■ Banking
Boss warns of bubble
A bank boss has warned that property prices in Hong Kong are rising too fast and could be heading for a bubble, a news report said yesterday. HSBC chairman David Eldon spoke out after a turnaround which has seen property prices in the territory rebound 20 percent since August. "Sentiment may be running ahead of fundamentals," the South China Morning Post quoted Eldon as saying. "If [speculators] pay far too much and if they are going to ride property prices up too quickly, I don't think it's a good thing for Hong Kong," he warned. Eldon's comments were supported by Liu Chong Hing Bank senior general manager Brian Cheung. "I really feel housing prices are rising too fast. The recent surge is unhealthy," Cheugn told the newspaper.
■ IPR Protection
China opens patent Web site
Chinese inventors have a new, electronic option for registering and advertising patents. Under foreign pressure to stamp out rampant piracy of patents and other intellectual property, the government launched the site in collaboration with state television. The site -- www.cipmun.net -- is in Chinese only. Launched Tuesday, it is crammed with information on patents, news and a patent search service. Sponsors include the State Intellectual Property Office, China Central Television and local television stations. Among the patented products listed on the site Wednesday: A bicycle with solid tires (no more hunting down a sidewalk repair stall for a bicycle pump). A voice-controlled cellphone advertised as "convenient for the elderly and disabled." A biodegradable plastic said to be "kind to the environment."
■ Privatization
Singapore to sell firms
Singapore's government will this year sell stakes in some state-controlled companies that aren't of strategic importance, Deputy Prime Minister Lee Hsien Loong said in a televised interview. The government said two years ago it plans to sell companies that aren't strategic to Singapore in terms of being a critical resource or having the potential to expand beyond the city-state. It didn't specify which companies or say when those sales would be made. "The companies are no longer relevant to our mission," said Lee, 52, who has been named as a successor by Prime Minister Goh Chok Tong. Lee declined to name the companies, saying it may hurt his "bargaining position." Last month, Temasek Holdings Pte, the government's investment arm, reduced its stake in Singapore Telecommunications to as little as 61.5 percent, from more than 67 percent.
■ Electronics
Device sales down 29%
Sales of handheld devices in the Asia-Pacific outside of Japan fell 29 percent on year to 1.59 million units last year, hurt by weaker demand in China where consumers now prefer products like digital cameras, a report said yesterday. "The sheer size of China's market dragged down the entire region as locally produced low-end handhelds fell out of favor there," said Manny Lopez, IDC's regional senior research analyst for personal systems. "But the silver lining is that more sophisticated products are continuing to sell across the region. Devices that go beyond just basic organizer features, such as multimedia and Wi-Fi, are helping to stir interest in the market."
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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