■ RUSSIA
Growth forecast raised
Russia raised its forecasts on Monday for economic growth and inflation this year, saying the economy was now expected to expand by 7.1 percent, news agencies reported. The economic development ministry, whose previous forecast for growth had been 6.7 percent, said inflation this year was now seen at 9.5 percent instead of 8.5 percent. "The inflation forecast has been raised because of the rise in food prices and wheat," the director of macroeconomic forecasting in the ministry told Interfax agency.
■ TELECOM
Icahn suing Motorola
Billionaire investor and corporate raider Carl Icahn said on Monday he had filed a lawsuit in the State of Delaware to obtain access to certain documents for his battle with the management of telecom equipment maker Motorola. "Over the past 12 months the statements and predictions of Motorola's management and the Board about Mobile Devices business have too often proven to be wrong," the statement said. Motorola earlier this year said it was studying a possible breakup of the company in an effort "to recapture global market leadership" in the mobile phone market and to enhance shareholder value. Icahn has been pressing for actions to boost shareholder value at Motorola.
■ EUROPE
OECD chief calls for reform
Europe faces "peril" if it does not reform its labor and product markets, Angel Gurria, the secretary-general of the Organization for Economic Cooperation and Development (OECD) warned in an interview published yesterday. "Reform is indispensable," Gurria told the Financial Times business daily. "People have to be aware of the costs of inaction -- the costs of action are short-term, but the benefits are long-term. Europe has it in its own control to close the gap and if they don't do it, it will be at their own peril." Living standards in Europe are one-third lower than in the US, a similar gap to the 1970s, the paper reported. Gurria reportedly urged politicians to present the case for reform to voters to build up support for proposals that are often unpopular.
■ INTERNET
Netflix Web site down
Online DVD rental leader Netflix Inc suffered a technology breakdown on Monday that knocked out its Web site for about 11 hours, inconveniencing many of its 7.5 million subscribers. The outage could mean some customers will have to wait longer than usual for their next rentals. The trouble blocked access to Netflix's Web site about from about 7am to 6pm US Pacific time on Monday, Netflix spokesman Steve Swasey said. It marked the second-longest disruption since Netflix launched its service nine years ago.
■ TRADE
Doha talks near deal
The Doha round of global trade talks is close to reaching an accord in principle on industrial tariffs and farm subsidies and quotas, Brazil's chief trade negotiator, Robert Azevedo, said on Monday. He cited an increased sense of urgency among negotiators to reach an accord before the US presidential election in November and particularly more willingness by the EU and the US in recent weeks. The key players had moved to seeking solutions and bridging differences, he said. There was no certainty of success and a likely ministerial-level meeting would be decisive, he said.
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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