An alleged fraud group of 12 was arrested by the Yunlin police yesterday, after they were accused of scamming over NT$30 million by disguising themselves as government prosecutors.

Taiwan's Wu Ching-kuo confirmed yesterday that he has submitted official documents to the International Olympic Committee (IOC), becoming the third candidate aiming for the top position in the world's most influential sports organization.

Premier Jiang Yi-huah (江宜樺) yesterday warned that further sanctions may be imposed against the Philippines.

Manila said it had “gone the extra mile” to appease Taipei and expressed concern that its special envoy sent to the island had been rebuffed.

Shares in Taiwan closed higher on expanded turnover yesterday as investors had high hopes that the government will revise the capital gains tax on stock investments by exempting retailer investors from the levy, dealers said.

The Executive Yuan rolled out economic sanctions against the Philippines, which Economic Affairs Minister Chang Chia-juch (張家祝) said will not affect Taiwan's economy in the short term, though the nation's imports and exports will take a hit in the long run.

A Philippine special envoy left Taiwan for the Philippines yesterday after failing to resolve growing friction over the death of a Taiwanese fisherman who was shot dead by the Philippine coast guard in overlapping waters last week.

Shares for Vanguard International Semiconductor Co. (世界先進) and Mediatek (聯發科) got a boost yesterday after positive adjustments were made to both stocks in the Taiwan index of the MSCI Global Standard Indices (MSCI Taiwan), dealers said.

Taiwan's military and the Coast Guard Administration (CGA) yesterday held a joint exercise in overlapping waters with the Philippines in the South China Sea amid escalating tensions between the countries after the shooting and killing of a Taiwanese fisherman by the Philippine coast guard last week.

Taiwan's military and the Coast Guard Administration (CGA) yesterday held a joint exercise in overlapping waters with the Philippines in the South China Sea amid escalating tensions between the countries after the shooting and killing of a Taiwanese fisherman by the Philippine coast guard last week.