■INDUSTRY
Record output cut in EU
Factories and refiners in the 16 countries using the euro cut their output at the fastest rate on record in April in the face of depressed demand, official EU figures showed yesterday. The Eurostat data agency said eurozone industrial production fell 1.9 percent in April over one month, bringing the drop over 12 months to a record 21.6 percent, the sharpest annual contraction on record. In March, production had fallen 1.4 percent over one month and 19.3 percent over 12 months.
■ECONOMY
Asia can’t rely on US: ADB
Asia can’t rely on exports to the US for long-term economic growth because US consumers will buy less as they increase savings and pay down debt, Asian Development Bank (ADB) president Haruhiko Kuroda said on Friday. “I’m optimistic on Asia’s short-term outlook but pessimistic on the long-term,” Kuroda said in a speech in Tokyo. “The US savings rate could rise to as high as 10 percent and suppress consumption. It’s becoming impossible for Asia to rely on the US consumer.”
■LABOR
British postal strike planned
A British union says thousands of postal workers will strike next week in a dispute over jobs and services. The Communication Workers Union says up to 10,000 mail sorters, letter carriers and other London employees will walk out on Friday for 24 hours. The union accused the Royal Mail of making “arbitrary cuts” and called for negotiations. British public sector unions have increasingly called strikes as employers cut jobs and benefits amid the recession.
■COMPUTER
Dell planning acquisition
US computer giant Dell is planning to acquire a “significant-sized company” in the next few months, the Wall Street Journal reported on Thursday. The newspaper, citing people who have recently spoken with its chief financial officer, Brian Gladden, said the Round Rock, Texas-based company wanted to expand its data-storage and tech-services businesses. The Journal said Dell, which has more than US$9 billion in cash reserves, sold US$1 billion in bonds on Wednesday. A Dell spokesman said the debt offering was “for general corporate purposes, and among the possibilities — and certainly no commitment has been made — are acquisitions.”
■BANKING
World banks must act: China
The US government and global financial authorities need to remove toxic assets from their banking systems to restore world economic stability, a top Chinese banking regulator said yesterday. Actions taken by governments worldwide to stabilize the financial sector “have gradually eased the panic,” said Liu Mingkang (劉明康), chairman of the China Banking Regulatory Commission. “But from the flip side of the coin ... I should say it’s not enough and all these are not ... working,” given the massive losses incurred by toxic assets still lingering in banking systems around the world, he said.
■INTERNET
AOL buys two Web startups
Internet pioneer AOL, which Time Warner plans to spin off into an independent company later this year, announced on Thursday that it had bought two small Web startups focused on local content. AOL, in a statement, said it had purchased Patch Media Corp, a local news and information platform for local communities, and Going Inc, a platform for sharing information about events in major cities.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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