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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

The Dalai Lama has accepted an invitation to visit the victims of Typhoon Morakot in southern Taiwan at the end of this month, a Kaohsiung City Government official said yesterday.

Asked about the visit, the Presidential Office told the Taipei Times it had “no comment.”

The Tibetan spiritual leader had expressed his desire to visit Taiwan last November, but President Ma Ying-jeou (馬英九) said then that “the timing isn't appropriate.”