■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.
ANNOUNCEMENT: People who do not comply with the ban after a spoken warning would be reported to the police, the airport company said on Friday Taoyuan International Airport Corp on Friday announced that riding on vehicles, including scooter-suitcases (also known as “scootcases”), bicycles, scooters and skateboards, is prohibited in the airport’s terminals. Those using such vehicles should manually pull them or place them on luggage trolleys, the company said in a Facebook post. The ban intends to maintain order and protect travelers’ safety, as the airport often sees large crowds of people, it said, adding that it has stepped up publicity for the regulation, and those who do not comply after a spoken warning would be reported to the police. The company yesterday said that
NEW YEAR’S ADDRESS: ‘No matter what threats and challenges Taiwan faces, democracy is the only path,’ William Lai said, urging progress ‘without looking back’ President William Lai (賴清德) yesterday urged parties across the political divide to democratically resolve conflicts that have plagued domestic politics within Taiwan’s constitutional system. In his first New Year’s Day address since becoming president on May 20 last year, Lai touched on several issues, including economic and security challenges, but a key emphasis was on the partisan wrangling that has characterized his first seven months in office. Taiwan has transformed from authoritarianism into today’s democracy and that democracy is the future, Lai said. “No matter what threats and challenges Taiwan faces, democracy is the only path for Taiwan,” he said. “The only choice
CORRUPTION: Twelve other people were convicted on charges related to giving illegal benefits, forgery and money laundering, with sentences ranging from one to five years The Yilan District Court yesterday found Yilan County Commissioner Lin Zi-miao (林姿妙) guilty of corruption, sentencing her to 12 years and six months in prison. The Yilan District Prosecutors’ Office in 2022 indicted 10 government officials and five private individuals, including Lin, her daughter and a landowner. Lin was accused of giving illegal favors estimated to be worth NT$2.4 million (US$73,213) in exchange for using a property to conduct activities linked to the 2020 Chinese Nationalist Party (KMT) presidential and legislative election campaigns. Those favors included exempting some property and construction firms from land taxes and building code contraventions that would have required
TECH CORRIDOR: Technology centers and science parks in the south would be linked, bolstering the AI, semiconductor, biotech, drone, space and smart agriculture industries The Executive Yuan yesterday approved a “Southern Silicon Valley” project to promote the development of an artificial intelligence (AI) and semiconductor industry in Chiayi County, Tainan, Pingtung County and Kaohsiung. The plan would build an integrated “S-shaped semiconductor industry corridor” that links technology centers and science parks in the south, Executive Yuan spokesperson Michelle Lee (李慧芝) said yesterday after a Cabinet meeting. The project would bolster the AI, semiconductor, biotech, drone, space and smart agriculture industries, she said. The proposed tech corridor would be supported by government efforts to furnish computing power, workforce, supply chains and policy measures that encourage application and integration
RSS