President Ma Ying-jeou of Taiwan announced that Chinese officials had dropped their objections to Taiwan’s participation as an observer at a United Nations body, a step forward in Taiwan’s effort to win greater international recognition. China had strongly hinted that it was prepared to let Taiwan participate in the World Health Assembly, the decision-making body of theWorld Health Organization, but stopped short of explicitly saying that it had accepted a Taiwanese presence at a gathering of the assembly to take place next month. Mao Qunan, the spokesman for China’s Health Ministry, said in a statement that the World Health Organization had invited Taiwan to participate next month, adding that “the current arrangement reflects our overall concern and good will toward Taiwan compatriots, and this promotes the cross-strait relationship and the peaceful development of relations.” It should also be noted that Taiwan’s third-largest telecoms service provider, Far EasTone Telecommunications Co. later announced that it plans to sell a 12% stake to China Mobile Ltd. for $528 million, — the largest cross-strait business deal in over 60 years.

The two companies also announced plans to partner in China and offer roaming services and technology upgrades for their networks, which will strengthen FarEasTone’s position in Taiwan. This would be the first direct investment by a Chinese state-owned company in Taiwan in six decades. “It is especially significant,” says Dr. Edward Chow, a professor at National Chengchi University, “as the communications industry has long been considered to have a bearing on the national defense.“ Emerging-market stocks are poised for their best month in 20 years as evidence the global recession is easing spurs investor demand for riskier assets. The MSCI Emerging Market Index surged 17 percent, the steepest gain since April of 1989, as Russia’s Micex index added 21 percent, India’s Bombay Stock Exchange Sensitive Index rose 17 percent and Brazil’s Bovespa jumped 15 percent. Ukraine, the worst of the 60 biggest stock markets in 2008, in fact led gains this month, soaring 44 percent. South Africa’s rand, the laggard of 27 major world and emerging-market currencies last year, rallied 12 percent against the dollar in April. Investors are returning after governments worldwide pledged more than $1 trillion to cushion developing countries from the most severe financial crisis since the Great Depression, while stimulus packages from China to Brazil helped stabilize economic growth. Investors have furthermore been recommended to buy shares in Brazil, Russia, India and China as the markets present the best combination for a recovery in economic growth amid continued volatility, according to BNP Paribas Asset Management. The investment firm now holds more shares in the four markets than benchmark indexes suggest, said Martial Godet, who helps oversee the equivalent of $44 billion of assets as Paris-based head of investment management for new markets at BNP Paribas. The MSCI Emerging Markets Index has jumped 16 percent this year, compared with a 3 percent retreat in the MSCI World Index. Indexes in China, Russian and Brazil have gained at least 25 percent this year, among the 10 best performers in the world, while the India’s stock benchmark has increased 18 percent. The four are commonly known as the BRIC markets. “The recent outperformance of BRIC portfolios is going to continue,” Godet said in an interview in Singapore. “We like the combination of the four countries because China has the resources to finance the stimulation of its economy but at the same time mixing in the commodity side of the investment in Brazil and Russia, and India’s domestic growth.” Kenyan women yesterday put the political leadership on notice and stopped short of passing a vote of no confidence in President Kibaki and Prime Minister Raila Odinga. The groups that were meeting at a Nairobi hotel, included Maendeleo ya Wanawake, National Council of Women of Kenya, Coalition on Violence Against Women and the Federation of Women Lawyers - Kenya (Fida). They accused the politicians of leading the country towards another spate of ethnic violence by their selfishness. A representative noted that “the women of Kenya are frustrated and most perturbed by the feuds, turns and twists of the coalition Government and particularly the lack of political leadership by the two principals, the President and Prime Minister, who have continuously shown the Kenyan people the contempt card.” It was recommended that the two should sign performance contracts and added that the failure to do so will be a confirmation of a lack of commitment, bad faith and contempt to the people of Kenya.