■ Currencies
China wants more euros
China wants the euro to make up a larger share of its US$1.2 trillion in foreign exchange reserves, state media said yesterday, citing a central bank deputy governor. The move is motivated by the stability of the euro and the strong growth in the European economy, Wu Xiaoling (吳曉靈) said. However, the central bank does not plan to reduce the ratio of the US dollar in its forex reserves, she said, speaking at an economic forum in Brussels.
■ Aviation
Northwest shares climb
Northwest Airlines' shares flew higher on Wall Street on Thursday as the carrier emerged from bankruptcy protection after a 20-month reorganization. Shares traded under the symbol NWA rose 2.65 percent to close at US$25.15 as Northwest exited Chapter 11 court supervision. The action turns a page for the industry, which saw four of the top six carriers in bankruptcy when Northwest and Delta filed for creditor protection in September 2005. Northwest is the last of the four to emerge from bankruptcy. After ringing the opening bell on Wall Street, Northwest chief executive Doug Steenland made the first buy of new NWA common stock.
■ Automobiles
Proton partner sought
Malaysia's government will seek new partners for national carmaker Proton and aims to seal an alliance within three months, a Cabinet minister said yesterday. Germany's Volkswagen AG no longer has an interest in an alliance with Proton, Malaysian Second Finance Minister Nor Mohamed Yakcop said. He denied Volkswagen's withdrawal was due to the government's refusal to surrender a controlling stake in Proton. It was the second time talks with Volkswagen were aborted. The government, which holds a 43 percent stake in Proton through its investment arm Khazanah Nasional, will accelerate its search for a partner to turnaround the money-losing carmaker, Mohamed said.
■ Fashion
Hello Kitty, Barbie join up
Hello Kitty will join the ranks of the world's top fashion houses as she dresses up Barbie, bringing together the Japanese and US icons in a limited-edition doll. Barbie will appear in an outfit chosen by Japan's feline sensation, the Japanese toymaker Sanrio said yesterday. The 31cm Barbie doll's jacket, belt, bag and necklace will all bear the famous Hello Kitty image. Hello Kitty Barbie will make her world debut in September and will be released in more than 10 nations including the dolls' home countries of the US and Japan.
■ Media
Packer to yield PBL control
Australia's richest man is handing control of his family company's once-core media business to private equity group CVC Asia Pacific and increasing his focus on casino operations. Publishing & Broadcasting Ltd (PBL), inherited by James Packer from his mogul father Kerry in late 2005, announced yesterday it has agreed to sell another 25 percent stake in its PBL Media joint venture to CVC for A$515 million (US$427 million). The company said the sale reduces its stake in PBL Media to 25 percent, with CVC taking the rest. The sale was part of a broader reallocation of capital within the Sydney based company, Packer said.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
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