■ Global Economy
Growth of 4.75% projected
The world economy, led by Asia and the US, is projected to grow 4.75 percent this year, the strongest performance in a generation, according to a semiannual forecast from the Institute for International Economics. "It is clear we are in a boom right now -- a US boom, a world boom," C. Fred Bergsten, director of the research group, told an audience at its Washington headquarters. Global growth may reach 4 percent next year, the strongest two-year performance since the early 1980s, the group said. With record-low interest rates and high budget deficits in the US and elsewhere, nations have few weapons left to protect their economies from a sudden increase in oil prices or other shocks, it said. Oil prices have jumped 18.5 percent from a year ago.
■ Aircraft Makers
Boeing upbeat about 7E7
US aircraft maker Boeing Co said yesterday it expects steady demand for its new 7E7 Dreamliner jets in Asia. The mid-sized 7E7 "is right for a lot of airlines," particularly those in Japan, Southeast Asia and the Middle East, said Thomas Pickering, Boeing's senior vice president for international relations. Boeing says the 7E7s, which carry 200 to 250 passengers, will be lighter and more fuel-efficient than other comparable models. Pickering refused to give sales targets or details of continuing negotiations with Asian airlines. But he said Boeing is in close contact with key customers to discuss "every aspect of the airplane." The company has said it plans to sell 2,000 to 3,000 of the 7E7 jets in the next 20 years, although it didn't provide a regional breakdown for the sales.
■ Fortune 500
Asians under-represented
Ethnic-Asians are woefully under-represented on the boards of the Fortune 500 list of top US corporations, Chinese-American leaders said Thursday. Asian- and Pacific-Americans make up about 4 percent of the US population, but the percentage of seats they hold on the boards of top firms represents only about one-fourth of that number, the Committee of 100 said in its first "report card" on Asian-American corporate representation. The group said that the lack of Asians on the board of the top global companies represented missed opportunities for corporate America as it is not tapping a significant Asian talent pool. "We believe this report card makes a compelling case for corporate America to diversify its boards with more Asian-Pacific Americans," said committee chairman Bob Lee.
■ Internet
Number of Web sites jumps
China had about 600,000 approved Web sites by the end of last year, up 60 percent over 2002, state media said yesterday, pointing to the booming popularity of the Internet since it first became available in the country in the early 1990s. About 90 percent of the Web sites came from China's eastern, northern and southern provinces, and few were from the economically backward western region, the Xinhua news agency said, citing a report by the government-linked China Internet Network Information Center. Beijing, Guangdong Province, Zhejiang Province and Shanghai ranked in the top four for numbers of Web sites, accounting for nearly 57 percent of the total, the report said.
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
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
Taiwanese trade negotiators told Washington that Taipei would not relocate 40 percent of its semiconductor production to the US, and that its most advanced technologies would remain in the nation, Vice Premier Cheng Li-chiun (鄭麗君) said on Sunday. “I told the US side very clearly — that’s impossible,” Cheng, who led the negotiation team, said in an interview that aired on Sunday night on Chinese Television System. Cheng was referring to remarks last month by US Secretary of Commerce Howard Lutnick, in which he said his goal was to bring 40 percent of Taiwan’s chip supply chain to the US Taiwan’s almost
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