■ Oil
Threat to Asia highlighted
Soaring oil prices pose a bigger threat to Asia than a slowdown in China, potentially upsetting the current economy recovery, a Citigroup report said yesterday. There is little sign that China's fast growth will come to a screeching halt, but an oil price shock which persists could prove worrying for many of the region's economies, the report warned. The Asia Economic Outlook said: "No country in Asia would see a surge in growth from higher oil prices, with the possible exception of Vietnam," the report said. Thailand, the Philippines, Malaysia and Indonesia would see growth drop by about 0.6-0.8 percentage points by the fourth quarter and through the first half of next year, "sizeable but manageable effects," Citigroup said.
■ Crime
Criminals using SMS
A growing number of Chinese criminals send text messages or e-mails with the sole purpose of hoodwinking people into parting with their money, the Xinhua news agency reported yesterday. "Defrauders ... send false messages to a mass of cell-phone users, telling them they have won prizes in a lottery or they are offered very cheap smuggled goods," said Zhang Xinfeng, assistant minister of public security. "If they contact the defrauders, the latter usually ask them to remit money to appointed bank accounts for paying taxes, postage or insurance charges," he said. Many people believe this and spend all their money on goods they never see, while some officials have even embezzled public funds in order to come up with the money, he said.
■ Aircraft
Airline chooses Boeing
Air New Zealand will buy six new passenger jets from Boeing at a cost of NZ$1.35 billion (US$850 million) and plans to lease four more, the carrier said yesterday. The eight new Boeing 777-200s and two new 7E7s will enable the national carrier to develop new routes, increase the frequency of existing routes, and increase its passenger and freight capacity, it said in a statement. Air New Zealand is buying the 7E7s and four of the 777-200s from Boeing, while the remaining jets will be leased from International Lease Finance Corporation, the statement said. It also plans to buy a further 42 Boeing aircraft in the future, the statement said. Boeing will begin delivery of the 777-200s in September next year and the order will be completed by late 2006, it said.
■ Trade
Central Asia in US deal
The US and five Central Asian countries signed an agreement Tuesday that provides a forum to address trade issues and enhance trade and investment. The Trade and Investment Framework Agreement (TIFA) was signed by US Trade Representative Robert Zoellick and representatives from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Zoellick said the agreement would "increase and diversify trade and investment opportunities." The US, he said, looked forward to working closely through the TIFA to further strengthen its economic relationships with the five countries and the region as a whole. The TIFA will have a regular forum to address trade issues that hamper intra-regional trade and economic development and can act as impediments to investment, Zoellick said.
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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