■STOCK MARKETS
NZX not affected by quake
NZX Ltd chief executive officer Mark Weldon said the Wellington-based bourse wasn’t affected by Saturday’s earthquake in Christchurch and will open as normal today. About 10 smaller Christchurch-based companies, mainly involving retail and finance-service operations, may have been affected by the quake, Welson said in a telephone interview yesterday, without identifying them.
■AUTOMOBILES
Curb over-capacity: official
China should end preferential policies for automotive companies in order to curb over-capacity in an industry where sales jumped 55 percent last month, said Chen Bin (陳斌), a top official at China’s economic planning agency. Chen said booming auto sales were leading to blind investment in the industry, which could result in annual production capacity of more than 31 million units by 2015.
■ECONOMY
Trade deficit narrows
The US trade deficit probably narrowed in July as a slowing economy prompted Americans to buy fewer goods from abroad, economists said before a government report due this week. The gap between imports and exports decreased to US$47 billion from US$49.9 billion in June, according to the median of 60 estimates in a Bloomberg News survey ahead of the US Commerce Department’s report on Thurdsay. The deficit swelled by a record US$7.9 billion in June. Demand for overseas products may cool as American consumers and businesses curb spending in coming months, while growing foreign economies mean companies like Caterpillar Inc will see sales climb.
■INSURANCE
Investment rules relaxed
China has approved insurers to hold stakes and invest in property assets of unlisted companies, the China Insurance Regulatory Commission said yesterday in a statement on its Web site. However, insurers cannot invest in commercial property or be directly involved in real estate development, it said.
■CHINA
Operating revenues rise
Combined operating revenue at China’s 500 largest enterprises rose 6.3 percent last year, with the three top contributors coming from the energy industry, the People’s Daily said, citing an industrial rankings report. Operating revenue rose to 27.6 trillion yuan (US$4.1 trillion). Combined profits grew 25 percent to 1.5 trillion yuan last year, while combined assets increased 22 percent to 91.3 trillion yuan, the state-owned official newspaper said, citing a report by the China Enterprise Confederation and China Enterprise Directors Association.
■REAL ESTATE
New complex for Doha
Al-Futtaim, a family-owned business in the United Arab Emirates, signed an agreement with Qatar Islamic Bank and Aqar Real Estate Investment for a property project valued at 6 billion dirhams (US$1.6 billion). The venture plans to build an entertainment and retail complex in Doha, the companies said in a joint statement yesterday. The project will be located on the northern highway linking the Doha airport with the proposed Bahrain Causeway. Construction of the 433,000m² project will begin early next year and the first phase is scheduled for completion in the first quarter of 2012 and the remaining two phases by 2015, according to the statement.
MILESTONE: The foreign minister called the signing ‘a major step forward in US-Taiwan relations,’ while the Presidential Office said it was a symbol of the nations’ shared values US President Donald Trump on Tuesday signed into law the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the state department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct a review “not less than every five years.” It must then submit an updated report based on its findings “not later
A trial run of the north concourse of Taiwan Taoyuan International Airport’s new Terminal 3 is to commence today, the Ministry of Transportation and Communications said yesterday. The eight additional boarding gates would allow for more aircraft parking spaces that are expected to boost the airport’s capacity by 5.8 million passengers annually, Deputy Minister of Transportation and Communications Lin Kuo-shian (林國顯) said. The concourse, designed by a team led by British architect Richard Rogers, provides a refreshing space, Lin said, adding that travelers would enjoy the tall and transparent design that allows sunshine to stream into the concourse through glass curtain walls. The
The Presidential Office today thanked the US for enacting the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law, signed by US President Donald Trump yesterday, is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct such a review "not less than every five years." It must then submit an updated
STAYING ALERT: China this week deployed its largest maritime show of force to date in the region, prompting concern in Taipei and Tokyo, which Beijing has brushed off Deterring conflict over Taiwan is a priority, the White House said in its National Security Strategy published yesterday, which also called on Japan and South Korea to increase their defense spending to help protect the first island chain. Taiwan is strategically positioned between Northeast and Southeast Asia, and provides direct access to the second island chain, with one-third of global shipping passing through the South China Sea, the report said. Given the implications for the US economy, along with Taiwan’s dominance in semiconductors, “deterring a conflict over Taiwan, ideally by preserving military overmatch, is a priority,” it said. However, the strategy also reiterated
RSS