US President George W. Bush signed a two-year, US$168 billion economic stimulus package on Wednesday, hoping it would deliver "a booster shot" to an ailing US economy.
Bush said the world's largest economy had overcome shocks in the past and expressed confidence that the giant economic aid plan would help the economy through a "rough patch."
"I know a lot of Americans are concerned about our economic future. Our overall economy has grown for six straight years -- but that growth has clearly slowed," Bush said, as he signed the package into law at the White House.
Bush's signature clears the way for one time tax rebate checks to be mailed to tens of millions of Americans in coming months. The Economic Stimulus Act also calls for tax breaks aimed at firing up business investment.
Economists are divided on the stimulus' likely impact amid a two-year long housing market slump and a related credit crunch and after the economy lost 17,000 jobs unexpectedly last month.
Some economists have called it an election-year gimmick, but others say it could help boost consumer and business spending, but not until later this year.
US Treasury officials say tax rebate checks of up to US$600 for individual taxpayers and US$1,200 for couples, plus US$300 for dependent children, could boost consumer spending which has been pressured by sinking home prices and tight credit.
The White House said the package would provide tax rebates to 128 million US households and that the first checks should arrive in mailboxes in May.
The navy has installed 13 Phalanx Block 1B close-in weapons systems on its warships, increasing their defensive firepower, a defense official said on Saturday. The systems cost the navy NT$10.16 billion (US$314.67 million), while eight additional Block 1A systems are being upgraded in the US and are expected to be delivered next year, the official said, speaking on condition of anonymity. The Phalanx system used by Taiwan to defend its warships and key radar installations is a radar-cued gun system capable of firing 4,500 rounds a minute at targets as far away as 1.5km, the official said. With their superior range of
RACE FOR CHIPS: The Dresden site would help Europe reduce its reliance on Asia for semiconductors, while Germany aims to produce one-fifth of the world’s chips by 2030 Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday broke ground in Dresden, Germany, on its first European plant as the continent seeks to safeguard its chip supplies amid growing US-China tensions. TSMC chief executive C.C. Wei (魏哲家) attended the event, together with European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, and the heads of Infineon Technologies AG, NXP Semiconductors NV and Robert Bosch GmbH, which each hold a 10 percent stake in the venture. TSMC owns a 70 percent stake in the plant. “Together with our partners, Bosch, Infineon and NXP, we are building our Dresden facility to meet the
RECOVERY: Overall, average income across all age groups increased, climbing to a record NT$709,000 last year, on the back of an improved economy, the DGBAS said Taiwanese workers under the age of 30 last year, on average, earned an annual income of NT$545,931 (US$17,044), a new high, as the economy continued to improve, data released by the Directorate-General of Budget, Accounting and Statistics (DGBAS) showed. That equated to monthly earnings of NT$45,494 per person, and marked an increase from NT$535,667 in 2022, the data showed. In addition to an improved economy, average incomes rose as the unemployment rate declined and the minimum wage rose, the statistics agency said. Overall, average income in Taiwan also hit a new record of NT$709,000 last year, up from NT$704,000 in 2022, the data
CARROT AND STICK: Palauan president said in 2020 the Chinese ambassador to a neighboring country pledged to flood his country with tourists if it switches alliance Beijing weaponized tourism to the Pacific archipelago of Palau over its allegiance to Taiwan and its accusations that China was behind a major cyberattack there, Palauan President Surangel Whipps Jr told The Associated Press (AP). Palau, along with Tuvalu and the Marshall Islands, is one of the three Pacific nations to recognize Taiwan as an independent democracy. Taipei’s allies in the Pacific have dwindled from six countries in 2019. Nauru abandoned its ties in January. Whipps told the AP in an interview late on Thursday that, in 2020, while he was running for his current post, the Chinese ambassador to a neighboring country