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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

Washington should invite President Tsai Ing-wen (蔡英文) to the APEC leaders’ summit in November, a group of US representatives said in a joint letter to US Secretary of State Antony Blinken.

“Given Taiwan’s important economic, cultural and technological contributions to the region, we believe President Tsai Ing-wen deserves our full respect as much as Taiwan deserves fair and equal treatment on par with those of other recognition and standing in APEC member states,” 21 US representatives said in the letter sent on Tuesday.