Taiwan News Morning Headlines - January 29

Mainland Affairs Council (MAC) head Wang Yu-chi said Tuesday that his upcoming visit to Nanjing and Shanghai will be significant because it will be a

Market & Commodity ■ Taiwan stock market (TAIEX) will be closed from Tuesday (Jan. 28) through February 4 for the Lunary New Year holiday. Taiwan's dollar dropped to a two-year low as overseas investors cut their holdings amid falling local equities across emerging markets, according to Bloomberg. TAIEX dropped 135 points, or 1.58 percent, to close at 8,462 points on Monday. ■ Stocks are mostly higher on Wall Street on Tuesday. The Dow Jones industrial average rose 90 points, or 0.6 percent, to close at 15,928. The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 1,792. The Nasdaq composite rose 14 points, or 0.4 percent, to 4,098. (AP) ■ The price of oil rose nearly 2 percent Tuesday, reversing the losses from the previous two sessions. Benchmark U.S. crude for March delivery gained $1.69, or 1.8 percent, to close at $97.41 a barrel on the New York Mercantile Exchange. (AP) World News ■ The prime minister of crisis-torn Ukraine has submitted his resignation. In a statement Tuesday on the government website, Mykola Azarov offered his resignation in order to encourage what he called "social-political compromise." (AP) ■ The European Union's finance ministers are set to demand Croatia to slash its budget deficit and reduce spending to bring the country's deficit back under the 28-nation bloc's allowed ceiling. At the same time, the IMF is urging the 18-nation Eurozone to press ahead with its planned banking union reforms to lay the foundation for fresh growth and job creation. (AP) ■ Torrential rain caused the two landslides on Indonesian main island of Java, killing at least 19 and 10 people are reportedly missing, a governmental official said. (AP) ■ Yahoo's latest quarterly report shows CEO Marissa Mayer is still having trouble bringing in more revenue as online advertisers spend more money at Google and other rivals. Yahoo earned $348 million, or 33 cents per share, a 28 percent increase from $272 million, or 23 cents per share, a year earlier. Revenue fell 6 percent to $1.27 billion.(AP) ■ Turkey's central bank has raised its key interest rate to 12 percent from 7.75 percent to try to stave off inflation and support the national currency, which has fallen sharply in recent weeks. (AP) ■ Ford Motor Co. beat Wall Street's forecasts for fourth-quarter and full-year profits thanks to strong performances in North America and Asia. The Michigan-based automaker earned $3 billion, or 74 cents per share, in the final quarter of 2013. (AP) Local News ■ Vice-minister of the Interior Hsiao Chia-chi said Tuesday that the ministry has decided not to appeal the judgment of the Taichung High Administrative Court regarding a suit by the four families whose residences and a place of business were leveled by the Miaoli County Government to make way for an access road in a planned scientific park. (Taiwan News) ■ New Taipei City Mayor Eric Chu lashed out at the central government for its misguided "Two-trillion-dollar” Gemini project and for "very serious errors" in its industrial policies. Chu criticized the central government for misusing resources by concentrating too much on high-tech and other industries while ignoring the needs of more traditional industries and services. (Taiwan News) ■ The Taipei Prosecutors Office announced Tuesday that it is indicting four suspects on charges of insider trading of shares of Genome International, the parent company of Top Pot bakery. Charged in the case are Hsu Ya-chun and Hsu Ching-hsiang, husband and father in law respectively of entertainer Dee Hsu (Little S) and Genome Chairman Hsu Hsun-ping and his wife Chiang Li-fen. Prosecutors also said that action against Chuang Hung-ming, the previous owner and president of Top Pot, would be deferred. (Taiwan News) ■ The Cabinet-level Directorate-General for Budget, Accounting and Statistics (DGBAS) Tuesday issued a new Gross Domestic Product (GDP) estimate for 2013, which shows that the fourth-quarter GDP growth forecast of last year reaches 2.92 percent, far better than the 1.22 percent predicted in last November. The revision translates to a 2.19 percent GDP annual growth for 2013, better than the previous estimate of 1.74 percent. (Taiwan News) ■ The first Asia-Pacific Economic Cooperation Business Advisory Council (ABAC) meeting of 2014 will be held in February in New Zealand and will be attended by Taiwanese business representatives, including Tsai Hong-tu, chairman of Cathay Financial Holding Co., Matthew Miao, chairman of the MiTac-Synnex Group; and Cher Wang, chairwoman of HTC Corp. (CNA) ■ Global shipments of liquid crystal display (LCD) monitors will drop by more than 10 percent in the first quarter of 2014 due to the traditional low season and inventory pressure, according to a local market research firm. First-quarter shipments by manufacturers of LCD monitors are being affected by a labor shortage, fewer working days during the Lunar New Year holiday and weakened inventory pull-in momentum of brands, WitsView said in a research note. (CNA) ■ The Legislative Yuan on Tuesday passed its third reading for partial amendments to the Act Governing Food Sanitation increasing the punishment for adulteration, counterfeiting and use of food additives which are not approved by the central competent authority from a maximum of 3 years of imprisonment to 5 years. (CNA)