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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

While voicing his support for constitutional change, Premier William Lai (賴清德) yesterday said that public consensus is critical to deciding whether the nation needs to redefine its territory.

“Society and the nation are progressing, and the Constitution should advance with the times,” Lai said in response to questions from Chinese Nationalist Party (KMT) Legislator Jason Hsu (許毓仁) at the Legislative Yuan in Taipei.