Bankers see UK backing calls for Brexit transition

Reuters, DAVOS, SwitzerlandTop bankers are confident that British Prime Minister Theresa May’s government will support a transition period of several years for the financial sector to cope with the UK’s exit from the EU. May on Thursday met the heads of major US financial firms at the World Economic Forum in Davos, Switzerland, to discuss their concerns. May on Tuesday confirmed that Britain would quit the single market when it exits the union, although she said she would back an “implementation” period. They talked about changing the name from ‘transitional’ arrangement to something that was less open for negotiation,” the source said. “We want a standstill arrangement for three years, that would kick in after the government’s negotiations on Brexit are finalized,” McFarlane said.

January 20, 2017 16:05 UTC

Abe’s adviser urges pushback if Trump takes ‘wrong’ tack

Reuters, TOKYOJapan should push back if US President Donald Trump bases trade and other economic policy on “wrong economics,” an adviser to Japanese Prime Minister Shinzo Abe said in an unusually direct expression of concern about potential protectionism. Threats by Trump to impose a “border tax” on imports and take other protectionist measures have raised uncertainties about global trade. Moreover, if Trump should criticize Japan for not going along, Hamada said Tokyo should respond: “You’re wrong. On Japan’s economy, Hamada stressed growth over austerity, even as Abe struggles to curb the industrial world’s heaviest government debt burden. “If it moves ¥7 or ¥8 a day, I think the government should intervene to punish speculators,” Hamada said.

January 20, 2017 16:05 UTC

Chun Yuan Steel bullish on China

By Kuo Chia-erh / Staff reporterChun Yuan Steel Industry Co (春源鋼鐵) on Thursday said it expects revenue contribution from China to increase from 25 percent to 30 percent this year, aided by Beijing’s supply-side reforms. China has been cutting steel capacity to solve oversupply problems. “We are upbeat about the business outlook in the Chinese market, because China’s recent reforms have ensured price stability in the industry,” Chun Yuan spokesman Hung Shih-ming (洪士民) said on the sidelines of an investors’ conference in Taipei. Headquartered in Taipei, Chun Yuan provides hot-rolled steel sheets, electrical steel, steel products for structural engineering and automated storage systems. At the investors’ conference, Chun Yuan chairman Li Wen-lung (李文隆) gave an optimistic sales outlook for the company’s galvanized steel plates this year, saying that robust demand is expected to stimulate revenue during the first quarter of this year.

January 20, 2017 16:05 UTC

Taiwan shares gain ahead of US inauguration

Staff writer, with CNATaiwanese shares closed slightly higher yesterday amid cautious sentiment, with many investors choosing to remain on the sidelines ahead of the inauguration of Donald Trump as US president, dealers said. The TAIEX closed up 13.34 points, or 0.14 percent, at 9,331.46 on turnover of NT$66.93 billion (US$2.12 billion), Taiwan Stock Exchange (TWSE) data showed. The TAIEX opened up 8.68 points as shares bounced back from a 0.26 percent fall on Thursday and fluctuated in a narrow range throughout the session, dealers said. I think the global financial markets are watching closely what Trump is going to say in his inauguration speech,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang (黃國偉) said. Foreign institutional investors bought a net NT$2.51 billion worth of shares on the main board yesterday, TWSE data showed.

January 20, 2017 16:05 UTC

As Trump takes oath, many still can't believe it

No one can plausibly say they knew that the man who launched his candidacy that day would be elected the nation's 45th president. As Trump prepares to take the oath of office Friday, many Americans still can't quite believe that a presidency that still seems almost bizarrely improbable becomes a reality on Friday. Then, Thoms-Bauer recalled, came the night in November when he joined friends in a diner after a New Jersey Devils hockey game and watched, stunned, as Trump eked out wins in key states. Trump's election felt downright surreal, she said. However, now we know (Friday) at noon we're going to be welcoming President Trump, which is surreal in and of itself," said Coursey, a college student in Roanoke, Virginia.

January 20, 2017 16:03 UTC



US-China tension could be first test of a President Gou

Taiwanese businesses may have to take sides should a trade war break out between the United States and China after Donald Trump becomes the U.S. president. And Terry Gou's Hon Hai Precision Industry — better known globally as Foxconn — is probably finding itself in a very difficult position amid the escalating tensions between Washington and Beijing. But there seems to be no way that Gou or Hon Hai can play it safe amid the rising tensions between China and the United States. But Gou reportedly has met with high-level Chinese officials to allay Beijing's concerns. But that is not a promise that Hon Hai will not expand its manufacturing operations to the United States.

January 20, 2017 16:03 UTC

Former KMT vice chair to announce bid for leadership

Former Kuomintang (KMT) Vice Chairman Steve Chan (詹啟賢) is expected to officially announce a bid for the party's leadership on Tuesday. While Chan had previously said that he would reveal his decision on whether to pursue a bid for the KMT chair slightly before the Lunar New Year, local media have caught wind that the former KMT vice chair has moved up his announcement schedule. Chan also credited the support of former Vice President Vincent Siew as one of the main reasons for his campaign. Hau also applauded Chan, saying that the former vice chair has always had a clear direction and very strong administrative skills. On Thursday, the former mayor also publicly suggested Hung Hsiu-chu to suspend her power as KMT chairwoman during her campaign.

January 20, 2017 16:03 UTC

What new US leader must know

The problem is, he might not know about the grouping at all. 2.ASEAN members talk a lot among themselves. Outsiders often describe the regional grouping as a talk shop. The ASEAN members discuss and consult a lot until they reach a consensus — very few organizations have that kind of perseverance. In ASEAN, action speaks louder than words — that is the reason the regional grouping has so many action plans.

January 20, 2017 16:03 UTC

Gov't pushes back against pension plan criticism

TAIPEI, Taiwan -- Vice President Chen Chien-jen and government officials sought to allay concerns Friday as reaction to pension reform details announced the previous day turned sour. Chen joined President Tsai Ing-wen Friday to meet industry representatives who, according to the Presidential Office, expressed support of the government's proposed bill. Chen emphasized that despite the increase for employers, the government will need to direct NT$20 billion into the pension fund and shoulder NT$3.3 billion in premiums. Chen stressed that the changes would be gradual and that many of the changes had already been discussed with industry. The comments came amid discussion of whether KMT staff should be stripped of some pension entitlements.

January 20, 2017 16:03 UTC

Foundation makes education dreams come true

TAIPEI, Taiwan -- The Mr. Hsieh Ching-yun Culture and Education Foundation (謝清雲先生文教基金會) held its 58th Scholarship Awards Ceremony on Friday. The event was held alongside the 40th anniversary celebration of the Second Credit Cooperative of Keelung (基隆二信合作社). Second Credit Cooperative of Keelung Founding Chairman Hsieh Hsiu-ping (謝修平), CEO George Hsieh Guo-liang (謝國樑) and Mr. Hsieh Ching-yun Culture and Education Foundation President Li Bor-yuan(李伯元) invited local celebrities to attend the event. Hsieh Ching-yun, father of Second Credit Cooperative Founding Chairman Hsieh Hsiu-ping and grandfather of CEO George Hsieh, devoted himself to aiding poor students throughout his life. In 1976, the foundation was established by Hsieh Hsiu-ping to continue his father's wishes for social responsibility.

January 20, 2017 16:03 UTC

Taiwan to cooperate with Finland to fight fraud

Taiwan and Finland have signed a cooperation arrangement to jointly fight customs fraud, the Ministry of Foreign Affairs (MOFA) announced on Friday. The signing ceremony was joined by officials from Taiwan's representative office in Finland. flag and Finnish flag were seen at the signing ceremony, as shown in a photo released by Customs Administration on Friday. Both sides had engaged in dialogue following the signing ceremony to enhance cooperation to combat customs fraud, it said in a released statement. The latest pact came after Taiwan signed an administrative cooperation arrangement on the same issue with the European Anti-Fraud Office in November 2016.

January 20, 2017 16:03 UTC

James Huang becomes new TAITRA chairman

TAIPEI, Taiwan -- Former Foreign Minister James Huang was elected chairman of the Taiwan External Trade Development Council (TAITRA) Friday. Huang was elected chairman at a meeting of TAITRA's boards of directors and supervisors, during which Chuang Suo-hang and Kuo Lin-wu were named as deputy chairmen of the non-profit trade promotion organization. Huang, who was foreign minister between 2006 and 2008, was the first director of President Tsai Ing-wen's New SouthboundPolicy Office. Huang noted that over the years since it was founded in 1970, TAITRA has played a key role supporting the government's policies and helping Taiwan firms expand their trade. The new chairman said that as the nation's major trade promotion body, TAITRA had to continue building on its existing foundation and leverage its flexibility and advantages as a non-profit private organization.

January 20, 2017 16:03 UTC

Stealing spotlight with best sports cars

The super sports brand experienced a stellar year in 2016 with a 99.3 percent increase in global sales to 3,286 cars. In China alone, McLaren sold 228 cars last year, a significant addition to the total of 300 cars it sold in its first three years in China. "Affluent Chinese supercar customers appreciate the attributes of the McLaren car and our cars are well suited to this developing market," said Mike Flewitt, chief executive officer of McLaren Automotive. Recently, Flewitt spoke with China Daily about the luxury car's strategy and business opportunities in China. The awareness of the McLaren brand is developing well through a number of marketing activities, including motorshows and retailer activity.

January 20, 2017 16:03 UTC

Stolen Van Gogh paintings found in Italy farmhouse to head home

AMSTERDAM -- Two paintings by Vincent van Gogh that were stolen from an Amsterdam museum in 2002 and recovered by Italian police last year are set to return to the Netherlands. The Van Gogh Museum said Thursday that a court in Naples has cleared Van Gogh's "Seascape at Scheveningen" and "Congregation Leaving the Reformed Church in Nuenen" to go back to the museum. Police discovered the paintings hidden in a farmhouse near Naples last year while investigating suspected Italian mobsters for cocaine trafficking. The masterpieces were swiped during a 2002 nighttime heist at the Van Gogh Museum. "We can now focus fully on preparing for the paintings to come home," Rueger says.

January 20, 2017 16:03 UTC

Trump inheriting turmoil

Chaos, conflict and crisis are some of the words that best describe the combustible global situation that new U.S. President Donald J. Trump inherits from his predecessor. Far from a stable world order, Donald Trump is entering a complex foreign maze in which he must decipher, decode and often defuse a feckless and lamentable foreign policy legacy from Cuba to China. Let's take a look at the international situation Donald Trump faces. ChinaOn Barack Obama's watch China's trade deficit with the U.S. ballooned, hitting an all-time high of US$367 billion in 2015. Pyongyang has perfected working nuclear weapons during Obama's administration.

January 20, 2017 16:03 UTC



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