■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.
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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