■ Television
EU OKs Philips, TPV sale
The EU's executive commission said yesterday it had cleared the acquisition of parts of the computer monitor and flat-screen television business of Dutch group Philips by Hong Kong-based firm TPV Technology (冠捷科技). The companies agreed in December to combine their personal computer (PC) monitor and flat-screen television businesses. TPV will take over the original equipment manufacturer monitor business of Philips as well as production of some low-end flat screen products. Philips will in return get a 30 percent stake in TPV. Although the combined group would become the world's largest maker of PC monitors, the commission said it would continue to face strong competition from Samsung, LGE or BenQ.
■ Singapore
Unemployment rate grows
Singapore's unemployment rate in the three months to June crept up slightly to 3.4 percent from a revised 3.3 percent in the previous quarter as fresh graduates joined the search for jobs, preliminary estimates released yesterday showed. The manpower ministry said in its preliminary report that 27,700 jobs were created in the June quarter, an improvement from 17,800 in the previous three months and 10,900 for the same period last year. "All the major sectors saw higher employment growth compared with the preceding quarter and the same quarter in 2004," the ministry said. The manufacturing sector, a major pillar of the economy, generated 8,900 new jobs while the services sector created 15,200.
■ Malaysia
Auto industry to get boost
A highly anticipated new tax and tariff structure for Malaysia's troubled auto industry may be announced as early as this week, a report said yesterday. The government is expected to address several issues affecting the motor industry, including discrepancies arising from the changes in tax structure announced early this year, which have put local assemblers at a disadvantage compared with those in other regional countries, it said. Taxes for locally assembled and fully imported cars may be reduced, it said, but quoted a source familiar with the policy as saying that the government wants to ensure car prices remain unchanged and that no new taxes are expected. Malaysia had previously promised to cut tariffs on cars made by members of the Association of Southeast Asian Nations (ASEAN) to 20 percent this year and to five percent by 2008.
■ Australia
No rate rise: central bank
Australia's central bank indicated yesterday it will keep interest rates on hold at 5.5 percent through this year because of "evenly balanced" inflation. In its quarterly monetary policy statement, the Reserve Bank of Australia was upbeat about Australia's economy and the inflationary outlook while removing its previous reference to interest rates likely rising. The bank said the risk of inflation had subsided from previous quarters, easing the upward pressure on rates. Core inflation, which is currently 2.5 percent, should peak near 3 percent in the second half of next year and that rise should be limited, it said. The bank adjusts its benchmark interest rate to keep inflation within a range between 2 percent and 3 percent.
‘UPHOLDING PEACE’: Taiwan’s foreign minister thanked the US Congress for using a ‘creative and effective way’ to deter Chinese military aggression toward the nation The US House of Representatives on Monday passed the Taiwan Conflict Deterrence Act, aimed at deterring Chinese aggression toward Taiwan by threatening to publish information about Chinese Communist Party (CCP) officials’ “illicit” financial assets if Beijing were to attack. The act would also “restrict financial services for certain immediate family of such officials,” the text of the legislation says. The bill was introduced in January last year by US representatives French Hill and Brad Sherman. After remarks from several members, it passed unanimously. “If China chooses to attack the free people of Taiwan, [the bill] requires the Treasury secretary to publish the illicit
A senior US military official yesterday warned his Chinese counterpart against Beijing’s “dangerous” moves in the South China Sea during the first talks of their kind between the commanders. Washington and Beijing remain at odds on issues from trade to the status of Taiwan and China’s increasingly assertive approach in disputed maritime regions, but they have sought to re-establish regular military-to-military talks in a bid to prevent flashpoint disputes from spinning out of control. Samuel Paparo, commander of the US Indo-Pacific Command, and Wu Yanan (吳亞男), head of the People’s Liberation Army (PLA) Southern Theater Command, talked via videoconference. Paparo “underscored the importance
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
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