Word: straits
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...global front, especially in Taiwan, which China also sees as part of its territory. A day after Taipei announced his visit, China denounced the decision and lashed out at the opposition Democratic Progressive Party, who invited him, for their "attempt to sabotage the hard-earned good situation in cross-strait relations." On Monday, Beijing upped the ante, saying the visit could have a negative impact on cross-strait relations. (See pictures of Typhoon Morakot on LIFE.com...
...Democratic Progressive Party (DPP), not the Ma administration. "Some DPP members have taken the chance to plot the Dalai Lama's visit to Taiwan," Xinhua reported. "Obviously this is not for the sake of disaster relief. It's an attempt to sabotage the hard-earned good situation in cross-strait relations." Political commentator Antonio Chiang says China's obligatory protest will not hurt Ma's platform of improving relations. "Beijing is going to make some noise, but that's it," he says. "They understand Ma's in big trouble." Beijing, whose goal is eventual unification with the island, is wary...
...Vice President Joe Biden that were widely interpreted as a green light to Israel to bomb Iran's nuclear facilities. Many in the industry have long viewed such an attack as a prelude to a nightmare in global energy markets: Iran retaliating by sinking oil tankers in the Strait of Hormuz, blocking the route by which most Persian Gulf oil travels to world markets. "We will be in deep, deep trouble," says Leo Drollas, deputy director and chief economist of the Center for Global Energy Studies in London. "The market will go berserk...
...that possibility that's causing anxiety among oil analysts who believe that the quickest asymmetrical means for Iran to react to a military threat would be to disrupt oil delivery. At least 20% of the world's entire oil supply passes through the narrow Strait of Hormuz that runs between Iran and the United Arab Emirates and Oman. Qatar, Kuwait and the U.A.E. ship all their oil through the waterway, while Saudi Arabia - the world's biggest producer - exports half its oil through the strait, the remainder going overland through a pipeline. Since the strait's narrowest point is just...
...promising more reform. In April, China and Taiwan inked an agreement that will start the process of liberalizing cross-strait financial services. More broadly, Ma intends to forge a comprehensive economic-cooperation agreement with Beijing that would reduce tariffs on Taiwan exports to China as well as provide investment guarantees and protect intellectual property. There is a reason to hurry. In 2010, China is slated to slash tariffs on goods from nations in Southeast Asia, potentially putting Taiwan's products at a greater disadvantage in the China market. Through a bilateral trade agreement, Ma says, "We hope we can avoid...