■ 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.
CALL FOR SUPPORT: President William Lai called on lawmakers across party lines to ensure the livelihood of Taiwanese and that national security is protected President William Lai (賴清德) yesterday called for bipartisan support for Taiwan’s investment in self-defense capabilities at the christening and launch of two coast guard vessels at CSBC Corp, Taiwan’s (台灣國際造船) shipyard in Kaohsiung. The Taipei (台北) is the fourth and final ship of the Chiayi-class offshore patrol vessels, and the Siraya (西拉雅) is the Coast Guard Administration’s (CGA) first-ever ocean patrol vessel, the government said. The Taipei is the fourth and final ship of the Chiayi-class offshore patrol vessels with a displacement of about 4,000 tonnes, Lai said. This ship class was ordered as a result of former president Tsai Ing-wen’s (蔡英文) 2018
UKRAINE, NVIDIA: The US leader said the subject of Russia’s war had come up ‘very strongly,’ while Jenson Huang was hoping that the conversation was good Chinese President Xi Jinping (習近平) and US President Donald Trump had differing takes following their meeting in Busan, South Korea, yesterday. Xi said that the two sides should complete follow-up work as soon as possible to deliver tangible results that would provide “peace of mind” to China, the US and the rest of the world, while Trump hailed the “great success” of the talks. The two discussed trade, including a deal to reduce tariffs slapped on China for its role in the fentanyl trade, as well as cooperation in ending the war in Ukraine, among other issues, but they did not mention
Japanese Prime Minister Sanae Takaichi yesterday lavished US President Donald Trump with praise and vows of a “golden age” of ties on his visit to Tokyo, before inking a deal with Washington aimed at securing critical minerals. Takaichi — Japan’s first female prime minister — pulled out all the stops for Trump in her opening test on the international stage and even announced that she would nominate him for a Nobel Peace Prize, the White House said. Trump has become increasingly focused on the Nobel since his return to power in January and claims to have ended several conflicts around the world,
GLOBAL PROJECT: Underseas cables ‘are the nervous system of democratic connectivity,’ which is under stress, Member of the European Parliament Rihards Kols said The government yesterday launched an initiative to promote global cooperation on improved security of undersea cables, following reported disruptions of such cables near Taiwan and around the world. The Management Initiative on International Undersea Cables aims to “bring together stakeholders, align standards, promote best practices and turn shared concerns into beneficial cooperation,” Minister of Foreign Affairs Lin Chia-lung (林佳龍) said at a seminar in Taipei. The project would be known as “RISK,” an acronym for risk mitigation, information sharing, systemic reform and knowledge building, he said at the seminar, titled “Taiwan-Europe Subsea Cable Security Cooperation Forum.” Taiwan sits at a vital junction on
RSS