Taiwan News Morning Headlines - January 27
Taiwan News
2014-01-27 09:03 AM
Market & Commodity

Taiwan stock market (TAIEX) opened lower at 8,519 points, down 78 points, or 0.92 percent, on turnover of NT$2.48 billion.

■ The U.S. stock market was swooning as investors fear slower global economic growth. On Friday the Dow Jones industrial average dropped 318 points, nearly 2 percent, to close at 15,879, its worst drop since last June. The Dow is down almost 500 points over the past two days as investors pull out of stocks and emerging markets and stash money in safer assets like bonds. The Standard & Poor's 500 index fell 38 points, or 2.1 percent, to 1,790. The Nasdaq composite fell 90 points, or 2.2 percent, to 4,128. (AP)

■ The price of oil slipped a bit Friday, but still finished the week with a gain of more than 2 percent. Benchmark U.S. crude for March delivery fell 68 cents to close at $96.64 a barrel on the New York Mercantile Exchange. For the week, oil gained $2.27 a barrel, or 2.4 percent. (AP)

World News

■ Libyan and Egyptian officials say some of the six Egyptian diplomats and embassy staff members kidnapped in the capital Tripoli have been released and the rest are to follow soon. Both officials offered no details on the late Sunday release. Five Egyptian diplomats and an embassy staff member were kidnapped late Friday and early Saturday. It was not clear who abducted them. (AP)

■ A statement in the name of a Sinai-based al-Qaida-inspired group has claimed responsibility for four bombings targeting police in the Egyptian capital that killed six people. (AP)

■ Egyptian Minister of Antiquities Mohammed Ibrahim says a UNESCO team will travel to Cairo to assess damage inflicted on a renowned Islamic art museum by a blast targeting a nearby security headquarters. (AP)

■ Trade ministers from many of the world's biggest economies vowed to broaden a deal to boost global trade Saturday, with the U.S. saying nothing is off-limits for discussion. The ministers agreed to address the most difficult remaining negotiating topics of agriculture, market access and services that eluded an agreement last month in the first WTO deal since the global trade body was formed in 1995. (AP)

■ U.S. health officials will board a cruise ship docked in the U.S. Virgin Islands to investigate an illness outbreak that has stricken at least 300 people with gastrointestinal symptoms including vomiting and diarrhea, a cruise company spokeswoman said Sunday. The U.S. Centers for Disease Control and Prevention has said that 281, or nearly 10 percent, of the 3,050 passengers aboard Royal Caribbean International's Explorer of the Seas have reported getting sick. (AP)

■ JPMorgan Chase almost doubled Chairman and CEO Jamie Dimon's pay for 2013, rewarding the executive for settling probes against the bank. The bank said on Friday that Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million. (AP)

■ European Central Bank president Mario Draghi says a recent stream of "solid" survey data are pointing to a pick-up in economic growth for the eurozone over coming months. (AP)

Local News

■ Hon Hai Chairman Terry Gou said Saturday that the group of companies will never allow itself to become a second-tier manufacturer. In a speech to attendees at a ceremony for the group carnival charity event, Guo said Hon Hai will train young talent in the skills needed to carry out the highest level of structural design in production and assembly in the future. (Taiwan News)

■ Presidential Office will set up a special task force to enhance security around its premises, Presidential Office Secretary-General Timothy Yang said Saturday after a gravel truck smashed its way into the main gate of the office building early that day. (CNA)

■ The 35-ton truck hit the part of the Presidential Office building that is usually where President Ma Ying-jeou, Vice President Wu Den-yih and other officials get out of their cars each day. The incident was the most serious security breach in years. The driver of the truck, identified as 41-year-old Chang Teh-cheng, was taken to a nearby hospital. Police departmentsaid investigators found that the suspect was "somewhat dissatisfied with the current social conditions." (CNA)

■ Freedom House, an independent watchdog organization in the U.S., released its annual report in which Taiwan was listed as the free country and China listed otherwise. According to its Freedom in the World 2014 report, the state of freedom declined for the eighth consecutive year in 2013, particularly in Egypt following a military coup. There were also serious setbacks to democratic rights in other large countries, including Russia, Ukraine, Azerbaijan, Turkey, Venezuela, and Indonesia. (Taiwan News)

■ The Legislative Yuan is set to meet in two days of extraordinary session Monday and Tuesday, called back by the Executive Yuan to reconsider amendments to the Land Administration Agent Act. On Sunday the chairman of the General Assembly of the ROC Association of Real Estate Attorneys, Su Jun-chi, said in a press conference that 3000 members of the association will gather outside the Legislative Yuan on Monday to protest the amendment and to call on the legislators to carry out a comprehensive review of relevant laws. (Taiwan News)

■ The Bureau of Audiovisual and Music Industry Development of the Ministry of Culture has announced ten films from China that have been approved for given theatrical release in Taiwan this year. Prominent on the list are two hits from 2013, “So Young” and “A Wedding Invitation,” but many of the most popular titles among mainland Chinese audience last year failed to win approval. (Taiwan News)

Taiwan's Hon Hai Precision Industry Co., the world's largest contract electronics maker, said Sunday that it has been in talks with German luxury-car makers BMW AG and Audi AG on creating a manufacturing partnership. Hon Hai Chairman Terry Gou said he invited Michael Zickerick, director-general of the German Institute Taipei, to attend the Hon Hai charity festival on that same day because his company will make a "huge investment" in Germany in the future. (CNA)

■ Sino-American Silicon Products Inc., one of Taiwan's leading solar-grade crystalline silicon wafer suppliers, has decided to give its employees a pay raise of 3-5 percent this year. (CNA)

■ The launch of free economic pilot zones in Taiwan will help it attract more investment from foreign firms and Taiwanese businesses based in China, according to British banking group Barclays Plc. The project can help Taiwan draw in US$12 billion of foreign direct investment in 2014, including US$10 billion from Taiwanese "returnee companies" that had previously moved production to China, the bank said in a research note. (CNA)

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