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Fears spread through world markets over Dubai debt

Investors recoiled from risky assets yesterday and dumped shares in Asian banks and builders, fearing a Dubai debt default could reignite the financial turmoil of the credit crisis.

Stocks from Tokyo to Mumbai were haunted by suspicion of lenders’ exposure to Dubai firms that built islands in the Gulf, planned cities from Pakistan to Africa and fashioned the financial hub of the world’s biggest oil exporting region.

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Taiwan Thinktank urges FTAs before China ECFA

The Taiwan Thinktank yesterday urged the government to postpone the implementation of an economic cooperation framework agreement (ECFA) it wants to sign with Beijing until Taiwan signs free trade agreements (FTAs) with the US or Japan and they go into effect.

Taiwan Thinktank chairman Chen Po-chih (陳博志) said Taiwan would be better off if the ECFA were not signed, but if it is signed, it would be better to wait until after Taipei inks FTAs with Washington or Tokyo and they become effective.

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Newsflash


Members of the National Food Safety Alliance voice their opposition to allowing US beef imports in Taiwan outside the legislature in Taipei yesterday.
Photo: Chu Pei-hsiung, Taipei Times

The American Institute in Taiwan (AIT) and the Ministry of Foreign Affairs yesterday denied that the AIT was “menacing” Taiwan, as the Democratic Progressive Party (DPP) put it, by tying a resumption of trade talks under the Trade and Investment Framework Agreement (TIFA) to the US beef issue.

Whether Taiwan would allow imports of US beef containing residues of the leanness-enhancing animal feed additive ractopamine was an issue affecting relations between Taiwan and the US, AIT spokesperson Christopher Kavanagh said.