Morocco and Senegal reach final of Cup of NationsReuters, RABATYassine Bounou on Wednesday saved two penalties, while Youssef en-Nesyri netted the decisive spot-kick as hosts Morocco secured a 4-2 shoot-out victory over Nigeria following a 0-0 draw in a tense Africa Cup of Nations semi-final in Rabat. Morocco, seeking their first continental title in 50 years, are to face 2021 winners Senegal in Sunday’s decider in Rabat, while Nigeria take on Egypt in the third-place playoff tomorrow. Morocco goalkeeper Yassine Bounou stops a shot during the penalty shoot-out of their Africa Cup of Nations semi-final against Nigeria at Prince Moulay Abdellah Stadium in Rabat on Wednesday. He was by far the busier goalkeeper in the game, but Morocco were mostly reduced to long-range efforts. Following Bounou’s saves, En-Nesyri struck the decisive spot-kick to send his side into their first final since a 2004 loss to Tunisia.

ASML value soars above US$500bn on TSMC’s outlookBloombergASML Holding NV became only the third European company to surpass US$500 billion in market value after key customer Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) gave a stronger-than-anticipated outlook for this year. That took ASML’s market capitalization to about 453 billion euros (US$527 billion). The ASML Holding NV headquarters in Veldhoven, Netherlands, are pictured on Nov. 14 last year. “Europe is a small market, so if ASML as a major stock goes up, the broader market will automatically benefit. The rally in ASML also gives European investors a gateway to play the mainstream AI trade.”TSMC’s outlook provides fresh optimism for sustained global AI spending this year after signs of volatility in the so-called AI trade.

The bank has raised its forecast for Taiwan’s GDP growth this year to 3.8 percent, up from a prior estimate of 2.5 percent, citing strong demand for AI-related semiconductors and sustained capital spending by the nation’s technology champions. Standard Chartered’s growth projection for next year was also nudged higher to 2.7 percent. Globally, Standard Chartered expects economic growth to hold steady at 3.4 percent this year, unchanged from last year. Standard Chartered warned that rising uncertainty about trade policy, geopolitical tensions and potential financial market adjustments pose elevated risks across major economies. China is expected to post GDP growth of 4.6 percent this year, up from an earlier estimate of 4.3 percent, on the back of Beijing’s fiscal and monetary policies, Standard Chartered said.

With several card issuers promoting co-branded cards and the number of merchants accepting cards for sales continuing to increase, full-year credit card spending for last year could reach a new high, it said. A person holds CTBC Bank credit cards in Taipei in an undated photograph. Photo courtesy of CTBC Bank CoTaiwan’s credit card spending was NT$4.686 trillion in 2024, a new record, FSC data showed. CTBC was the biggest issuer of new credit cards among local banks in November last year as it continued to promote a new co-branded credit card with food conglomerate Uni-President Enterprises Corp (統一企業). The bank issued 132,555 cards in the month, or 27.32 percent of the 485,113 cards issued in Taiwan, data showed.

TSMC plans record expenditure to meet AI demandBy Lisa Wang / Staff reporterTaiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it plans to spend a record-high US$52 billion to US$56 billion in capital expenditure this year to expand advanced chip capacity to meet “insatiable” demand for artificial intelligence (AI) applications. About 70 to 80 percent of this year’s budget would be earmarked for leading-edge technology expansion, while about 10 to 20 percent would be allocated for advanced chip packaging technology, TSMC said. That is driving meaningful demand for more and more computation, which supports robust demand for leading-edge silicon,” TSMC chairman and chief executive officer C.C. To address strong AI chip demand, TSMC said it is expanding chip manufacturing capacity in Taiwan, including 2-nanometer facilities in Hsinchu County and Kaohsiung, and advanced chip packaging capacity. TSMC also expects robust AI demand to boost its revenue growth by about 30 percent this year, with about 25 percent growth on average from 2024 to 2029.

Employed children often underpaid: NGOBy Jason Pan / Staff reporter, with CNAMany school-aged children in Taiwan take jobs to assist their families, but about 20 percent are being underpaid or work in unsafe conditions, World Vision Taiwan (WVT) said last week. “Of employed children from poorer households, 69.2 percent hold jobs in the service sector and 21.8 percent are in manual labor jobs, cleaning services or other physically intensive work. “The figures show that 71.4 percent of these children severely lack educational support, and one in four quit school after finishing junior-high school. WVT offers educational scholarships for children of underprivileged families, grants for family guidance and assistance, and job training. “We send social workers to find out what services are needed for these families, and provide assistance for children in the workplace,” WVT said.

Manila, Tokyo sign defense pact amid China aggressionAP, MANILAJapan and the Philippines yesterday signed a defense pact that would allow the tax-free provision of ammunition, fuel, food and other necessities when their forces stage joint training to boost deterrence against China’s growing aggression in the region and to bolster their preparation for natural disasters. Philippine Secretary of Foreign Affairs Theresa Lazaro, left, and Japanese Minister of Foreign Affairs Toshimitsu Motegi sign documents following a bilateral meeting in Pasay, Philippines, yesterday. Photo: EPAJapanese Minister of Foreign Affairs Toshimitsu Motegi signed the Acquisition and Cross-Servicing Agreement with Philippine Secretary of Foreign Affairs Theresa Lazaro in Manila. “We both recognized the value of promoting the rule of law, including the freedom of navigation and overflight, especially in the South China Sea,” Lazaro said after the signing. Japanese and Philippine officials are still negotiating another agreement that aims to boost the security of highly confidential defense and military information the countries could share.

Cabinet proposes bill to raise older farmers’ subsidiesTHRESHOLD CHANGE: About 7,000 farmers are expected to benefit from the changes, bringing the total people eligible for the subsidies to 530,000By Jake Chung / Staff writer, with CNAThe Executive Yuan yesterday proposed a bill to raise the monthly subsidy for older farmers to NT$10,000 (US$317) from NT$8,110, requiring a budget increase of NT$12.9 billion. The bill would be submitted to the Legislative Yuan for review. About 14,505 people are ineligible for farmers’ subsidies, the Executive Yuan said. About 7,000 farmers are expected to benefit from the amendment and become eligible for the older farmer subsidy, bringing the total number of people eligible for the subsidies nationwide to 530,000, it said. Farmers aged 65 or older who have been enrolled in farmers’ insurance for at least 15 years are eligible for the monthly benefit, which was initially set at NT$3,000 and raised to NT$7,000 in 2011.

The US is Taiwan’s most important international backer and arms supplier, despite the lack of formal diplomatic ties. China held war games around the nation late last month after the latest deal was announced. The arms sales announced last month cover eight items, including Lockheed Martin High Mobility Artillery Rocket Systems and Altius loitering munition drones. “It is not that we are unwilling to explain — give us an opportunity to explain, a legal opportunity,” he added. Taiwan has to spend more, given the threat, Hsu said.

Taiwan eases work, residency restrictions for foreign professionalsNew measures aimed at making Taiwan more attractive to foreign professionals came into effect this month, the National Development Council said yesterday. Among the changes, international students at Taiwanese universities would be able to work in Taiwan without a work permit in the two years after they graduate, explainer materials provided by the council said. In addition, foreign nationals who graduated from one of the world’s top 200 universities within the past five years can also apply for a two-year open work permit. Previously, those graduates would have needed to apply for a work permit using point-based criteria or have a Taiwanese company

Trade team heads to US for tariff talksBACK AT IT: In the sixth round of in-person talks, Taipei aims to expand the ‘Taiwan model’ within US supply chains and seek a more favorable investment environmentStaff writer, with CNATaiwan’s trade negotiation team, led by Vice Premier Cheng Li-chiun (鄭麗君) and chief trade negotiator Minister Without Portfolio Yang Jen-ni (楊珍妮), has departed for the US for a new round of in-person trade talks that officials say are in the final stages, the Cabinet said yesterday. The delegation left Taiwan late on Wednesday after coordinating with its US counterparts, the Cabinet’s Taiwan-US trade working group said. Following the talks, the two sides are expected to announce the substance of any consensus reached, the group said. The meetings, the sixth round of in-person trade negotiations between Taiwan and the US, are to be held amid reports that the two sides are close to reaching a trade agreement. Washington imposed a 25 percent tariff on certain AI chips, such as the Nvidia H200, under a new national security order released by the White House.

Cold weather might not affect typhoon formationBy Esme Yeh / Staff reporterResearch built on hundreds of years of storm activity records showed that typhoons were most frequent in the 17th century during the “little ice age,” challenging the common belief that low temperatures inhibit the formation of typhoons. Researchers pose at a news conference hosted by National Taiwan Normal University in Taipei yesterday. Such a thermal contrast between the land and the sea likely created a more dynamic summer monsoon circulation, which fostered favorable conditions such as increased low-level moisture transport for tropical cyclone formation, the research showed. The database helps promote intercultural, interdisciplinary climate research by enabling non-Mandarin-using international researchers to utilize Chinese historical documents, he said. The research was published in the Proceedings of the National Academy of Sciences of the United States of America journal last month.

Carney hails Xi’s leadership, as he seeks warmer tiesReuters, BEIJINGCanadian Prime Minister Mark Carney yesterday hailed his nation’s improving ties with China, as well as the leadership of Chinese President Xi Jinping (習近平), declaring that their nations were charting a new course in cooperation amid global division and disorder. The four-day visit to China was the first by a Canadian prime minister since 2017, following up on Carney’s positive meeting with Xi in South Korea in October. Canadian Prime Minister Mark Carney shakes hands with Chinese Premier Li Qiang at the end of a signing ceremony in Beijing yesterday. Carney’s optimism follows months of intense re-engagement by both countries aimed at recalibrating ties that had soured under former Canadian prime minister Justin Trudeau. “Our teams have worked hard, addressing trade irritants and creating platforms for new opportunities,” Carney told Chinese Premier Li Qiang (李強) in a separate meeting.

Environmentalists concerned LNG port damaging reefBy Esme Yeh / Staff reporterEnvironmental advocates yesterday called for action to reverse alleged breakdown of the algal reef near the third liquefied natural gas (LNG) terminal at Guantang Industrial Port (觀塘工業港), saying it was likely caused by the construction of the terminal over the past few years. Construction of the third liquefied natural gas terminal at Guantang Industrial Port in Taoyuan’s Guanyin District is pictured in an undated photograph. The algal reef ecosystem along the coast of the district was divided into G1, G2 and G3 zones when the construction project was delineated, with G1 zone being the nearest to the construction site. He urged government authorities to establish a response unit to reverse the algal reef decline. CPC would cooperate in conducting on-site investigations along with representatives from environmental groups to examine algal reef conditions, as well as provide research data for review, he said.

TPP announces 13 budget items it wants to fundBy Jonathan Chin / Staff writer, with CNATaiwan People’s Party (TPP) lawmakers yesterday said the party would propose a motion to partially fund the government, prioritizing spending for the economy, livelihood and infrastructure. TPP deputy caucus whip Chang Chi-kai (張?楷) told a news conference that the party is facilitating the legislature’s review of 13 spending items in the annual budget, totaling NT$200 billion (US$6.33 billion). Taiwan People’s Party Chairman Huang Kuo-chang, left, speaks at a news conference in Taipei yesterday. Improving bridges, upgrading water purification and distribution facilities, and spending on museums and an office building for the Central Election Commission’s Lienchiang County branch are among the budget items the party supports, Chang said. Executive Yuan spokeswoman Michelle Lee (李慧芝) slammed the TPP’s announcement, saying that the proposed budget deal overlooked crucial spending items after 140 days of delays.