■ Oil
Beijing cuts oil prices
China has cut the price of domestic gasoline by about 4 percent and jet fuel by approximately 2 percent in response to a decline in world oil prices. China's main planning agency, the State Development and Reform Commission, said in a statement on its Web site yesterday that the price cuts were effective immediately. The Xinhua news agency said the move followed complaints from consumers who demanded domestic prices reflect the international market trend. China's last such price cut was in March, 2005, Xinhua said.
■ Automobiles
New Honda factory in India
Honda Motor Co, Japan's third-largest carmaker, will build its second Indian car factory in the western state of Rajasthan. Honda chose Rajasthan to supply its biggest market, the northern and eastern parts of the country, a company statement issued in New Delhi said. Honda may spend 20 billion rupees (US$450 million) to set up the second car factory, N.K. Goila, vice president of the company's Indian unit, said on Jan. 9. The carmaker, which has a plant near New Delhi that assembles Accord and Civic sedans, will have a production capacity of 150,000 vehicles in India by 2010.
■ Construction
Hyundai gets condo project
Hyundai Engineering & Construction Co received a US$99 million order from Singapore's City Development Ltd to build two condominium buildings in the city's financial district, South Korea's second-biggest builder said. The buildings will be built at 1 Shenton Way and will be finished within 38 months from the time construction begins later this month, Hyundai Engineering said in a statement. The site is in the heart of Singapore's central business district, a statement on City Development's Web site said. Hyundai Engineering and other South Korean builders received record orders from overseas last year, as rising oil prices prompted Middle Eastern countries to increase spending on refineries and power plants.
■ Economy
Minister wary of rate hike
Japan's economic and fiscal policy minister yesterday put pressure on the Bank of Japan to reconsider reported plans to announce a rate hike during this week's policy board meeting. "Currently, spending is weakening," Hiroko Ota said in a TV interview. "The Japanese economy is facing a crucial phase as it is still possible for the economy to retreat to deflation," she said. "I believe the Bank of Japan will make a decision, being fully aware of these points. I hope the Bank of Japan will make a responsible decision."
■ Jobs
Enough foreign talent: poll
Nearly nine out of 10 Singaporeans fear foreign professionals will take their jobs and oppose efforts to woo them to the city-state, the Sunday Times reported. More than half the 448 people polled by the paper's publisher, Singapore Press Holdings, believe the city-state has allowed enough foreign talent in and should stop trying to attract more. Singapore has aggressively stepped up efforts to attract more talented foreign professionals to boost its labor pool and address a baby shortage. But the campaign has triggered insecurity among locals. The survey showed 43 percent believe the government is more concerned about foreign talent than its own citizens and doubt the move will help create jobs.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS