20120522 3pm

3PM Intro

Good afternoon. It's 3 o'clock. I'm _______

Wang: Gains Tax May not Pass this Session

Legislative Speaker Wang Jin-ping today indicated that the capital gains tax may not be passed during the current legislative session. Wang says that the gains tax bill has yet to be put on the legislative agenda. He also says that if one of the political parties demands negotiations about the bill, that could take up to a month to complete. Despite reports that the Cabinet has asked the ruling KMT caucus to pass the legislation as soon as possible, Wang thinks that given the current situation, it won't be that simple. Given that the current legislative session is set to end soon, Wang does not see the capital gains tax passing in time. (EG)

Legislative Speaker denied report of being threatened by former President

Legislative Speaker Wang Jin-ping has dismissed media reports of him being threatened by former President Chen as "things in the past", saying that people should look forward. According to the United Daily, Chen in 2003 revealed to Wang that he had information regarding the corruption case of Xin-rui-du, which Wang had been implicated, and asked that Wang stay away from the then KMT presidential candidate Lian Zhan. Wang reportedly rejected Chen's request angrily. Wang admitted today that Chen in 2003 did tell him that he didn't want to see Wang become Lian Zhan's campaign manager. But Wang strongly denied that Chen "threatened" him with Xin-rui-du info, saying that a President "would not be so rude." Special Prosecutors indicted Chen yesterday on charges of concealment of state documents and violation of the Protection of National Secrets Law. Prosecutors said weeks before Chen stepped down in 2008, he secretly removed from his office more than 17,000 government documents, 3,400 of which were classified, and shipped them elsewhere. This is the fourth indictment against Chen, who's now serving his time in prison for previous cases. (JL)

BC-AS--Koreas-Nuclear

North Korea has ramped up work at its nuclear test site over the last month, according to an analysis of satellite images released today. Satellite images taken by DigitalGlobe and GeoEye in the past month show heightened activity at the Punggye-ri nuclear test site in North Korea's northeast, including mining carts, excavation equipment and a large amount of debris taken from inside a tunnel and piled around its entrance. The most recent image was from May 9. The revelation comes a day after the top U.S. envoy for North Korea warned Pyongyang that an atomic test would unify the world in seeking swift, tough punishment.

BC-US--PlaneCrash

A single-engine plane crashed into a Southern California neighborhood shortly before midnight our time, slicing through power lines but avoiding homes. Police say the pilot of the Cessna 210 was able to free himself from the twisted wreckage and was taken to a hospital with injuries that were not life-threatening. The plane struck three power poles before slamming into the ground. Video footage on KCAL-TV showed the aircraft upside down on the sidewalk near the front yard of a home on Glenwood Road. Authorities some a couple thousand customers in the area are without electricity because of the downed power lines, according to the Glendale Department of Water and Power. The FAA and National Transportation Safety Board are investigating the crash.

BC-LT--Argentina-Economi

Argentina's nine-year economic expansion appears to be slowing sharply, according to analysts, who predict growth of 2.5 percent to 3 percent this year, half the 5.1 percent projected by the government's 2012 budget and down sharply from last year's 8.9 percent rise. Some economists are even predicting recession before year's end, saying recently imposed currency and trade restrictions, high inflation, price controls and capital flight are making it tougher to protect Argentina from the global slowdown. One economist said the tail wind has ended and there are storm clouds gathering, adding Argentina is more exposed. He estimates 2.5 percent growth this year and worries the government's economic interventions have left it too weak to respond to global pressures.

BC-AS--Malaysia-Australi

Australia and Malaysia have signed a free trade agreement that includes opening the services sector when it comes into force next year. Officials say the pact, concluded after 11 rounds of talks, will allow duty free entry for all Malaysian goods into Australia and nearly 98 percent of Australian exports to Malaysia from January. Australia's Trade Minister Craig Emerson says it will allow Australian companies to have 100 percent ownership of Malaysian telecommunication and higher education companies and up to 70 percent stakes in insurance and investment banking companies. He said today he hoped the pact would boost Australia's free trade talks with other Asian partners including China, South Korea and Japan.

weather

In weather ... cloudy and partly cloudy skies mostly islandwide today and for the next couple of days. The CWB says a typhoon that has formed out near Guam ... however it is still very far from Taiwan, and not expected at this point to head in our direction. Currently, 28 and cloudy in Taipei 30 under sunny skies in Taizhong and sunny as well in Gaoxiong ... 31.

3PM Outro

That's the ICRT News at 3. I'm _____