■ TRADE
Chinese items to be tested
The Natural Products Association, a trade group for dietary-supplement manufacturers, will test the purity and composition of raw materials from China. The US Pharmacopeia, a nonprofit organization that sets standards for over-the-counter and prescription drugs, supplements and other health products, will perform the tests in its Shanghai laboratory, the trade group said in a statement on Saturday. "By testing raw materials in China, we're adding another layer of consumer protection to a process that has delivered good health products to Americans for generations," said David Seckman, executive director of Natural Products, in a statement. Chinese firms which agree to have their products examined will build reputations as reliable suppliers and gain access to new customers, the group said.
■ RATES
UK hike predicted
The Bank of England may raise its benchmark interest rate by a quarter point as soon as next month to cool inflation and curb money supply, Ernst & Young is expected to say in London today. Borrowing costs will have to rise further to stabilize prices, after inflation held above the bank's target for a 14th month in last month, the firm is expected today say. Ernst & Young will maintain its forecast for Britain's economic growth this year at 2.9 percent, the fastest pace since 2004. The Bank of England raised the benchmark interest rate this month to 5.75 percent, a six-year high.
■ JAPAN
Quake raises TEPCO's costs
Tokyo Electric Power Co (TEPCO) is likely to suffer extra costs of at least ?200 billion (US$1.7 billion) after one of its nuclear power plants was damaged by an earthquake last week, a media report said yesterday. "It is extremely difficult" for TEPCO to resume operations at the plant by March next year as it will take time to have its quake-resistance capabilities reinforced, the Nikkei Shimbun said. Authorities have ordered TEPCO to halt operations at the Kashiwazaki-Kariwa plant indefinitely.
■ OIL
SK Energy wins Peru stake
SK Energy, South Korea's largest oil refiner, said yesterday that it had won a bid to develop a "very promising" oil field in Peru's offshore Trujillo basin. The company said in a statement that it had won a 100-percent stake in the Peru Offshore Block Z-46 in a bidding round sponsored by Peru's oil licensing company Perupetro. Including the new oil field, SK Energy is now engaged in exploration and production of energy in 26 blocks in 14 countries. The company also plans on investing 544 billion won (US$596 million) in global exploration and production business this year.
■ SINGAPORE
Students urged to return
Citizens studying overseas have been urged to return home to pursue their careers amid a government drive to attract more professionals from overseas, the Sunday Times reported. Manpower Minister Ng Eng Hen (黃永宏) said Singapore needed "able people to fill" the job opportunities created by a vibrant domestic economy and strong Asian growth, the paper quoted him as saying. Of the 150,000 Singaporeans living, working and studying abroad, 40 percent are in their 20s and are sought after by top firms because of their educational background, Ng said.
CLOSURES: Several forest recreation areas have been closed as a precaution, while some ferry and flight services have been suspended or rescheduled A land warning for Tropical Storm Danas was issued last night at 8:30pm, as the storm’s outer bands began bringing heavy rain to southeastern regions, including Hualien and Taitung counties, and the Hengchun Peninsula (恆春半島), according to the Central Weather Administration (CWA). As of 9:15pm, the storm was approximately 330km west-southwest of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost tip, moving north-northeast at 10-20kph, the CWA reported. A sea warning had already been issued at 8:30am yesterday. The storm had maximum sustained winds near its center of 83kph, with gusts of up to 108kph, according to the CWA. As of 9:30pm last night, Kaohsiung, Tainan,
POWERFUL DETERRENT: Precision fire and dispersed deployment of units would allow Taiwanese artillery to inflict heavy casualties in an invasion, a researcher said The nation’s military has boosted its self-defense capability with the establishment of a new company equipped with the US-supplied High Mobility Artillery Rocket System (HIMARS). The company, part of the army’s 58th Artillery Command, is Taiwan’s first HIMARS unit. Minister of National Defense Wellington Koo (顧立雄), who presided over the formation ceremony in Taichung on Friday, called the unit a significant addition to the nation’s defensive strength, saying it would help deter adversaries from starting a war. The unit is made up of top-performing soldiers who received training in the US, according to the Ministry of National Defense. The HIMARS can be equipped with
Taiwan yesterday said it was looking forward to attending an upcoming memorial in Japan to mark the 80th anniversary of the atomic bombing of Nagasaki, a day after the Japanese city said it had retracted its previous decision to not invite Taiwan to the event. The case has been dealt with by Taiwan’s representative office in Fukuoka and the Nagasaki City Government, the Ministry of Foreign Affairs said. The ministry would decide who to send to the Aug. 9 event once it receives the invitation, it added. The ministry made the remarks following a Japanese media report on Saturday that said Nagasaki Mayor
UNILATERAL: The move from China’s aviation authority comes despite a previous 2015 agreement that any changes to flight paths would be done by consensus The Mainland Affairs Council (MAC) yesterday slammed Beijing for arbitrarily opening the M503 flight route’s W121 connecting path, saying that such unilateral conduct disrespected the consensus between both sides and could destabilize the Taiwan Strait and the wider region. The condemnation came after the Civil Aviation Administration of China (CAAC) earlier yesterday announced it “has activated the W121 connecting path of the M503 flight route,” meaning that west-to-east flights are now permitted along the path. The newly activated west-to-east route is intended to “alleviate the pressure caused by the increase of flights,” China’s state-run Xinhua news agency quoted China’s Taiwan Affairs Office
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