■Travel
Foreign investors get break
In a bid to help boost an industry still reeling from the impact of SARS, China will allow foreign investors to set up wholly-owned travel agencies in the country, more than two years ahead of schedule, state press reported yesterday. The China National Tourism Administration and the Ministry of Commerce issued a provisional rule on Saturday, lifting a longstanding ban on foreign-owned or controlled travel agencies in China, the China Daily reported. The new regulations, which come two-and-a-half years ahead of the schedule agreed with the World Trade Organization, will take effect on July 14.
■ Free trade
Macau in line for deal
Macau is expected to receive trade benefits from mainland China similar to those conferred on the neighboring Chinese territory of Hong Kong under a free-trade agreement scheduled for completion later this month, a government spokeswoman said yesterday. Officials in the former Portuguese enclave of Macau and authorities on the Chinese mainland "have an understanding" that "[trade] arrangements made with Hong Kong will be extended to Macau," Macau spokeswoman Elena Au said. But Au said discussions on a Macau-China deal have not begun. "We are not at the stage of negotiations yet," she said, declining to provide further details.
■ New Zealand
Porn king issues threat
A New Zealand porn king is threatening to sue the country's stock exchange for stealing the name of his sex magazine, news reports said yesterday. Steve Crow of Auckland said that he launched his adult magazine NZX in November 2001, and he wants compensation from the New Zealand Stock Exchange, which has only just rebranded itself with the same name. As well as cash, he wants an agreement from the Stock Exchange -- which unlike him registered NZX as a trademark -- that it will never complain about his use of the name, he told the Dominion Post newspaper.
■ Japan
Bubble-gum cards for sale
With Japan's economic bubble burst, a company is attempting to inflate opportunities with bubble-gum business cards, a company spokesman said yesterday. Osaka-based We've Co Ltd has started selling the mint-tasting gum packaged with the name and address of Japanese business people. We've Co said it started selling the ad gum on May 14 and has received more than 100 orders from various businesses from restaurant owners to insurance sales people.
■ Conglomerates
SK Group faces uphill battle
An uphill battle awaits South Korea's scandal-tainted SK Group even though its flagship SK Corp approved a rescue plan for ailing sister firm SK Global over strong opposition from foreign shareholders and unions, analysts said yesterday. The board of SK Corp debated for 11 hours Sunday, apparently knowing the depth of hostility to the plan before endorsing a 850 billion won (US$710 million) debt-for-equity swap for SK Global, the trading arm of the country's third largest conglomerate that has been embroiled in an accounting scandal. SK Corp's controversial decision got a distinctly chilly market reaction, with the shares down badly while, in marked contrast, SK Global was up as investors switched positions.
Agencies
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
PEACE AT LAST? UN experts had warned of threats and attacks ahead of the voting, but after a turbulent period, Bangladesh has seemingly reacted to the result with calm The Bangladesh Nationalist Party (BNP) yesterday celebrated a landslide victory in the first elections held since a deadly 2024 uprising, with party leader Tarique Rahman to become prime minister. Bangladesh Election Commission figures showed that the BNP alliance had won 212 seats, compared with 77 for the Islamist-led Jamaat-e-Islami alliance. The US embassy congratulated Rahman and the BNP for a “historic victory,” while India praised Rahman’s “decisive win” in a significant step after recent rocky relations with Bangladesh. China and Pakistan, which grew closer to Bangladesh since the uprising and the souring of ties with India, where ousted Bangladeshi prime minister Sheikh Hasina
FAST-TRACK: The deal is to be sent to the legislature, but time is of the essence, as Trump had raised tariffs on Seoul when it failed to quickly ratify a similar pact Taiwan and the US on Thursday signed a trade agreement that caps US tariffs on Taiwanese goods at 15 percent and provides preferential market access for US industrial and agricultural exports, including cars, and beef and pork products. The Taiwan-US Agreement on Reciprocal Trade confirms a 15 percent US tariff for Taiwanese goods, and grants Taiwanese semiconductors and related products the most-favorable-treatment under Section 232 of the Trade Expansion Act, the Executive Yuan said. In addition, 2,072 items — representing nearly 20 percent of Taiwan’s total exports to the US — would be exempt from additional tariffs and be subject only to
The Taiwan Space Agency (TASA) yesterday released the first images from its Formosat-8A satellite, featuring high-resolution views of Hsinchu Science Park (新竹科學園區), Tainan’s Anping District (安平), Kaohsiung’s Singda Harbor (興達港), Japan’s National Stadium in Tokyo and Barcelona airport. Formosat-8A, named the “Chi Po-lin Satellite” after the late Taiwanese documentary filmmaker Chi Po-lin (齊柏林), was launched on Nov. 29 last year. It is designed to capture images at a 1m resolution, which can be sharpened to 0.7m after processing, surpassing the capabilities of its predecessor, Formosat-5, the agency said. It is the first of TASA’s eight-satellite Formosat-8 constellation to be sent into orbit and
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