■THAILAND
Bank keeps eye on baht
Thailand yesterday ordered the central bank to keep a close eye on the baht and “prepare measures” after the currency soared to a 29-month high against the US dollar, the finance minister said. Thai Prime Minister Abhisit Vejjajiva called a special meeting with top economic officials, including the governor of the Bank of Thailand, after the baht hit its highest peak since April 2008. The currency reached 31.16 to 31.18 baht against the greenback at one point on Wednesday morning, having climbed about 5 to 6 percent this year.
■SOUTH KOREA
Exit stimulus policies: IMF
South Korea should pursue “a carefully calibrated exit” from economic stimulus policies in the face of strong growth this year, the IMF said on Wednesday. The IMF — which again revised up its growth forecast for Asia’s fourth-biggest economy to 6.1 percent, from 5.75 percent in a July report — said expansion was increasingly led by private sector demand and was at or near full growth potential. “The outlook is nevertheless subject to downside risks related to a global economic weakening and heightened global financial strains, especially in advanced economies,” it said. Growth would ease to 4.5 percent next year, it added.
■MINING
Iron prices to fall: Rio
Rio Tinto Group, the world’s second-biggest iron ore supplier, said contract prices for the steelmaking commodity could fall 13 percent, the first decline in three quarters as Chinese demand weakens. Prices will fall to around US$127 a tonne for the three months starting on Oct. 1, from the previous quarter, Sam Walsh, the head of the London-based company’s iron ore business, said yesterday. Rates almost doubled in the April quarter, and gained more than 20 percent in the June-to-September period.
■PHARMACEUTICALS
Allergan to pay US$600m
Allergan, the maker of the popular anti-wrinkle treatment Botox, said on Wednesday it had agreed to pay US$600 million to settle a US probe into illegal marketing for so-called off-label uses. The company said in a statement it agreed to plead guilty to a single misdemeanor “misbranding” charge covering the period 2000 through 2005 and pay the government US$375 million. It will pay an additional US$225 million to resolve civil claims from the Justice Department under the False Claims Act, which relates to fraud.
■AUTOMOBILES
GM roadshow in November
General Motors Co (GM) plans to begin courting investors for its initial public offering (IPO) immediately after the Nov. 2 US midterm congressional elections, two sources familiar with the plans said on Wednesday. GM’s roadshow is currently set to begin on Nov. 3 and will last two weeks, the sources said. The IPO is expected to be priced on Nov. 17 and debut on Nov. 18, the sources said.
■ELECTRONICS
Sony unveils e-readers
Sony, battling Amazon and Apple in the electronic book reader race, unveiled its latest devices on Wednesday and expanded their availability to Australia, China, Italy, Japan and Spain. Sony cut the size and weight of all three of its e-readers while expanding the use of touchscreens to all models — allowing users to turn pages with a swipe of the finger like the Apple iPad. Sony hiked the price of its cheapest e-reader, the Reader Pocket Edition, by US$29, while adding a touchscreen.
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
RULES BROKEN: The MAC warned Chinese not to say anything that would be harmful to the autonomous status of Taiwan or undermine its sovereignty A Chinese couple accused of disrupting a pro-democracy event in Taipei organized by Hong Kong residents has been deported, the National Immigration Agency said in a statement yesterday afternoon. A Chinese man, surnamed Yao (姚), and his wife were escorted by immigration officials to Taiwan Taoyuan International Airport, where they boarded a flight to China before noon yesterday, the agency said. The agency said that it had annulled the couple’s entry permits, citing alleged contraventions of the Regulations Governing the Approval of Entry of People of the Mainland Area into the Taiwan Area (大陸地區人民進入台灣地區許可辦法). The couple applied to visit a family member in
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
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