■ Mitsubishi recalls more cars
Mitsubishi Motors Corp, a Japanese automaker plagued by recurring recalls, has announced another recall of 179,000 cars because of a defect in the air-conditioning system that has injured at least two people. Mitsubishi Motors' reputation has been badly tarnished after acknowledging five years ago it had systematically hidden auto defects for decades. Since then, it has issued several recalls, further driving down sales and hampering attempts to revive the company. The latest recall -- reported to the government on Tuesday -- covers three sedan models, including the Galant, manufactured from 1996 to last year. A wiring defect in the air conditioning fan can cause a fire in the glove compartment, the automaker said yesterday.
■ Macroeconomics
US trade deficit at new high
The US trade deficit climbed to new highs in February to reach US$61.0 billion as the world's biggest economy sucked in ever more imports, the government said on Tuesday. The unprecedented figure surprised Wall Street, which was expecting a February deficit of US$59 billion. The US Commerce Department revised up the January trade deficit to US$58.5 billion from the US$58.3 billion given last month. The February figure surpassed the previous high set in November of US$59.3 billion. The widening shortfall in the US trade performance was fueled by a 1.6 percent rise in imports of goods and services, which totalled a record US$161.5 billion in February. Exports were essentially flat, rising 0.1 percent to a record US$100.5 billion. There was some good news in the regional breakdown with the politically sensitive US trade deficit with China shrinking to US$13.9 billion in February, from US$15.3 billion in January. Imports of Chinese textiles, however, rose 9.8 percent to US$2.08 billion in the month.
■ Music
Apple takes iTunes to Japan
Apple Computer Inc, the maker of iPod digital music players, plans to start an online music store in Japan this year, the Mainichi newspaper reported, citing a Tokyo-based executive. Apple Japan Inc is negotiating with major record companies to launch its iTunes music distribution service, said Vice President Yoshiaki Sakito, according to the report. Sony Corp already offers music on its Mora Web site, while Japanese record companies such as Avex Group Holdings Inc are planning to set up their own online businesses.
■ Trade
Australia eager for FTA
The time is now for Australia to strike a free trade deal with China, the trade minister said yesterday, fanning speculation that formal negotiations will begin when Prime Minister John Howard visits China next week. "I believe the time is right to move into FTA negotiations with China," Trade Minister Mark Vaile said at the National Press Club in Canberra. Chinese Vice Commerce Minister Ma Xiuhong (馬秀紅) reportedly said last month Beijing wanted a trade deal with Australia to prevent sharp increases in iron ore and energy prices, and to lock out future competitors for Australian resources. A recent 71.5 percent hike in the price of Australian iron ore has become a major issue for China, which overtook Japan last year as Australia's biggest iron-ore customer. Vaile said his government's refusal to curb iron ore price increases wouldn't harm prospects for a free trade agreement between Australia and China.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS