Taiwan News Morning Headlines - January 16
Taiwan News
2014-01-16 09:11 AM
Market & Commodity

Taiwan stock market (TAIEX) opened higher at 8,653 points, up 50 points, or 0.59 percent, on turnover of NT$3.02 billion.

■ The Standard & Poor's 500 index closed up nine points Wednesday, or 0.5 percent, at 1,848.38. The Dow Jones industrial average climbed 108 points, or 0.7 percent, to 16,481. The Nasdaq rose 31 points, or 0.8 percent, to 4,214. Technology stocks also rose sharply. Microsoft rose 2.7 percent and Apple gained 2 percent. (AP)

■ Oil prices are higher, sending U.S. crude above $94 a barrel for the first time in two weeks. Crude oil for February delivery rose $1.58, or 1.7 percent, to $94.17 a barrel in New York Wednesday. Gold and silver edged lower. (AP)

World News

■ LinkedIn Corp. on Wednesday launched a "volunteer marketplace," which lets users browse volunteer opportunities posted by nonprofit groups. Nonprofits, meanwhile, can reach out to LinkedIn users who have expressed an interest in volunteering. (AP)

■ The head of the International Monetary Fund warned policymakers on Wednesday to avoid mistakes that could derail a fragile global recovery. IMF Managing Director Christine Lagarde said that Congress should promptly increase the U.S. government's borrowing limit. (AP)

■ Conflicts like the war in Syria and getting the world economy back on track will be the focus of next week's gathering of world leaders and power brokers in the Swiss ski resort of Davos. Organizers of the World Economic Forum say hundreds of public figures are expected to attend including Iranian President Hassan Rouhani, Israeli Prime Minister Benjamin Netanyahu, Japanese Prime Minister Shinzo Abe, Australian Prime Minister Tony Abbott, Brazil's President Dilma Rousseff, Myanmar's President Thein Sein and British Prime Minister David Cameron. (AP)

■ Three of the biggest U.S. banks -- JPMorgan Chase, Bank of America and Wells Fargo -- are benefiting from growing deposits, fewer bad loans and higher investment banking fees. But revenue remains weak and there are also ongoing legal expenses from mortgage securities and other lawsuits. (AP)

■ The global economy is slowly picking up steam, led by advanced economies appearing to turn the corner after five years of financial crises and recession and a continued good performance by China, the World Bank said. (AP)

Local News

■ The Control Yuan approved a report Wednesday slamming Prosecutor-General Huang Shih-ming for violating the basic principles of the rule of law. The top government watchdog failed twice to impeach Huang over the past few months for his alleged leaking of confidential information about the influence-peddling investigation into Legislative Speaker Wang Jin-pyng to President Ma Ying-jeou. (Taiwan News)

■ A report by the Council for Economic Planning and Development (CEPD) Wednesday to the Executive Yuan voiced the concerns of foreign business organizations about proposed changes in Taiwan's Food Sanitation Act. The report noted that companies like Coca-Cola and Costco have warned that if amendments to the act require food and beverage makers to make detailed disclosures of the ingredients in some of their products, they may be forced to cut back their operations or completely withdraw from the Taiwan market. (Taiwan News)

■ The Democratic Progressive Party does not oppose a meeting between President Ma Ying-jeou and Chinese leader Xi Jinping if it does not affect Taiwan's interests, opposition policy chief Joseph Wu said Tuesday. (Taiwan News)

■ The Lord Mayor of the City of London, Fiona Woolf, arrived in Taipei on Tuesday for a two-day visit after a short trip in Hong Kong. She was expected to meet some high-ranking officials including President Ma Ying-jeou and business leaders during her visit in a bid to strengthen business ties with Taiwan. (Taiwan News)

■ Next Magazine apologized Wednesday for allegations of links to organized crime against top opposition lawmaker Ker Chien-ming and for accusations of corruption against Vice President Wu Den-yih. (Taiwan News)

■ The Kaohsiung City Health Bureau announced Tuesday that it is investigating Chi-heng Food Products on suspicions that the company has used expired additives in its food products. (Taiwan News)

■ Transportation Minister Yeh Kuang-shih denied allegations Wednesday that Senao International Co., Ltd. had paid for an expensive birthday dinner for him in connection with a stock transaction. (Taiwan News)

■ Coca Cola Company said Wednesday it is working hard to communicate with the relevant authorities and will not easily pull out of Taiwan because of new labeling regulations. "It's still too early to talk about bowing out," the company said. (CNA)

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