■ COMMODITIES
Gold price hits record
The price of gold hit a new record yesterday, close to the symbolic US$1,000 per ounce level as the precious metal was boosted again by the weak US dollar, traders said. On the London Bullion Market, the price of gold jumped as high as US$991.68 per ounce, beating Wednesday's record high of US$991.47. This week, gold prices have move sharply higher on the back of the plunging dollar, which tumbled to a fresh low against the European single currency yesterday. The metal also gets support because it is regarded as a safe investment in times of economic uncertainty and rising inflation.
■ STOCKS
China mulls trading tax cut
Chinese authorities are studying a proposal to cut the stock trading tax, an issue that has emerged at the ongoing annual session of parliament, state media reported yesterday. "We have paid attention to various proposals in this regard," Shang Fulin, the chairman of the China Securities Regulatory Commission, was quoted as saying by the China Securities Journal. Speaking on the sidelines of the National People's Congress, Shang said government departments were studying the issue, but did not elaborate. In May, the authorities tripled the duty in an effort to curb rampant speculation in the stock market.
■ ENERGY
Gazprom restores supplies
Russian gas giant Gazprom suffered a "failure" when it was forced to restore gas supplies to Ukraine after a "threat" from Kiev to disrupt exports to Europe, Russian newspapers said yesterday. "Gazprom could not stand up to the threat ... and restored supplies of gas to Ukraine without any conditions" amid an ongoing row over unpaid debts between Gazprom and Ukraine, the Kommersant daily said. The crisis was "the first failure of Gazprom's foreign policy," it said. Russia cut gas supplies to Ukraine by 25 percent on Monday and by an additional 25 percent on Tuesday as part of a dispute over unpaid debts.
■ ELECTRONICS
Fujitsu-Siemens lagging
Leading European computer manufacturer Fujitsu-Siemens will not meet sales targets it set for the 2008-2009 fiscal year, a press report said yesterday. "I think we will have to push back our targets by a year," CEO Bernd Bischoff told the Sueddeutsche Zeitung. Fujitsu-Siemens had aimed for sales of 10 billion euros (US$15 billion) in the year to next March, and net profit of 250 million euros, but has been stymied by fierce price competition in the sector. The news could raise questions about the future of the Japanese-German joint venture, which is based on a contract that expires at the end of next year.
■ AVIATION
British Airways hit by costs
Higher fuel bills and the cost of opening a new terminal at London's Heathrow Airport will cut into British Airways' earnings next year, the company said yesterday. In an investors' presentation, the airline predicted that revenue will rise by 4 percent or more to at least £9.1 billion (US$18 billion) in the year ending March 31, 2009. However, the company said fuel costs are expected to rise £450 million to £2.5 billion, along with £200 million in other cost increases. "The outlook for next year is consistent with the economic slowdown," chief financial officer Keith Williams said.
The CIA has a message for Chinese government officials worried about their place in Chinese President Xi Jinping’s (習近平) government: Come work with us. The agency released two Mandarin-language videos on social media on Thursday inviting disgruntled officials to contact the CIA. The recruitment videos posted on YouTube and X racked up more than 5 million views combined in their first day. The outreach comes as CIA Director John Ratcliffe has vowed to boost the agency’s use of intelligence from human sources and its focus on China, which has recently targeted US officials with its own espionage operations. The videos are “aimed at
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
US Indo-Pacific Commander Admiral Samuel Paparo on Friday expressed concern over the rate at which China is diversifying its military exercises, the Financial Times (FT) reported on Saturday. “The rates of change on the depth and breadth of their exercises is the one non-linear effect that I’ve seen in the last year that wakes me up at night or keeps me up at night,” Paparo was quoted by FT as saying while attending the annual Sedona Forum at the McCain Institute in Arizona. Paparo also expressed concern over the speed with which China was expanding its military. While the US
SHIFT: Taiwan’s better-than-expected first-quarter GDP and signs of weakness in the US have driven global capital back to emerging markets, the central bank head said The central bank yesterday blamed market speculation for the steep rise in the local currency, and urged exporters and financial institutions to stay calm and stop panic sell-offs to avoid hurting their own profitability. The nation’s top monetary policymaker said that it would step in, if necessary, to maintain order and stability in the foreign exchange market. The remarks came as the NT dollar yesterday closed up NT$0.919 to NT$30.145 against the US dollar in Taipei trading, after rising as high as NT$29.59 in intraday trading. The local currency has surged 5.85 percent against the greenback over the past two sessions, central
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