■ Interest rates
No rate schedule for BOJ
Bank of Japan (BOJ) Governor Toshihiko Fukui said that while his nation's economy is "right on track," the bank hasn't decided on the timing of interest rate increases. "The economy is right on track, but the schedule for rate raising is quite uncertain, quite open," Fukui, 70, said in an interview as he arrived in Basel on Saturday for a meeting of Group of 10 central bankers. "We have to take time and watch, closely watch, the future development of the economy." The BOJ on March 9 voted to reduce the amount of money it makes available to lenders, ending a five-year policy of flooding the world's second-largest economy with money to fight deflation. Asked if the BOJ may raise rates this year, Fukui said the situation is "a bit uncertain."
■ Trade
China and France ink deal
A joint agreement between France and China to work closer to beat counterfeiters has been hailed as the first step in an effort to end the multibillion dollar illegal trade. French budget minister and government spokesman Jean-Francois Cope signed the agreement, the first of its kind between the two trading partners, in Beijing last week. It will see greater exchange of intelligence between the two customs authorities in a bid to end the flow of pirated French luxury items, such as designer clothes and wine, from China. "The reason why China decided that now was a good time to sign such a deal is because it is acutely conscious of the dangers counterfeiting poses to its own economy," Cope said in an interview during a two-day stop-off in Hong Kong. "It is now producing its own patents and because of that it needs to protect its own intellectual property rights," he added.
■ Banking
US-Syrian deals prohibited
Syria said on Saturday it was not surprised by the US administration's decision to ban US banks from dealing with its state-owned Commercial Bank of Syria and its subsidiary, claiming it was part of political pressure on the country. "This new move comes in the framework of continuing pressures on Syria for purely political considerations," Syrian Finance Minister Mohammed al-Hussein said. The US Treasury Department said on Thursday that US banks must close any accounts they have with the two Syrian banks, as part of an effort to crack down on terrorist financing. The order covers the Commercial Bank of Syria and its subsidiary, the Syrian Lebanese Commercial Bank. On Friday, the Syrian bank's general manager, Dureid Dergham, said operations of the two banks would not be affected by the US decision.
■ Finance
Singapore, Hong Kong tops
Singapore and runner-up Hong Kong emerged as the East Asian economies that made the greatest strides at financial sector reform and liberalization in recent years, a new study said on Saturday. Japan, South Korea and Thailand followed in the study of 15 economies by Nanyang Technological University (NTU). The strong showing of the city-state reflected the Monetary Authority of Singapore's liberalization measures, said Tan Khee Giap, one of the economists who participated in the study co-funded by NTU and the Institute of Southeast Asian Studies. Singapore simply "opened up faster," Tan said.
TYPHOON: The storm’s path indicates a high possibility of Krathon making landfall in Pingtung County, depending on when the storm turns north, the CWA said Typhoon Krathon is strengthening and is more likely to make landfall in Taiwan, the Central Weather Administration (CWA) said in a forecast released yesterday afternoon. As of 2pm yesterday, the CWA’s updated sea warning for Krathon showed that the storm was about 430km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point. It was moving in west-northwest at 9kph, with maximum sustained winds of 119kph and gusts of up to 155kph, CWA data showed. Krathon is expected to move further west before turning north tomorrow, CWA forecaster Wu Wan-hua (伍婉華) said. The CWA’s latest forecast and other countries’ projections of the storm’s path indicate a higher
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
TYPHOON DAY: Taitung, Pingtung, Tainan, Chiayi, Hualien and Kaohsiung canceled work and classes today. The storm is to start moving north this afternoon The outer rim of Typhoon Krathon made landfall in Taitung County and the Hengchun Peninsula (恆春半島) at about noon yesterday, the Central Weather Administration (CWA) said, adding that the eye of the storm was expected to hit land tomorrow. The CWA at 2:30pm yesterday issued a land alert for Krathon after issuing a sea alert on Sunday. It also expanded the scope of the sea alert to include waters north of Taiwan Strait, in addition to its south, from the Bashi Channel to the Pratas Islands (Dongsha Islands, 東沙群島). As of 6pm yesterday, the typhoon’s center was 160km south of
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
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