Taiwan, China sign historic trade pact

China, June 29 (Reuters) – China and Taiwan signed a historic deal on Tuesday to boost $100 billion in two-way trade after decades of hostility, easing political ties while putting the export-reliant island closer to its biggest market.

The strongest tie-up between self-ruled Taiwan and China, which claims sovereignty over the island, will slash tariffs on about 800 items. It heavily favours Taiwan as economic powerhouse China seeks to offer sweeteners toward its goal of political unification.

(Reporting by Lucy Hornby and Argin Chang; Editing by Jonathan Hopfner)

TSMC, UMC push Taiwan stocks to near 1-month high

TAIPEI, June 15 (Reuters) – Taiwan stocks rose 0.9 percent on
Tuesday to their highest close in nearly one month, after TSMC
(2330.TW) and UMC (2303.TW) forecast growing chip demand amid
rising sales of PCs and other consumer gadgets. [ID:nTOE65E03Y]

Analysts also said the increased likelihood that Taiwan and
China would sign their much-discussed free-trade style agreement
which will cut tariffs on hundreds of Taiwan products would
sustain stocks in the long-term. (For more see [ID:nTOE64D06L])

Taiwan’s main TAIEX share index closed up 66.66
points at 7,454.06, the highest finish since May 19.

TSMC shares rose 0.5 percent and UMC shares jumped 1.03
percent, lifting the electronics sub-index .TELI 0.74 percent
higher. The financial sub-index .TFNI gained 1.44 percent.

Buswell’s tough budget warning

The Treasurer, Troy Buswell has indicated there is more pain to come for households in this year’s state budget.

With the budget due to be handed down next month, the Treasurer says the government’s focus is to deliver a surplus and to keep the state’s AAA credit rating.

The government has already increased tariffs on electricity and gas, and Mr Buswell has indicated water will be next.

“We’ve already flagged some movements in and around electricity and there will be other movements around other household fees and charges.

“They will be detailed closer to the date of the budget.

“We are mindful of the impact of any government decision on the stresses that West Australian households currently face.”

However, Mr Buswell says he has no plans to increase taxes.

“You would reasonably expect to see, as has been the case historically, that we review fees and charges.

“Now most years, most fees and charges move moderately.”

Opposition:Families suffer

The State Opposition says West Australian families are being forced to pay the price for the Government’s financial mismanagment.

The Opposition Leader, Eric Ripper, says the Government should instead focus on protecting families.

“What we’re seeing is a government with more revenue than they’ve ever had before but with more spending than they’ve ever had before, and WA families paying the price,” he said.

Small business

The Premier Colin Barnett says the holiday is over for small businesses, warning the Payroll Tax concession will be abolished on the first of June.

“To have allowed thousands of small businesses not to be paying payroll tax for 12 months was at a cost to Treasury of $100 million.

“But, that played an important role in keeping those businesses not only viable but making sure they maintained employment.”

Jobs tax

The W-A Chamber of Commerce and Industry is calling for payroll tax to be abolished, labelling it ‘a tax on jobs’.

James Pearson from the Chamber says the tax deters businesses from hiring new workers.

“Payroll tax is a tax on jobs,” he said.

“It seems to hit hardest in small businesses because it cuts in at a small number of employees and it’s paid at a rate that’s higher than most, if not, every other state in the country.”

China, Afghanistan sign three deals to boost economic cooperation

Beijing, Mar 25(ANI): Chinese President Hu Jintao and his Afghan counterpart Hamid Karzai have signed three deals, in which China has announced more investment in the war-torn country and pledged to continue aiding reconstruction efforts.

Jintao and Karzai, who is on a state visit to China, signed the deals on Wednesday, and it covers economic cooperation, technical training and the granting of preferential tariffs for some Afghan exports to China.

Afghan Foreign Minister Zalmai Rassoul said China has contributed tremendously in Afghan economic development, especially in infrastructure building.

Rassoul said Afghanistan welcomes more Chinese investment, and promised that the government will take necessary measures for the security of Chinese companies and nationals working in Afghanistan.

“There are some security issues. We are trying to deal with it and I hope the security situation will allow Chinese investment to operate without any risks,” The China Daily quoted Rassoul, as saying.

This is Karzai”s first visit to China since his re-election last year, and his fourth as Afghan President.

During his visit, he is also scheduled to meet top legislator Wu Bangguo and Premier Wen Jiabao. (ANI)

One killed in farmers-police clash in Punjab

Chandigarh, Sep 8 (ANI): One person was killed and several others were injured as large number of farmers staging a protest in Chandigarh clashed with the police on Tuesday.

The farmers from across Punjab state were protesting against the recent hike in power tariffs by the state’s electricity regulatory authority and sought better prices for their produce.

The agitating farmers set on fire several vehicles including police vehicles. Police fired tear gas to disperse the violent mob.

“The farmers were protesting outside Sector 16 stadium and started setting the police vehicles on fire and when I started clicking their pictures they attacked me and asked me to leave. They broke my camera and burnt many police vehicles,” said an unidentified reporter.

“I had come here and parked my bike when a crowd set many vehicles on fire including mine,” said Madhur, a youth whose two-wheeler was burnt by the agitating mob.

Farming is the main occupation of the fertile plains of Punjab, the state known as India’s granary.

Farming is subsidized across the country, especially in Punjab, in a number of ways including cheaper seeds, power, fertilizers and pesticides, easy loans and prices guaranteed by the state for farmers’ produce. (ANI)

US urges WTO members to engage in multilateral talks to conclude Doha round

New Delhi, Sep. 4 (ANI): US Trade Representative Ron Kirk has urged World Trade Organisation members to engage in multilateral talks, and move beyond what was agreed upon earlier in order to reach a successful conclusion of the Doha round.

“More is required to get us to a successful conclusion or else Doha round would have succeeded in 2008, 2007, 2005. What we have not asked for is an abandonment of all the hard work that has gone before. We think we can build the existing text but obviously gaps needed to be filled in and more need to be added to,” Kirk said.

Kirk was speaking in New Delhi where India has invited key trade ministers to discuss how to finish the Doha round next year.

To find a way out and to work on those gaps, Kirk said the WTO’s 153 members must know “what those gaps and blanks are.”

However, Kirk said the two-day talks in New Delhi were satisfying and leading to a positive direction.

“There is a wild receptive to our ideas but we are not drowning. The most important thing is that we are not drowning. So we are, at least, committed to going down a path in which we can have the sustained type of bilateral negotiations that we hope would yield a clarity in the market access that we seek,” he said.

But Kirk reiterated the US view that big emerging countries like India, China and Brazil must do more to open their markets.

Most global growth in the coming years would come from those states, and they had to offer access to poorer developing countries as well as rich nations if the Doha round.

The ministers want to find a way to inject momentum into the faltering negotiations in Geneva on the Doha round, launched in late 2001 to help developing countries prosper by opening up world trade, rather than negotiate specific issues themselves.

Ministers agree that the basis for completing the talks, which will cut tariffs and subsidies in farm and industrial goods and open up services such as banking and telecoms, are negotiating texts drafted in December after an abortive round of negotiations last year. (ANI)

Shiv Sena protests against erratic power supply in Thane

Thane (Maharashtra), July 1 (ANI): Shiv Sena party workers ransacked a power station in Thane in a violent protest against power tariff hike and growing power shortage on Tuesday.

The protestors also raised slogans against what they termed as a ‘steep rise’ in the tariffs and also set a car on fire to vent their anger against erratic power supply in the region.

Shiv Sena supporters, including women, tried to scale the police barricade, leading to altercation.

Last week at least 35 people were injured during clashes between police and protesters when Shiv Sainik workers protested against power tariff hike in Mumbai.

Shiv Sena party has been holding violent demonstrations on various issues ranging from Valentine’s Day to migrants living in the state.(ANI)

Bharti sees operating margin as sustainable

New Delhi, Apr 29 (ANI): India’s top mobile operator, Bharti Airtel, sees its current operating margin as sustainable, director Akhil Gupta said on Wednesday.

“I think anything around 40 per cent is pretty decent with this bond. But of course, if you do anything more in terms of converting opex into capex or vice-versa, this ratio can change,” said Gupta.harti, which announced its March quarter results earlier, recorded an operating margin of 40.7 per cent in the March quarter.

It reported a forecast-beating 21 per cent rise in quarterly profit, as it added more users in the world’s fastest-growing wireless market and kept tariffs steady unlike its rivals.

Bharti, in which Southeast Asia’s top phone firm SingTel owns about 31 per cent, said January-March net profit rose to 22.39 billion rupees under U.S. accounting standards from 18.52 billion a year ago.

New Delhi-based Bharti added 8.3 million mobile users last quarter to boost its total customer base to nearly 94 million. The company has a market share of about 24 percent.

Shares in Bharti fell 13 percent in January-March, under performing a 0.6 per cent rise in the broader market. (ANI)

Chavez not the first to discover book that he gave to Obama

Washington, Apr.25 (ANI): Venezuelan President Hugo Chavez wasn’t the first to discover the book he gave to President Obama last week in an attempt to ease diplomatic tensions. College students in the U.S. have been turning its pages for years.

The 317-page “Open Veins of Latin America: Five Centuries of the Pillage of a Continent” has been identified on the syllabi of at least 20 U.S. colleges and universities since 2003, and it’s been taught for decades on American campuses, Fox News reports.

The virulently anti-American book tells how for 500 years Europe and then the U.S. exploited Latin America, leaving it impoverished and governed by corrupt leaders.

It outlines how U.S. capitalistic forces purportedly raped the region’s natural resources and stymied Latin America’s own development, exploited trade agreements and tariffs for its own interests and victimized the people of the region in exchange for the U.S.’s industrial growth.

The left-leaning tome, reportedly ranked 54,295th on Amazon’s bestseller list before Chavez gave Obama a Spanish-language edition last week, skyrocketed to No. 2 on Sunday and has now “settled down” at No. 19.

Professors contacted by FOXNews.com praised the book – written by Uruguayan journalist Eduardo Galeano and first published in 1971 for having a strong, accessible narrative style backed up by solid historical evidence. (ANI)

Proposal for standstill commitment on protectionism

Geneva – An initiative was put forward Tuesday at the World Trade Organization to fight protectionism with a proposal asking countries to commit not to take any trade restricting measures to work their way out of the economic crisis. The standstill commitment, tabled by Hong Kong, would ask members to voluntarily refrain from any moves which would have an adverse impact or distorting effect on trade even if they did not violate WTO rules, officials with the agency said.

Many countries keep their tariffs or subsidy rates, for example, below the mandated ceilings agreed to in WTO treaties. As such, they have room to manoeuvre and put up barriers to trade without violating their commitments.

The officials said the proposal was met with the support of “many” WTO members at an informal meeting of the trade policy body.

The body was meeting to discuss the recent report by WTO Director General Pascal Lamy in which he said there was no indication of an imminent descent into “high intensity protectionism,” but warned of creeping measures being implemented by various countries.

Those incremental steps, he said, could “strangle” international trade.

Over 30 countries spoke during the session, including the United States which said that while it too was worried over protectionist measures, it felt the ones implemented so far have been more minimal than the WTO describes.

The US has been among the countries criticized for taking some trade restricting and distorting steps in recent months, including its bailouts for the auto-industry.

The WTO has predicted global trade will drop this year by 9 per cent, the most in over 60 years, due to the global economic downturn.(dpa)

Japan to brief on Hynix tariff review at 0400 GMT

TOKYO, April 13 (Reuters) – Japan’s Ministry of Economy, Trade and Industry said on Monday it would hold a briefing at 0400 GMT on its review of its tariffs on computer memory chips made by South Korea’s Hynix Semiconductor Inc (000660.KS).

Japan lowered its tariff on the world’s No.2 memory chip maker in September and put other duties on Hynix under review after the World Trade Organisation ruled in 2007 that Japan should cut its duties on Hynix’s dynamic random access memory chips. (Reporting by Mayumi Negishi)

US slaps tariffs on Canadian lumber

Washington – The United States on Tuesday slapped import duties on Canadian lumber, the latest twist in a long-running trade dispute between the two neighbours.

US trade representative Ron Kirk said that the US would impose a 10-per-cent customs duty on one of Canada’s key exports until the United States has collected 54.8 million dollars it is owed under the terms of a 2006 trade deal.

The United States claims that Canada improperly calculated export taxes for lumber from four of its provinces at the start of 2007. An arbitration court in London sided with the United States in February, ruling that Canada owed 54.8 million dollars.

A Canadian offer of 36.66 million dollars to settle the dispute was rejected last month by the US.

“We regret that Canada has chosen not to meet its commitments and has made this action necessary,” Kirk said in a statement. dpa

WTO calls for further liberalization in Europe for recovery

Geneva – The European Communities should further liberalize its services and agricultural sector to achieve a robust recovery from the downturn leading to sustained economic growth, the World Trade Organization said in a report Monday.

Liberalization of services should be done at both the internal EC level and with third countries. The WTO secretariat, in its trade policy review, also said the EC should reduce tariffs on agricultural imports and subsidies on exports.

This would advance the full establishment of the EC internal market, the WTO said.

The services sector is the backbone of the EC economy, with manufacturing taken up a smaller and decreasing part of GDP.

Real GDP growth in the EC was 3 per cent on an annual average during 2006-07, which the WTO deemed to be a generally good performance.

This, however, fell to an estimated 1 per cent in 2008 partly due to the global financial crisis. Growth is set to further contract in 2009.

The EC accounts for some 17 per cent of world merchandise trade, the WTO said, and is the world’s leading exporter and the second-largest importer of goods.

The EC trade policy review is conducted every two years.

Recent WTO meetings on the services sector concluded, a spokesman told reporters on Monday, that problems leading to the global financial crisis did not stem from deregulation related to the liberalization of trade in services as pushed through in previous agreements of the global body.