Morgan Stanley, Citi plan job moves

HSBC Holdings PLC and UBS Group AG on Wednesday said they could each move about 1,000 jobs out of London. A spokesman for Morgan Stanley said no decisions had been taken with regard to its Brexit plans. “To that end, we continue to evaluate what changes we may need to make to our business.”A spokeswoman for Citi declined to comment. Morgan Stanley currently bases the vast majority of its European staff in Britain, employing about 6,000 people there. In order to continue certain businesses such as trading European securities it will need to shift those operations to a licensed entity in the regional bloc.

January 22, 2017 16:03 UTC

US, UK to mull post-Brexit trade

BloombergUS President Donald Trump’s administration this week is to begin laying groundwork for a trade deal between the US and the UK that would take effect after Britain leaves the EU, a White House aide said. Two of Trump’s senior advisers, Steve Bannon and the president’s son-in-law Jared Kushner, met with UK Secretary of Foreign Affairs Boris Johnson in New York on Jan. 8. May and Mexican President Enrique Pena Nieto will make visits to the US this month to meet with Trump, White House officials said. May is to meet with Trump on Friday, White House Deputy Press Secretary Sarah Huckabee said on Saturday. Pena Nieto is to meet with Trump on Tuesday next week, White House Press Secretary Sean Spicer said.

January 22, 2017 16:03 UTC

Uber hires Google’s former head of search

Soon, Uber will have a bit of help in that effort from a man who played a key role at Google. At Uber, he will work to build out the software and infrastructure that are the foundation of the company’s ride-hailing services. Singhal will report to Uber chief executive Travis Kalanick and lead the company’s mapping division and a unit that runs the dispatching, marketing and pricing of Uber cars. And David Drummond, a top Google executive, left his position on the Uber board of directors last year. When Singhal left his position as Google’s head of search in February last year, he said he planned to focus on philanthropy.

January 22, 2017 16:03 UTC

Multimillionaires who own homes worldwide are creating a new ‘class’

The GuardianIt was revealed during their divorce last year that Angelina Jolie and Brad Pitt owned no fewer than 12 multimillion-dollar homes across the world. Now new research reveals that Jolie and Pitt are part of a growing “global citizen class” of multimillionaires who spend their lives jetting between multiple properties in the world’s most desirable locations. “More than ever before these homes of the wealthy will be spread far and wide, across different countries and continents,” said the report, produced in partnership with the luxury estate agents Warburg Realty and Barnes International Realty. The most popular cities for second homes are Hong Kong, for its proximity to China; London, which has recently recorded increased interest because of the weakening pound; Los Angeles, for celebrities and their admirers; New York; and Singapore. “An elite group are able to channel their wealth into multiple properties while millions of people don’t have a roof over their heads,” said Oxfam’s inequality policy adviser, Chiara Mariotti.

January 22, 2017 16:03 UTC

Tencent dominates Chinese mobile app use as arena grows

BloombergTencent Holdings Ltd’s (騰訊) messaging services were by far the most popular Chinese mobile apps last year, leading steady growth in the world’s largest Internet and smartphone market, the Chinese government’s online industry overseers said yesterday. Tencent’s QQ took second place, while Alibaba Group Holding Ltd’s (阿里巴巴) online bazaar Taobao (淘寶) came in third. Baidu Inc’s (百度) mobile app and Alipay (支付寶), the payments service run by Alibaba affiliate Ant Financial Services Group (螞蟻金服), rounded out the top five. The number of people who accessed the Internet through a mobile device surged more than 12 percent to 695 million. That segment is dominated by Didi Chuxing (滴滴出行), which drove Uber Technologies Inc out of the market last year when it bought the San Francisco start-up’s local operation.

January 22, 2017 16:03 UTC



Wistron predicts continued growth

Bloomberg News on Friday last week reported that Apple plans to partner with Wistron to assemble iPhones at the Indian plant. The Indian plant is scheduled to become operational in next quarter, Wistron said. Apart from smartphones, Wistron also manufactures laptops, tablets, flat TVs, LCD monitors and data-center servers for clients. Wistron reported accumulative sales of NT$659.41 billion (US$20.91 billion) last year, up 5.8 percent from NT$623.27 billion in 2015 and marking the highest level in the company’s history. Credit Suisse expects Wistron to generate sales of NT$803.3 billion this year, up 22 percent year-on-year and 8 percent higher than the market consensus forecast.

January 22, 2017 16:03 UTC

Taiwan Cement’s Koo hospitalized

The company’s board held an extraordinary meeting yesterday at which Chang was also appointed temporary chairman of two Taiwan Cement affiliates — China Synthetic Rubber Corp (CSRC, 中國合成橡膠) and Taiwan Prosperity Chemical Corp (TPCC, 信昌化學工業). “The chairman has been hospitalized and is unable to carry out his duties,” Taiwan Cement said of the board’s decision in a Taiwan Stock Exchange filing. Koo, 63, is the second son of the late Koo Chen-fu (辜振甫), a former chairman of the Straits Exchange Foundation. Taiwan Cement reported sales of NT$89.57 billion (US$2.84 billion) last year, down 4.38 percent from the previous year. Shares of Taiwan Cement closed at NT$34.95 on Friday, up 36.26 percent over the past 12 months, Taiwan Stock Exchange data showed.

January 22, 2017 16:03 UTC

Singapore 2G switch-off illuminates divide

AFP, SINGAPOREWhen Singapore pulls the plug on its second-generation (2G) mobile phone network this year, thousands of people could be stuck without a signal — digital have-nots left behind by the relentless march of technology. From technophobic pensioners to cash-strapped migrant workers, about 140,000 people in highly wired Singapore still use the city-state’s 2G network and cheap, robust handsets. Singapore recently banned the sale of 2G-only mobile phones and new prepaid SIM cards no longer work on 2G handsets. In wealthy Singapore, those most affected by the shift are likely to be the city’s migrant worker population, who rely on cheap 2G phones to stay in touch with family back home. “We only need phones to make calls,” he said.

January 22, 2017 16:03 UTC

Trump’s ‘America first’ could affect Taiwanese exports

Staff writer, with CNAUS President Donald Trump’s “America first” approach is likely to affect Taiwan’s export performance, the Ministry of Economic Affairs said on Saturday in response to the US president’s inauguration speech. Economists urged the government to come up with countermeasures against possible effects of the Trump administration, which has been leaning toward protectionism, as the US is one of the largest buyers of Taiwan-made goods. Department of Statistics Director-General Lin Lee-jen (林麗貞) appeared cautious about the US trade policy after Trump pushed the “America first” theme in his inaugural address on Friday. After Trump’s inauguration, the White House announced its withdrawal from the Trans-Pacific Partnership (TPP), a trade pact championed by former US president Barack Obama. Taiwan has been pushing its “new southbound policy,” so it is necessary for the nation to link this policy and its trade ties with the US, Sun said.

January 22, 2017 16:03 UTC

Taiwanese investment in China in sharp decline

Staff writer, with CNAThe number of planned investments in China by Taiwanese companies that were government-approved last year fell for the third consecutive year, slumping 21 percent year-on-year, the Investment Commission said on Friday. The commission attributed the decline to slower growth and a less attractive investment environment in China, which have discouraged Taiwanese investors from injecting funds into the market. According to the commission, it approved a total of 252 China-bound investment applications last year, down 21.49 percent from a year earlier. In addition to a decline in the number of approved investment plans, the value of approved investments in China also fell 11.67 percent from a year earlier to US$9.18 billion last year, the commission said. It was also helped by Dutch semiconductor equipment maker ASML Holding NV’s NT$100 billion acquisition of Taiwanese counterpart Hermes Microvision Inc (漢微科).

January 22, 2017 16:03 UTC

Fuel prices fall NT$0.1 on Libyan oil output increase

Staff writer, with CNAState-owned CPC Corp, Taiwan (CPC, 台灣中油) yesterday said that it would decrease its diesel and gasoline prices by NT$0.1 per liter today. REDUCTIONSLibya increased its crude oil output by more than 9 percent to average 750,000 barrels per day in the middle of this month, up from 685,000 barrels earlier in the month, CPC said. WEIGHTINGDespite lowering its average output to 10 million barrels per day, the main oil producer, Saudi Arabia, said that it would make further reductions next month in an effort to stabilize crude oil prices on the international market, CPC said. ADJUSTMENTSUnder CPC’s weighted pricing mechanism — 70 percent Dubai crude and 30 percent Brent crude — its average crude oil costs rose US$0.05 to US$53.63 per barrel last week. Formosa Petrochemical Corp (台塑石化) on Saturday said it will make similar cuts to its gasoline and diesel prices.

January 22, 2017 16:03 UTC

FEATURE: Caterpillar solution feeding founder’s vision

This is not someone’s kitchen, it is the offices of FasoPro, which double as a caterpillar laboratory. In 2015, he set up an improvised laboratory in Burkina Faso’s capital to industrialize the production of shea caterpillars — insects that feed on shea tree leaves. Traditionally eaten by members of the Bobo tribe in the nation’s west, caterpillars are now sold at markets throughout the country as a tasty treat. “My tutor encouraged me to take part in UC Berkeley’s Global Social Venture Competition.”He won the prize for best social start-up in 2012. “The money will allow us to attend regional fairs, as well as find markets and partners in west Africa,” Hien said.

January 22, 2017 16:03 UTC

Formerly homeless man helps others to free lunch

Huang was among 6,000 volunteers serving about 40,000 socially disadvantaged people at 16 charity weiyas nationwide yesterday. A weiya is an annual year-end banquet that in Taiwan is traditionally held ahead of the Lunar New Year holiday. The annual charity weiya Huang attended was organized by the Genesis Social Welfare Foundation and its two sister groups, the Jen’an Homeless Social Welfare Foundation and the Huashan Social Welfare Foundation. Huang became homeless after losing his job three years ago. That was when volunteers from the Jen’an foundation spotted him and gave him a sleeping bag to keep warm, Huang said.

January 22, 2017 16:01 UTC

‘Taiwan-US ties to advance under Trump’

Speaking at an annual meeting with overseas Taiwanese in Washington, Norris said the US will continue to commit to the Taiwan Relations Act (TRA), the US legislation governing relations with Taiwan. The Asia-Pacific region is of interest to the US and peaceful development across the Taiwan Strait benefits the US, he said. The TRA also requires the US “to provide Taiwan with arms of a defensive character.”Taiwan’s representative to the US Stanley Kao (高碩泰), who also attended the meeting, said he is optimistic about Taiwan-US relations under the Trump administration. He also told the representatives that Taiwan understands the importance Trump attaches to the US economy and his “America first” policy, as well as his questioning of Beijing’s “one China” principle, he said. Yu said he made it clear that Taiwan wants to sign a free-trade agreement with the US to consolidate bilateral economic and trade relations.

January 22, 2017 16:01 UTC

Workshop looks to reinvigorate aging musical ensemble

By Lin Yi-chang and Jonathan Chin / Staff reporter, with staff writerA collaborative project between the Qinghe Xuan Beiguang Ensemble and local musicology students might help the aging folk group to continue its heritage. A two-day workshop was held as a part of an ongoing effort between the ensemble based in Chiayi County’s Budai Township (布袋) and Nanhua University’s Department of Ethnomusicology. In five years, I would like to show a new Qinhe Xuan to the audience,” Huang said. Student Wu Yen-chen (吳彥真) said he used to think traditional temple music was easy to play, but practicing it at the workshop showed him otherwise, as the musical notation and rules of composition are different from modern music. Student Chou Li-hsuan (周立軒) said there is room for combining traditional and popular music in ways which popular singers such as Jay Chou (周杰倫) and Emil Chou (周華健) have tried.

January 22, 2017 16:01 UTC



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