■ECONOMY
EU output flat in July
Official EU figures show that industrial production in the 16 countries that use the euro was flat in July, in contrast to expectations for a modest 0.2 percent increase. The figures from Eurostat, the EU’s statistics office, provided further evidence that the strong rebound in the industrial sector in the spring may have run its course and that the eurozone economy would not grow as rapidly in the third quarter as it did in the second. Eurostat also said yesterday that industrial production was unchanged for the wider 27-country EU, which also includes non-euro members such as Britain and Sweden.
■LEISURE
Disney, France extend deal
Euro Disney, Europe’s top tourist attraction, was to extend its partnership deal yesterday with France to 2030, enlarging the theme park in Paris and eyeing 8 billion euros (US$10.3 billion) in extra investment. The amended deal gives Euro Disney the right to build a third theme park “in the long term,” the company said in a statement, and extends the size of the current site from 1,943 hectares to 2,230 hectares. Euro Disney, which said it contributes more than 6 percent of foreign tourist revenue in France, will also develop a project with the Pierre & Vacances group based on sustainable development for an investment of 1.8 billion euros.
■ELECTRONICS
Philips sets new targets
Royal Philips Electronics NV, the world’s biggest maker of lights, said yesterday it aimed to grow sales at least 2 percent faster than the global economy over the coming five years, and earnings per share at twice the pace of sales. The company abandoned its previous set of financial targets after the financial crisis of 2008. In a statement, the Amsterdam-based company said it would also have operating earnings after amortization of goodwill of between 10 and 13 percent of sales in 2011 to 2015.
■AUTOMOBILES
Kia halts Iran exports
South Korea’s Kia Motors, whose Pride model is ubiquitous on Iranian roads, said yesterday it had suspended exports to the state partly in response to Seoul’s nuclear-related sanctions. Kia’s Pride, a small hatchback, accounts for 30 to 40 percent of all vehicles on Iran’s roads, the company said. The firm last year exported 4,210 complete vehicles to Iran and 17,040 cars in kit form for local assembly.
■MINING
SK to invest in Brazil firm
South Korea’s top trading firm, SK Networks, said yesterday it had signed a non-binding deal to buy a stake in a Brazilian iron ore mining company for about US$700 million. SK Networks said it would buy about 11 to 14 percent of MMX Mineracao and Metalicos as part of efforts to diversify its business portfolio. The company said in a statement that it could secure 9 million tonnes of iron ore a year from the investment.
■AVIATION
Virgin may drop Tasman
Australian budget airline Virgin Blue may stop flying its trans-Tasman route, Virgin Airlines founder Richard Branson warned, after regulators last week said it would likely scupper the proposed cooperation between Virgin Blue and Air New Zealand on flights between Australia and New Zealand because it could disadvantage customers. Branson said it was now possible that Virgin Blue would no longer fly across the Tasman Sea, leaving Australian airline Qantas and its budget offshoot, Jetstar, to dominate the route.
The Taipei MRT is open all night tonight following New Year’s Eve festivities, and is offering free rides from nearby Green Line stations. Taipei’s 2025 New Year’s Eve celebrations kick off at Taipei City Hall Square tonight, with performances from the boy band Energy, the South Korean girl group Apink, and singers Gigi Leung (梁詠琪) and Faith Yang (楊乃文). Taipei 101’s annual New Year’s firework display follows at midnight, themed around Taiwan’s Premier12 baseball championship. Estimates say there will be about 200,000 people in attendance, which is more than usual as this year’s celebrations overlap with A-mei’s (張惠妹) concert at Taipei Dome. There are
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
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