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Cracker may be built overseas

Relocating the development project for Kuokuang Petrochemical Technology Co’s proposed eighth naphtha cracker overseas could be an option amid opposition to constructing the plant in Taiwan, Minister of Economic Affairs Shih Yen-shiang (施顏祥) said yesterday.

On a visit to Academia Sinica, Shih said that from an economic point of view, major development projects such as naphtha crackers should be built in Taiwan, but added that the government would not oppose relocating such projects overseas if the environmental cost was “too heavy to bear.”

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HRW accuses West of total cowardice

Human Rights Watch yesterday accused Western governments of a “near universal cowardice” in dealing with China, saying that they preferred opaque talks to taking a vocal stand against enduring repression.

In its World Report 2011, the US group said while the US, the EU, Australia and others had dedicated forums to discuss human rights concerns, those meetings were proving far from fruitful.

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Newsflash

A Taiwanese businessman investing in China was shocked when he found that a 50 million yuan (US$8 million) loan he applied for from the China Construction Bank (CCB) more than a year ago actually went into a unrelated business in China and was used as collateral for another 90 million yuan loan.

The 73-year-old Chen Hsi-so (陳細鎖) said that on the recommendation of a friend, he opened a lime absorbent plant in Wuping District, Longyan, in China’s Fujian Province last year, and applied for a 50 million yuan loan from CCB’s branch in Wuping.