on the accord resumed in Hawaii. A private think-tank, the Australia Group, warned that pensioners and the chronically ill could be forced to pay double for medicines if Canberra gives in to US demands for changes to its Pharmaceutical Benefits Scheme (PBS). Under the PBS, the government subsidizes certain medicines, often significantly cutting the price of new drugs. "US drug companies claim that Australia's world-leading PBS is costing them around A$1 billion (US$666 million) a year," said Clive Hamilton, the institute's executive director. Australian Trade Minister Mark Vaile tried to alleviate those concerns yesterday, saying the US had already given up trying to change the PBS. The negotiations began in March in Canberra and a third round of talks is scheduled for July.
Agencies
CSBC Corp, Taiwan (台灣國際造船) yesterday released the first video documenting the submerged sea trials of Taiwan’s indigenous defense submarine prototype, the Hai Kun (海鯤), or Narwhal, showing underwater navigation and the launch of countermeasures. The footage shows the vessel’s first dive, steering and control system tests, and the raising and lowering of the periscope and antenna masts. It offered a rare look at the progress in the submarine’s sea acceptance tests. The Hai Kun carried out its first shallow-water diving trial late last month and has since completed four submerged tests, CSBC said. The newly released video compiles images recorded from Jan. 29 to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) plans to make advanced 3-nanometer chips in Japan, stepping up its semiconductor manufacturing roadmap in the country in a triumph for Japanese Prime Minister Sanae Takaichi’s technology ambitions. TSMC is to adopt cutting-edge technology for its second wafer fab in Kumamoto, company chairman C.C. Wei (魏哲家) said yesterday. That is an upgrade from an original blueprint to produce 7-nanometer chips by late next year, people familiar with the matter said. TSMC began mass production at its first plant in Japan’s Kumamoto in late 2024. Its second fab, which is still under construction, was originally focused on
DETERRENCE EFFORTS: Washington and partners hope demonstrations of force would convince Beijing that military action against Taiwan would carry high costs The US is considering using HMAS Stirling in Western Australia as a forward base to strengthen its naval posture in a potential conflict with China, particularly over Taiwan, the Wall Street Journal reported on Saturday. As part of its Indo-Pacific strategy, Washington plans to deploy up to four nuclear-powered submarines at Stirling starting in 2027, providing a base near potential hot spots such as Taiwan and the South China Sea. The move also aims to enhance military integration with Pacific allies under the Australia-UK-US trilateral security partnership, the report said. Currently, US submarines operate from Guam, but the island could
RESTRAINTS: Should China’s actions pose any threat to Taiwan’s security, economic or social systems, China would be excluded from major financial institutions, the bill says The US House of Representatives on Monday passed the PROTECT Taiwan Act, which states that Washington would exclude China from participating in major global financial organizations if its actions directly threaten Taiwan’s security. The bill, proposed by Republican Representative Frank Lucas, passed with 395 votes in favor and two against. It stipulates that if China’s actions pose any threat to Taiwan’s security, economic or social systems, the US would, “to the maximum extent practicable,” exclude Beijing from international financial institutions, including the G20, the Bank for International Settlements and the Financial Stability Board. The bill makes it clear that China must be prepared
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