■ Labor
China offers Americans jobs
China's Ministry of Railroads has reached a US$87 million agreement with two South Carolina manufacturers and the deal could secure and create hundreds of jobs, Representative Jim DeMint said Tuesday. The lion's share of the deal will go to Pennsylvania-based Harsco Corp's track technologies division in West Columbia. The company will receive US$68 million to produce track maintenance equipment for China's rail system during the next three years. Harsco employs about 17,500 people worldwide and more than 400 in South Carolina. The other company benefiting from the deal is ImageMap in Columbia, which produces measure-ment equipment to improve railway safety and reduce maintenance costs. Image-Map employs about 30 people in the Midlands.
■ Trade
US-China trade gap to grow
The US expects its trade deficit with China to widen to a record US$130 billion this year, Commerce Secretary Don Evans said. That's equal to about a 10th of China's GDP. Today's forecast comes after Evans yesterday warned the US will restrict imports from China unless American companies are given improved access to the Chinese market. To help bridge the gap, the two countries today agreed to set up a joint body to look into ways to achieve more balanced trade in textiles. "For every one yard that China buys from the US, China ships back 50 yards of textiles to America. We don't expect parity, but we need to close the gap," Evans said at a briefing in Beijing. The US trade gap with China, which widened to US$77 billion in the first eight months of this year, was a record US$103 billion last year.
■ Automobiles
S&P may downgrade Ford
Standard & Poor's expects to complete a review of Ford Motor Co's financial status for a possible ratings downgrade by mid-November, the credit ratings agency said Tuesday. A lower credit rating can make it more expensive for a company to borrow money. Ford has said it's disappointed with S&P's decision and that its liquidity is exceptionally strong. In a conference call Tuesday to discuss reasons for the review, S&P analyst Scott Sprinzen said his agency planned to meet with Ford officials in the coming weeks and finish the analysis by Nov. 18. S&P said the review reflects concerns about Ford's ability to achieve more satisfactory financial results given increasing competition in North America and Europe and the probability that hefty earnings at Ford Motor Credit will moderate in the next year from record levels.
■ People
Mitsubishi Motors head dies
Mitsubishi Motors Corp chairman Takashi Sonobe, 62, passed away last night in Tokyo from heart failure, said company spokesman Jochen Legewie, confirming a report on the Asahi Shimbun's Web site. Sonobe was president of Mitsubishi Motors for almost two years before he was named chairman of the company that's 37 percent owned by DaimlerChrysler AG. He was appointed to revive Mitsubishi Motors after it admitted covering up customer complaints for two decades, leading to 2 million vehicles being recalled. Rolf Eckrodt, sent from DaimlerChrysler to assist Sonobe's efforts to turn around Mitsubishi Motors, took over as president in June when Sonobe became chairman. Sonobe was born in Tokyo and graduated from Keio University in 1964.
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
SELF-DETERMINATION: German lawmakers add earth to an art installation in front of the Reichstag to show that the face of a nation lies with its people, Tsai Ing-wen said Taiwan’s future should be decided by Taiwanese, German-Taiwan Parliamentary Friendship Group chairman Till Steffen said yesterday, while giving former president Tsai Ing-wen (蔡英文) a tour of the German parliament building. Tsai arrived in Berlin on Sunday and the following day delivered a keynote speech at the Berlin Freedom Conference titled “Threats facing democracies: Taiwan’s experience defending freedom.” Tsai yesterday attended a tea gathering at the Bundestag, joined by former friendship group chairman of 15 years Klaus-Peter Willsch, German defense affairs specialist Roderich Kiesewetter and Federal Ministry of Education, Family Affairs, Senior Citizens, Women and Youth Parliamentary State Secretary Michael Brand. Noting that the
BOOST IN CONFIDENCE: The sale sends a clear message of support for Taiwan and dispels rumors that US President Donald Trump ‘sold out’ the nation, an expert said The US government on Thursday announced a possible sale to Taiwan of fighter jet parts, which was estimated to cost about US$330 million, in a move that an expert said “sends a clear message of support for Taiwan” amid fears that Washington might be wavering in its attitude toward Taipei. It was the first announcement of an arms sale to Taiwan since US President Donald Trump returned to the White House earlier this year. The proposed package includes non-standard components, spare and repair parts, consumables and accessories, as well repair and return support for the F-16, C-130 and Indigenous Defense Fighter aircraft,
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