■ COMMODITIES
Gold price hits record
The price of gold hit a new record yesterday, close to the symbolic US$1,000 per ounce level as the precious metal was boosted again by the weak US dollar, traders said. On the London Bullion Market, the price of gold jumped as high as US$991.68 per ounce, beating Wednesday's record high of US$991.47. This week, gold prices have move sharply higher on the back of the plunging dollar, which tumbled to a fresh low against the European single currency yesterday. The metal also gets support because it is regarded as a safe investment in times of economic uncertainty and rising inflation.
■ STOCKS
China mulls trading tax cut
Chinese authorities are studying a proposal to cut the stock trading tax, an issue that has emerged at the ongoing annual session of parliament, state media reported yesterday. "We have paid attention to various proposals in this regard," Shang Fulin, the chairman of the China Securities Regulatory Commission, was quoted as saying by the China Securities Journal. Speaking on the sidelines of the National People's Congress, Shang said government departments were studying the issue, but did not elaborate. In May, the authorities tripled the duty in an effort to curb rampant speculation in the stock market.
■ ENERGY
Gazprom restores supplies
Russian gas giant Gazprom suffered a "failure" when it was forced to restore gas supplies to Ukraine after a "threat" from Kiev to disrupt exports to Europe, Russian newspapers said yesterday. "Gazprom could not stand up to the threat ... and restored supplies of gas to Ukraine without any conditions" amid an ongoing row over unpaid debts between Gazprom and Ukraine, the Kommersant daily said. The crisis was "the first failure of Gazprom's foreign policy," it said. Russia cut gas supplies to Ukraine by 25 percent on Monday and by an additional 25 percent on Tuesday as part of a dispute over unpaid debts.
■ ELECTRONICS
Fujitsu-Siemens lagging
Leading European computer manufacturer Fujitsu-Siemens will not meet sales targets it set for the 2008-2009 fiscal year, a press report said yesterday. "I think we will have to push back our targets by a year," CEO Bernd Bischoff told the Sueddeutsche Zeitung. Fujitsu-Siemens had aimed for sales of 10 billion euros (US$15 billion) in the year to next March, and net profit of 250 million euros, but has been stymied by fierce price competition in the sector. The news could raise questions about the future of the Japanese-German joint venture, which is based on a contract that expires at the end of next year.
■ AVIATION
British Airways hit by costs
Higher fuel bills and the cost of opening a new terminal at London's Heathrow Airport will cut into British Airways' earnings next year, the company said yesterday. In an investors' presentation, the airline predicted that revenue will rise by 4 percent or more to at least £9.1 billion (US$18 billion) in the year ending March 31, 2009. However, the company said fuel costs are expected to rise £450 million to £2.5 billion, along with £200 million in other cost increases. "The outlook for next year is consistent with the economic slowdown," chief financial officer Keith Williams said.
STILL COMMITTED: The US opposes any forced change to the ‘status quo’ in the Strait, but also does not seek conflict, US Secretary of State Marco Rubio said US President Donald Trump’s administration released US$5.3 billion in previously frozen foreign aid, including US$870 million in security exemptions for programs in Taiwan, a list of exemptions reviewed by Reuters showed. Trump ordered a 90-day pause on foreign aid shortly after taking office on Jan. 20, halting funding for everything from programs that fight starvation and deadly diseases to providing shelters for millions of displaced people across the globe. US Secretary of State Marco Rubio, who has said that all foreign assistance must align with Trump’s “America First” priorities, issued waivers late last month on military aid to Israel and Egypt, the
France’s nuclear-powered aircraft carrier and accompanying warships were in the Philippines yesterday after holding combat drills with Philippine forces in the disputed South China Sea in a show of firepower that would likely antagonize China. The Charles de Gaulle on Friday docked at Subic Bay, a former US naval base northwest of Manila, for a break after more than two months of deployment in the Indo-Pacific region. The French carrier engaged with security allies for contingency readiness and to promote regional security, including with Philippine forces, navy ships and fighter jets. They held anti-submarine warfare drills and aerial combat training on Friday in
COMBAT READINESS: The military is reviewing weaponry, personnel resources, and mobilization and recovery forces to adjust defense strategies, the defense minister said The military has released a photograph of Minister of National Defense Wellington Koo (顧立雄) appearing to sit beside a US general during the annual Han Kuang military exercises on Friday last week in a historic first. In the photo, Koo, who was presiding over the drills with high-level officers, appears to be sitting next to US Marine Corps Major General Jay Bargeron, the director of strategic planning and policy of the US Indo-Pacific Command, although only Bargeron’s name tag is visible in the seat as “J5 Maj General.” It is the first time the military has released a photo of an active
CHANGE OF MIND: The Chinese crew at first showed a willingness to cooperate, but later regretted that when the ship arrived at the port and refused to enter Togolese Republic-registered Chinese freighter Hong Tai (宏泰號) and its crew have been detained on suspicion of deliberately damaging a submarine cable connecting Taiwan proper and Penghu County, the Coast Guard Administration said in a statement yesterday. The case would be subject to a “national security-level investigation” by the Tainan District Prosecutors’ Office, it added. The administration said that it had been monitoring the ship since 7:10pm on Saturday when it appeared to be loitering in waters about 6 nautical miles (11km) northwest of Tainan’s Chiang Chun Fishing Port, adding that the ship’s location was about 0.5 nautical miles north of the No.
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