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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

Beijing is fighting to have an artist’s mural promoting independence for Taiwan and Tibet removed from a brick wall in the small town of Corvallis, Oregon.

Two officials from the Chinese Consulate General in San Francisco have written to the mayor of Corvallis about the mural and last week visited the town to lodge a formal complaint.

“As you are aware, the First Amendment of the US Constitution guarantees freedom of speech in this country and this includes freedom of artistic expression,” Corvallis Mayor Julie Manning has told them.