■TRADE
Russia may halt WTO deals
Russia will suspend some of its agreements made during its bid to become a member of the WTO, Interfax quoted Russian Prime Minister Vladimir Putin as saying on Sunday. Putin said the deals covering elements in the agriculture and manufacturing sectors are unfair, but vowed to return to the agreements once Russia becomes a member of the Geneva-based body, the news agency said. “Not being a member of this organization, we do not receive anything positive in return. This situation goes against our interests in certain sectors of the Russian economy, particularly agriculture,” he said. “We will suspend a number of programs, but we will return to them as soon as we become a full-fledged member of the WTO,” he said. Putin said the suspension concerned red meat, poultry and manufacturing.
■RETAIL
German sales drop 1.5%
German retail sales fell by 1.5 percent in July from June, much more than expected for the biggest European economy, figures released yesterday by the national statistics service showed. Analysts polled by Dow Jones Newswires had forecast a drop of just 0.4 percent. In June, sales had fallen by 1.4 percent, according to seasonally corrected data provided by the Destatis service. The volatile index is calculated from information provided by seven German states. German consumers are traditionally thrifty, and consumption is one of the economy’s weak links despite falling unemployment and significant increases in wages.
■BANKING
HSBC’s Swiss inflows slow
HSBC Holdings PLC’s Swiss private bank said inflows of new client assets in the six months through June slowed to half the volume of a year earlier as market turmoil eroded the value of funds. Net new money increased by 6.9 billion Swiss francs (US$6.3 billion) compared with an increase of SF12.7 billion last year, the Geneva-based bank said yesterday in an e-mailed statement. Client assets under management fell 13 percent to SF162.6 billion from SF186.5 billion at the end of December. Net income increased 1 percent to SF350 million compared with the first half of last year, the bank said.
■REAL ESTATE
Colonial posts hefty loss
Spanish property group Colonial, struggling under huge debts, announced losses of 2.38 billion euros (US$3.5 billion) for the first half of this year which it blamed on asset depreciation. Colonial said late on Sunday that it had reached an agreement in principle to reschedule its debt of nearly 9 billion euros this month. The firm did not say whether the agreement included the planned sale of its shares in France’s Societe Fonciere Lyonnaise, estimated to be worth more than 4 billion euros, or Spanish construction group FCC.
■CREDIT
Consumer loans up in UAE
Personal consumer loans in the United Arab Emirates, the second-biggest Arab economy, were 48 percent higher in the second quarter than in the year-earlier period, helped by robust economic growth. Consumer loans advanced to 54 billion dirhams (US$14.7 billion) in the quarter, from 36.8 billion dirhams a year earlier, data posted on the UAE central bank Web site showed yesterday. In the first quarter, personal loans grew by 47 percent, to 48.4 billion dirhams, from 32.9 billion in the first quarter of last year. Overall, second-quarter bank loans increased by 69 percent from a year earlier, to 893.9 billion dirhams; the first quarter saw a 58 percent rise.
SECURITY: The purpose for giving Hong Kong and Macau residents more lenient paths to permanent residency no longer applies due to China’s policies, a source said The government is considering removing an optional path to citizenship for residents from Hong Kong and Macau, and lengthening the terms for permanent residence eligibility, a source said yesterday. In a bid to prevent the Chinese Communist Party (CCP) from infiltrating Taiwan through immigration from Hong Kong and Macau, the government could amend immigration laws for residents of the territories who currently receive preferential treatment, an official familiar with the matter speaking on condition of anonymity said. The move was part of “national security-related legislative reform,” they added. Under the amendments, arrivals from the Chinese territories would have to reside in Taiwan for
CRITICAL MOVE: TSMC’s plan to invest another US$100 billion in US chipmaking would boost Taiwan’s competitive edge in the global market, the premier said The government would ensure that the most advanced chipmaking technology stays in Taiwan while assisting Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in investing overseas, the Presidential Office said yesterday. The statement follows a joint announcement by the world’s largest contract chipmaker and US President Donald Trump on Monday that TSMC would invest an additional US$100 billion over the next four years to expand its semiconductor manufacturing operations in the US, which would include construction of three new chip fabrication plants, two advanced packaging facilities, and a research and development center. The government knew about the deal in advance and would assist, Presidential
‘DANGEROUS GAME’: Legislative Yuan budget cuts have already become a point of discussion for Democrats and Republicans in Washington, Elbridge Colby said Taiwan’s fall to China “would be a disaster for American interests” and Taipei must raise defense spending to deter Beijing, US President Donald Trump’s pick to lead Pentagon policy, Elbridge Colby, said on Tuesday during his US Senate confirmation hearing. The nominee for US undersecretary of defense for policy told the Armed Services Committee that Washington needs to motivate Taiwan to avoid a conflict with China and that he is “profoundly disturbed” about its perceived reluctance to raise defense spending closer to 10 percent of GDP. Colby, a China hawk who also served in the Pentagon in Trump’s first team,
The arrival of a cold front tomorrow could plunge temperatures into the mid-teens, the Central Weather Administration (CWA) said. Temperatures yesterday rose to 28°C to 30°C in northern and eastern Taiwan, and 32°C to 33°C in central and southern Taiwan, CWA data showed. Similar but mostly cloudy weather is expected today, the CWA said. However, the arrival of a cold air mass tomorrow would cause a rapid drop in temperatures to 15°C cooler than the previous day’s highs. The cold front, which is expected to last through the weekend, would bring steady rainfall tomorrow, along with multiple waves of showers
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