■ Internet
Baidu to enter Japan soon
Chinese Internet company Baidu (百度), often referred to as the local equivalent of Google, plans to enter the Japanese search market next year, the company said yesterday. Following half a year of research into local market conditions, Baidu was getting ready to launch in Japan, the NASDAQ-listed company said in a statement. "Our proven strength in non-English language search, the high Internet penetration in Japan, as well as similarities between the Chinese and Japanese languages make this market an ideal next step for Baidu," CEO Robin Li (李彥宏) said.
■ Taxation
HK axes controversial plan
Hong Kong's government yesterday dumped an extremely unpopular proposal for a sales tax amid complaints that the levy would scare away tourists and hurt the poor. Officials have spent months pushing the tax plan in a media blitz that included speeches, brochures and TV commercials. But the public and many politicians -- including both pro-government and opposition political parties -- in this bastion of capitalism fiercely resisted the proposal for the goods-and-services tax, expected to be 5 percent. Finance Secretary Henry Tang (唐英年) told reporters yesterday that the government would stop promoting the proposal.
■ Macroeconomics
Seoul cuts growth forecast
South Korea yesterday cut its economic growth target for next year owing to sluggish private consumption and investment, as a steep rise in the won threatens to hurt exports. The Bank of Korea lowered the growth forecast for next year from 5 percent to 4.4 percent, expecting GDP to expand 4 percent in the first half of next year and 4.7 percent in the second half. The bank said Asia's fourth-largest economy, whose annual exports hit the US$300-billion mark yesterday, would enjoy solid growth in exports thanks to a steadily growing world economy.
■ Internet
Yahoo targets Filipinos
Yahoo yesterday unveiled a global project aimed at tapping into the vast market of Filipino overseas workers. The "Pinoy Connect" project features a Web site designed to meet the needs of an estimated 8 million Filipinos, or 10 percent of the population, working abroad as well as their families back home. In the first nine months of this year, overseas Filipinos remitted an estimated US$9.11 billion back home. This does not include cash sent home through informal, non-bank channels. The new site, yahoo.com.ph/pinoy, features entertainment, news, mobile services, chat groups, mobile communications and instant messaging services.
■ Economy
Beijing planners meet
Chinese economic planners met yesterday to set goals for next year amid efforts to keep the country's sizzling growth from racing out of control. Chinese authorities are faced with a tricky balancing act of sustaining economic growth to lift the nation's masses out of poverty while clamping down on real estate development, which appears to be creating an glut of apartment buildings, malls and golf courses. The Central Economic Work Conference, a body created by the Communist Party to monitor the economy, reflects the party's efforts to retain its power to manage an economy increasingly dependent on private enterprise after two decades of capitalist-style reforms.
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
STEADFAST FRIEND: The bills encourage increased Taiwan-US engagement and address China’s distortion of UN Resolution 2758 to isolate Taiwan internationally The Presidential Office yesterday thanked the US House of Representatives for unanimously passing two Taiwan-related bills highlighting its solid support for Taiwan’s democracy and global participation, and for deepening bilateral relations. One of the bills, the Taiwan Assurance Implementation Act, requires the US Department of State to periodically review its guidelines for engagement with Taiwan, and report to the US Congress on the guidelines and plans to lift self-imposed limitations on US-Taiwan engagement. The other bill is the Taiwan International Solidarity Act, which clarifies that UN Resolution 2758 does not address the issue of the representation of Taiwan or its people in
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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