To check Oneindia News on your Mobile
go to:   http://m.oneindia.in/news/
  •  

Taiwan pulls controversial missile from parade -source

TAIPEI, Oct 9 (Reuters) Taiwan won't display a never-before-seen long-range missile capable of striking Shanghai at its national day parade, the first in 16 years to feature troops and military hardware, a senior officer said today.

The defence ministry, however, reaffirmed its commitment to boost spending to counter the growing threat from Beijing, which views Taiwan as a breakaway province to be reunited by force if necessary.

Earlier reports said the Taiwan military would show off the new surface-to-surface missile -- capable of hitting targets as distant as Shanghai -- in the National Day parade set for tomorrow.

But now the military has decided not to display the Hsiung Feng IIE, or ''Brave Wind'', which analysts believe is designed to carry out retaliatory strikes against targets in China, said a senior official, speaking on condition of anonymity.

Defence Minister Lee Tien-yu was quoted by the state-run Central News Agency as saying the missile was still in the developmental stage and not ready for display.

The latest news had come amid heightened tension between democratically ruled Taiwan and China, which have lived in a state of military preparedness since 1949 when the Chinese Nationalist government lost the civil war to the Communists and fled to the island.

This year's national day celebrations in Taipei will be the first in 16 years to feature a parade of military hardware and troops, reminiscent of Soviet-style displays during the Cold War.

Taiwan has been pushing ahead with development of missiles to ward off the growing threat from China's massive military buildup and has taken steps to boost defence spending.

Lee was quoted as saying that the military's defence budget in 2008 would account for 3 per cent of Taiwan's GDP next year, compared to this year's 2.69 per cent.

REUTERS SG VC1434

UK goods trade deficit narrows in August

LONDON, Oct 9 (Reuters) Britain's goods trade deficit with the rest of the world narrowed as expected in August as the value of exports rose to its highest level in a year, official statistics showed on Tuesday. The Office for National Statistics said that the goods trade gap shrank to 6.853 billion pounds in August, in line with forecasts, from an upwardly revised 7.415 billion pounds in July. The goods trade gap with non-EU countries narrowed to 3.902 billion pounds, also.....

China says to stick to yuan path, open to dialogue

BEIJING, Oct 9 (Reuters) China will stick to its policy of letting the yuan become more flexible over time, the foreign ministry said on Tuesday, in the face of increasing pressure from European countries for faster yuan appreciation. But ministry spokesman Liu Jianchao said Beijing was open to dialogue with its critics, who say the yuan is undervalued, which gives Chinese exporters an unfair advantage on world markets. Euro zone finance ministers said in a statement overnight that they would target.....

Reuters Summit-Overseas Indians drive Sarasin Asia growth

HONG KONG, Oct 9 (Reuters) Swiss asset manager Bank Sarasin&Co aims to expand staff in Asia by up to 20 percent over the next three years, driven partly by customer growth among Indians living abroad, its regional chief said on Tuesday. While not ruling out acquisitions, Kenneth Sit, Asia chief executive officer at Sarasin Rabo Investment Management Ltd, said the company is focused on organic growth for now. In Asia, the bank employs 200 and expects to grow that by.....
User Comments
[ Post Comments ]
Be the first to comment on this article.
Oneindia  Oneindia Login