■FINANCE
AIG, MetLife discuss deal
American International Group Inc (AIG) is discussing a deal for all or part of its foreign unit, American Life Insurance Co, with MetLife Inc, according to a published report on Wednesday that cited people familiar with the matter. Alico operates in 50 countries, and a deal could offer its rival a chance to expand overseas quickly, the Wall Street Journal said in a report on its Web site. AIG must repay tens of billions of dollars to the US after it rescued the firm in September from potential bankruptcy, the newspaper said.
■ASIA
IMF raises growth outlook
The IMF has raised this year’s growth forecast for Asia’s developing economies from 4.8 percent to 5.5 percent, but cautioned that a sustained rebound would depend on recovery in developed economies. The Washington-based IMF cited improved prospects for regional giants China and India. In a report on Wednesday, it raised its growth outlook for China by 1 percentage point to 7.5 percent and for India by 0.9 percentage points to 5.4 percent. The IMF raised next year’s growth projection for developing Asian economies from 6.1 percent to 7 percent.
■AUSTRALIA
Jobless rate hits 5.8 percent
The unemployment rate rose to a six-year high of 5.8 percent last month as companies shed workers despite the government’s massive stimulus spending, official figures showed yesterday. The Australian Bureau of Statistics said the number of people in jobs fell by 21,400, with a small increase in the number of part-time employees overwhelmed by losses in full-time employment. The increase in joblessness was more moderate than economists had predicted. The rate hit 5.8 percent for the first time since October 2003, rising from 5.7 percent in May.
■SOUTH KOREA
Key rate still frozen
The central bank yesterday froze its key interest rate for the fifth straight month at a record low 2 percent, a statement said. The Bank of Korea’s decision to leave the seven-day repo rate unchanged came amid signs of economic improvement and easing inflationary pressure. The bank had made six consecutive rate cuts totalling 3.25 percentage points between October and February to prop up the export-dominated economy.
■LCD PANELS
Sharp to boost production
Bucking the economic gloom, Japan’s Sharp Corp said yesterday that it would move to boost production of liquid-crystal-display (LCD) panels to meet increasing demand for flat-screen TVs. Sharp will increase production capacity by 10 percent at its Kameyama No. 2 plant in central Japan sometime from August. The company, which makes the popular AQUOS brand of LCD TVs, is also preparing to put a new LCD plant in Sakai, western Japan, into operation in October, ahead of the original schedule.
■CELLPHONES
NTT DoCoMo raises goal
NTT DoCoMo Inc aims to ship as many as 1 million smartphones in Japan this year, helped by the release of a model running Google Inc’s Android operating system. The company aims to capture half of the country’s market for smartphones, estimated to be between 1.5 million and 2 million units in the 12 months ending on Dec. 31, president Ryuji Yamada said yesterday. The Tokyo-based carrier will begin selling an Android handset made by Taiwan’s HTC Corp (宏達電) tomorrow to compete with Apple Inc’s iPhone offered by rival Softbank Corp.
A Chinese freighter that allegedly snapped an undersea cable linking Taiwan proper to Penghu County is suspected of being owned by a Chinese state-run company and had docked at the ports of Kaohsiung and Keelung for three months using different names. On Tuesday last week, the Togo-flagged freighter Hong Tai 58 (宏泰58號) and its Chinese crew were detained after the Taipei-Penghu No. 3 submarine cable was severed. When the Coast Guard Administration (CGA) first attempted to detain the ship on grounds of possible sabotage, its crew said the ship’s name was Hong Tai 168, although the Automatic Identification System (AIS)
An Akizuki-class destroyer last month made the first-ever solo transit of a Japan Maritime Self-Defense Force ship through the Taiwan Strait, Japanese government officials with knowledge of the matter said yesterday. The JS Akizuki carried out a north-to-south transit through the Taiwan Strait on Feb. 5 as it sailed to the South China Sea to participate in a joint exercise with US, Australian and Philippine forces that day. The Japanese destroyer JS Sazanami in September last year made the Japan Maritime Self-Defense Force’s first-ever transit through the Taiwan Strait, but it was joined by vessels from New Zealand and Australia,
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
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