■ Paper
Indonesia cuts key rate
Bank Indonesia (BI) cut the bank's key policy rate, called the BI rate, by 50 basis points to 11.25 percent yesterday amid easing inflationary pressures and improved macroeconomic conditions. "After taking into account improved macroeconomic stability, BI confidence on the achievement of 2006 and 2007 inflation targets and market confidence, the board of governors' meeting decided to cut the BI rate by 50 basis points," BI spokesman Budi Mulya told reporters. The full-year inflation target for this year is 8 percent, plus or minus 1 percentage point, and for next year at 6 percent, plus or minus 1 percentage point.
■ Retail
Wal-Mart bids for Daiei
Wal-Mart Stores Inc, the world's biggest retailer, has bid to form a business tie-up with troubled Japanese supermarket chain Daiei Inc, a news report said yesterday. Submitting a rival bid to help rehabilitate Daiei is Japanese retailer Aeon Co, Kyodo News agency reported, citing unidentified people familiar with the matter. The bids were submitted to trading house Marubeni Corp -- Daiei's biggest shareholder which is overseeing the firm's recovery. Marubeni said last month it was open to strategic partners in operating Daiei, but denied news reports at that time it had approached either Wal-Mart or Aeon.
■ Real estate
Sturdier homes wanted
Japan, where many homeowners tear down their house and rebuild every 30 years or so, wants to promote longer lasting dwellings, the Yomiuri Shimbun said yesterday. The government may offer tax breaks to those who build more sturdy houses in an effort to raise the average lifespan of a new home to 40 years within the next decade, and 200 years within the next half century, it said, quoting government sources. Conditioned by a long history of devastating earthquakes and fires, the Japanese typically tear down their home and start from scratch every few decades instead of adding a room or moving house as their family grows or shrinks.
■ Banking
Chinese bank planning IPO
China's biggest commercial bank plans to raise up to US$19 billion with an initial public offering this year, possibly breaking the record for the world's biggest IPO, a news report said yesterday. Industrial & Commercial Bank of China Ltd (中國工商 銀行) plans to sell shares simultaneously on the Hong Kong and Shanghai exchanges before the end of next month, Dow Jones Newswires said, citing documents submitted to Chinese securities regulators.
■ Chemicals
Bayer expands China plant
Germany's Bayer yesterday expanded a massive new chemical plant near Shanghai, part of a US$1.8 billion integrated facility being built to keep up with soaring demand. The complex, which processes various chemicals relating to polyurethane as well as polycarbonates -- used for auto and furniture finishes, insulation and footwear, is in an industrial park along Hangzhou Bay. It's expected to be fully completed by 2008. Bayer (China) Ltd, a wholly owned subsidiary of the Leverkusen-based company, says the three new production facilities that started operations yesterday are part of the company's plan to develop a complete manufacturing base to meet demand in Asia, which is growing by more than 10 percent per year.
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
The number of births in Taiwan fell to an all-time monthly low last month, while the population declined for the 16th consecutive month, Ministry of the Interior data released on Friday showed. The number of newborns totaled 8,684, which is 704 births fewer than in March and the lowest monthly figure on record, the ministry said. That is equivalent to roughly one baby born every five minutes and an annual crude birthrate of 4.52 per 1,000 people, the ministry added. Meanwhile, 17,205 deaths were recorded, resulting in a natural population decrease of 8,521, the data showed. More people are also leaving Taiwan, with net
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