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Presidential Office downplays report on gifts from CSC

The Presidential Office yesterday downplayed allegations that President Ma Ying-jeou (馬英九) accepted gifts from Chinese Nationalist Party (KMT) Central Standing Committee (CSC) members, saying it would check whether any of the committee members gave Ma gifts.

Presidential Office Spokesman Wang Yu-chi (王郁琦) said the office established a system to manage gifts given to the president and vice president when they took office in May last year.

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High Court upholds KMT lawmaker’s bribery judgment

The Taiwan High Court yesterday upheld a lower court ruling annulling the 2007 election of Chinese Nationalist Party (KMT) legislator Liao Cheng-ching (廖正井) in Taoyuan County because of bribery.

The judges’ ruling said Liao handed out bribes during his campaign in Taoyuan County for the county’s second electorate.

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Newsflash

Investor Marc Faber said China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst.

The Shanghai Composite Index has failed to regain last year’s high while industrial commodities and shares of Australian resource exporters are acting “heavy,” Faber said. The opening of the World Expo in Shanghai last week is “not a particularly good omen,” he said, citing a property bust and depression that followed the 1873 World Exhibition in Vienna.