■ INVESTMENT
China-bound funds dwindle
A total of 117 applications for investment in China were approved during the first two months of this year, down 25 percent from the same period last year, with the total investment amount declining 5.51 percent to NT$1.15 billion (US$37.5 million), statistics released on Friday by Taiwan's Investment Commission showed. During the two-month period, the commission also handled registration of 50 small-amount China-bound investment cases that do not require prior approval, with each investment valued at less than US$200,000 and the total amount adding up to US$6.7 million. The nation's total outbound investment reached NT$760.28 million during those two months, up 183.92 percent year-on-year, the figures show.
■ BANKING
BOJ material leaked
Confidential Bank of Japan (BOJ) material on financial institutions was leaked by an employee and posted on Web sites, the central bank said. The material, leaked from a BOJ branch in Shimane Prefecture, included information related to financial institutions' earnings and dealings in Treasury bonds, a statement from the central bank said yesterday. The sites deleted the information at the bank's request, the statement said. The employee took home the materials without the consent of his superior, the statement said.
■ TRADE
Doha better for south: US
A White House economic affairs advisor said on Friday that developing countries have more to gain than the rich north from the lower tariffs the US is seeking in the Doha round of trade talks. "The Doha round is often incorrectly characterized as a North-South issue. In fact, developing countries have the most to gain from the cut in tariffs from other developing countries," Daniel Price told a trade meeting in Hanoi. "Around 70 percent of tariffs paid by developing countries are paid to other developing countries" he said, adding that trade between developing countries is increasing 50 percent faster than overall trade.
■ BANKING
SG challenges lawsuit
French bank Societe Generale (SG) vowed on Friday to mount a "vigorous" challenge to a New York lawsuit accusing it of misleading investors and failing to clamp down on a rogue trader who ran up massive losses. The bank said it "took note" of the class action law suit filed on March 12 in a federal court in New York. The class action lawsuit alleges that Societe Generale and its chairman Daniel Bouton "misled investors regarding its activities and exposure in the subprime mortgage markets," a statement from the law firm representing the plaintiffs said. SG was also accused of insufficient controls and failure to act on information regarding unauthorized trades by junior trader Jerome Kerviel.
■ AVIATION
Berlusconi against deal
Former Italian prime minister Silvio Berlusconi said on Friday he would veto Air France-KLM's deal to buy Alitalia if he won April's election and promised an imminent counterbid from a domestic company. The comments by the media tycoon, ahead in polls to become the next prime minister, are the latest blow to Air France-KLM's planned takeover, which has become a hot issue in election campaigning ahead of the April 13 to April 14 vote.
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
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