■ GERMANY
Deficit may be less: minister
The budget deficit could be less than 60 billion euros (US$76.3 billion) thanks to a strong upturn in its economy, Federal Minister of Finance Wolfgang Schaeuble said in an interview published on Saturday. Whereas the government has forecast a shortfall of 65 billion euros, “I see good chances that we will finish under 60 billion euros this year,” Schaeuble told the Rheinische Post regional newspaper. On Thursday, the Bundesbank said the combined federal, regional, local and social security deficit would be well below 5 percent of GDP. Last year the economy contracted by 4.7 percent. However, this year could see its strongest expansion since a record 3.4 percent in 2006, the central bank has said.
■ STEELMAKERS
Wuhan Iron & Steel profit up
Wuhan Iron & Steel Co (武漢鋼鐵), the listed unit of China’s third-biggest steelmaker, said first-half profit rose 90.4 percent as a revival in demand from auto and appliance makers lifted prices. Net income climbed to 964 million yuan (US$142 million), or 0.12 yuan a share, in the six months ended June 30 from 506 million yuan, or 0.07 yuan a share, a year ago, the company said yesterday in a statement to the Shanghai Stock Exchange. The company may face a “very difficult” situation in the second half and an arduous job meeting its full-year profit target, the statement said.
■ENERGY
UAE may raise gas prices
The United Arab Emirates (UAE) may raise gasoline prices a third time this year, Gulf News reported, citing a person from the nation’s biggest oil company, Abu Dhabi National Oil Co. Retailers in Dubai and the northern emirates are seeking higher prices to avoid significant losses from subsidized prices, the newspaper said. UAE authorities arrested a BlackBerry user who sought to use the device to organize a protest against an increase in retail gasoline prices, Reporters Without Borders said last month. The government said on Aug. 1 it plans to suspend BlackBerry services because of security concerns.
■ REAL ESTATE
Nakheel pays most of debt
Nakheel PJSC, the Dubai World-owned property developer, paid 2.5 billion UAE dirhams (US$681 million) of bills it owes trade creditors, chairman Ali Lootah was cited as saying in an interview with Al Khaleej. About 80 percent of its trade creditors have agreed to new payment terms, the newspaper said, citing Lootah. Nakheel said on June 30 it had begun settling bills from its biggest trade creditors, involving a payout of 4 billion dirhams. The company is waiting for a final response from bank creditors on restructuring its obligations, Lootah was quoted as saying.
■ MINING
Vale, Liberia reach deal
Vale SA, the world’s largest iron-ore producer, said its venture with BSG Resources (Guinea) Ltd agreed with Liberia’s government to build a railroad and port to transport the mineral from projects in Guinea. The final agreement must be approved by the legislature of Liberia, Vale said in an e-mailed statement on Saturday. Rio de Janeiro-based Vale will rebuild the Mount Coffee hydroelectric dam as part of the accord. The company didn’t disclose how much would be invested. Vale said on April 30 that it agreed to pay US$2.5 billion for a 51 percent stake in BSG Resources to gain access to iron-ore deposits in Guinea.
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
STRONG WINDS: Without the Central Mountain Range as a shield, people should be ready for high-speed winds, CWA weather forecaster Liu Yu-chi said Danas was yesterday upgraded to a typhoon and could grow stronger as it moves closely along the nation’s west coastline, the Central Weather Administration (CWA) said. Hsinchu and Chiayi cities, Taichung, Tainan and Kaohsiung, as well as Hsinchu, Miaoli, Changhua, Yunlin, Nantou, Chiayi, Penghu and Pingtung counties have canceled work and school today. Work and school in Keelung, Taipei, New Taipei City and Taoyuan, and Yilan, Taitung, Hualien, Kinmen and Lienchiang (Matsu) counties would continue as usual, although offices and schools would be closed in Taoyuan’s Luju (蘆竹), Dayuan (大園), Guangyin (觀音) and Sinwu (新屋) districts. As of 5pm yesterday, the typhoon’s
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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