Taiwan News Morning Headlines - November 14 (Update)

Netherlands Philips

Spectators take photos as they watch the new company logo and branding campaign of Royal Philips NV projected onto their headquarters building in Amst

Market & Commodity ■ Taiwan stock market (TAIEX) opened higher at 8,138 points, up 34 points, or 0.4%, on turnover of NT$1.7 billion. ■ The Dow and S&P 500 both rose to another record high Wednesday. The Dow Jones industrial average rose 0.5% to 15,822 points and the S&P 500 rose 0.8% to 1,782. The Nasdaq gained 1% and is closer to the psychologically key level of 4,000, a milestone it hasn't topped since the tech bubble burst in 2000, according to the analyst. ■ U.S. gold futures for December delivery lost US$2.80, or 0.2%, to settle at $1,268.40 an ounce on the Comex division of the New York Mercantile Exchange. ■ Benchmark U.S. crude for December delivery gained US$1.17 to $94.21 in midday trading on the New York Mercantile Exchange. Tuesday's drop of $2.10 a barrel was the sharpest one-day decline since Sept. 10. (AP) World News ■ Janet Yellen says the economy has regained ground lost to the deepest recession since the 1930s. But she says unemployment remains too high at 7.3 percent and the Fed is trying to accelerate the recovery. In testimony prepared for her confirmation hearing Thursday, Yellen says the job market and the economy are still performing far below their potential. And she notes that inflation is running well below the Fed's 2 percent target. (AP) ■ Motorola wants to equip the world with the latest smartphone technology at less than a third the typical price. The new Moto G phone starts at $179 in the U.S. without a contract requirement. That compares with $600 or more that people must pay for phones without traditional two-year service agreements. (AP) ■ Royal Philips NV has launched a new version of its shield-shaped corporate logo and a new slogan "innovation and you." The moves come after the company ditched the word "electronics" from its name earlier this year. (AP) ■ For the first month in nearly two decades, the U.S. in October extracted more oil from the ground than it imported from abroad, marking an important milestone for a nation seeking to wean itself off foreign oil. (AP) ■ Google and Hewlett-Packard are halting sales of their recently released Chromebook 11 computer after some users reported the device's charger has been overheating. (AP) Local News ■ On Wednesday Legislator Chen Ting-fei called a press conference to note that many manufacturers who tout their products as one hundred percent imported oil have been found watering down the imported oil with other low-priced varieties and emphasized that the fact that bearing a label marked 'imported' does not exempt a product from being examined and tested. (Taiwan News) ■ A court freed Chang Chi Foodstuff Factory Co., Ltd. Chairman Kao Chen-li on bail of NT$12 million (US$405,000) just before a deadline Wednesday despite a prosecutors’ request to detain the man at the core of the adulterated oil scandal. (Taiwan News) ■ The Ministry of Health and Welfare acknowledged Wednesday that its predecessor, the Department of Health, had received a report from Spain in 2009 warning that two brands of olive oil sold by Taisun Enterprise Co., Ltd. and Fwusow Industry Co., Ltd. were not pure. They reportedly contained peanut oil, sunflower seeds oil and coconut oil mixed with small quantities of real olive oil, reports said. Because at the time testing capabilities were limited, only cautions were issued to improve labeling, the MOHW said. (Taiwan News) ■ On Wednesday the MOHW announced a new list indicating problems with eight types of olive oil and four types of grapeseed oil during the afternoon, including products from Taisun, Fwusow, Ting Hsin and FOPCO. (Taiwan News) ■ Lien Chan, honorary chairman of the ruling Kuomintang (KMT), received a Lifetime Achievement Award from the U.S. China Policy Foundation in Washington D.C. Tuesday for his longstanding contribution to the improvement of cross-strait relations. (CNA) ■ Taiwan's Asustek Computer Inc. forecast on Wednesday that its notebook and tablet computer shipments will grow in the fourth quarter from the previous quarter on the back of stronger consumer demand. Asustek said at an investor conference that its notebook shipments should increase 8.9 percent in the quarter to 4.9 million units and tablet shipments should increase 2.9 percent to 3.6 million units. (CNA) ■ The government said Wednesday it was likely to cut its forecast for this year’s Gross Domestic Product growth when announced November 29. Speaking at the Legislative Yuan, Directorate-General of Budget, Accounting and Statistics Minister Shih Su-mei did not respond to questions about whether the growth projection could remain above 2 percent. (Taiwan News)