■ INFLATION
Chavez threatens seizures
Venezuelan President Hugo Chavez threatened again on Friday to seize property from businesses if they are caught hoarding products, as Venezuela struggles with shortages of some basic foods and high inflation. Chavez warned that price speculation is occurring "at all levels of society, from the big capitalists to the small shopkeepers" and said his government could expropriate property from individuals or companies that purportedly sit on goods for months to sell later them at inflated prices. Annual inflation soared to 22.5 percent last year -- the highest official rate in Latin America -- the Central Bank said.
■ BIOTECHNOLOGY
France bans corn strain
France on Friday invoked an EU safeguard procedure to bar a strain of genetically modified corn after a watchdog said it had doubts about the product, the prime minister's office said. The government was invoking the procedure "until European authorities re-evaluate the authorization on commercialization" of the product, the prime minister's office said in a statement. It had decided to act on the "principle of precaution" after the watchdog authority's findings, it added. The government also announced it was investing 45 million euros (US$66 million) in vegetable biotechnology, an eight-fold increase over the current budget. US agricultural giant Monsanto, which produces the strain, has 15 days to present its defense.
■ LABOR
Hollywood talks to start
The Directors Guild of America and Hollywood's production companies said on Friday that they planned to start formal contract negotiations yesterday, promising a major break in the entertainment industry's troubled labor situation. News Corp president Peter Chernin and Walt Disney Co chief executive Robert Iger were earlier deputized by their fellow company chiefs to join top negotiators from the producers' alliance in seeking terms with directors, said several people who were briefed on the situation but asked for anonymity to protect the talks.
■ ECONOMY
UK GDP slows to 0.5%
UK economic growth slowed to the weakest pace in two years during the fourth quarter, the National Institute of Economic and Social Research estimated. The economy expanded 0.5 percent in the final quarter of last year, compared with 0.7 percent in the third quarter, the London-based group, which advises the Bank of England and the Treasury, said in an e-mailed statement yesterday. That would be the slowest pace since the third quarter of 2005. "This is a welcome moderation from a growth rate that has been persistently above trend for the past two years," the institute said. "We expect gross domestic product to be significantly below trend this year."
■ OIL
Crude futures tumble
World oil prices tumbled on Friday amid mounting fears the US economy could be tipping into a recession and amid reports of fresh unrest in Nigeria, a key oil-producing nation, traders said. New York's main oil futures contract, light sweet crude for delivery in February, closed down US$1.02 at US$92.69 per barrel. On the London market, Brent North Sea crude for February delivery tumbled US$1.15 to settle at US$91.07 per barrel. Oil prices have plummeted by as much as US$5 this week.
DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
CASUALTY: A 70-year-old woman was killed by a falling tree in Kaohsiung as the premier warned all government agencies to remain on high alert for the next 24 hours Schools and offices nationwide are to be closed for a second day today as Typhoon Gaemi crosses over the nation, bringing torrential rain and whipping winds. Gaemi was forecast to make landfall late last night. From Tuesday night, its outer band brought substantial rainfall and strong winds to the nation. As of 6:15pm last night, the typhoon’s center was 20km southeast of Hualien County, Central Weather Administration (CWA) data showed. It was moving at 19kph and had a radius of 250km. As of 3pm yesterday, one woman had died, while 58 people were injured, the Central Emergency Operation Center said. The 70-year-old
SEA SEARCH: Nine crew members of a cargo ship had taken to the water after the vessel sunk off the southern coast, with a rescue effort under way, officials said The strongest typhoon to hit Taiwan in eight years yesterday killed three people and flooded parts of the nation’s second-biggest city, while rescuers were searching for nine sailors after their cargo ship sank in the storm. Typhoon Gaemi transformed streets in Kaohsiung into rivers, with some households flooded. Offices and schools were closed for the second consecutive day, with thousands of people evacuated. Three people died and 380 were injured due to strong winds and torrential rainfall brought by Typhoon Gaemi, the Central Emergency Response Center said. The typhoon made landfall in Yilan County’s Nanao Township (南澳) at midnight yesterday and departed Taiwan
Taiwanese athletes yesterday and on Saturday edged closer to winning a medal in a strong showing in the first two days of the Paris Olympics. Taiwanese badminton ace Tai Tzu-ying (戴資穎) defeated Belgium’s Lianne Tan in the group stage of the women’s singles yesterday. Although Tai has not played in any professional competitions in the past three months due to injuries and Olympic preparations, the Taiwanese dispatched Tan in a swift 38 minutes, winning 21-15, 21-14. It was Tai’s third consecutive career victory over Tan. The 30-year-old Taiwanese was next to play longtime friend and rival, Thailand’s Ratchanok Intanon, in the group stage. Per Olympic