CPC to leave natural gas prices stable this monthStaff writer, with CNAAlthough natural gas prices on the global market have continued to rise, CPC Corp, Taiwan (CPC, 台灣中油) announced yesterday that it will leave natural gas prices on the local market unchanged for this month. According to CPC, about 98 percent of energy consumed in Taiwan comes from imports, so it is no surprise that the movement of local natural gas prices is subject to price fluctuations on the international market due to higher import costs. A man checks cylinders of liquefied petroleum gas on a truck in Yilan County on July 18, 2018. Photo: Chang Yi-cheng, Taipei TimesTo reflect rising import costs, CPC said that domestic natural gas prices should have gone higher, but to alleviate inflationary pressure, the company has decided to leave its prices intact this month. In December, consumer prices in Taiwan rose 2.62 percent from a year earlier, remaining above the 2-percent inflationary alert level for the fifth consecutive month, according to the Directorate-General of Budget, Accounting and Statistics.

Cameroon, Burkina Faso through to AFCON semisAFP, DOUALA, CameroonCameroon and Burkina Faso on Saturday qualified for the semi-finals of the Africa Cup of Nations (AFCON) with Karl Toko-Ekambi’s double leading the hosts to a 2-0 win over Gambia before the Stallions edged Tunisia 1-0 in the late game. Burkina Faso’s Dango Ouattara, right, and Tunisia’s Mohamed Drager vie for the ball in their Africa Cup of Nations quarter-final in Garoua, Cameroon, on Saturday. Cameroon’s Karl Toko-Ekambi, right, and Gambia’s Saidy Janko vie for the ball in their Africa Cup of Nations quarter-final in Douala, Cameroon, on Saturday. Success for Burkina Faso came just five days after the landlocked west African country was plunged into political uncertainty when former Burkinabe president Roch Marc Christian Kabore was ousted in a military coup. Allow me to dedicate this win to our people who are being tested by current events,” Burkina Faso coach Kamou Malo said.

6G to be up to 100 times faster than 5G: MediaTekStaff writer, with CNAThe data transmission speed of 6G (sixth-generation wireless) networks is expected to be 10 to 100 times faster than 5G technology, MediaTek Inc (聯發科) said in a paper released on Jan. 18. 6G standardization is expected to begin in 2024 or 2025, with the first standard technology expected in 2027 or 2028, said MediaTek, one of the world’s leading chip design companies. MediaTek is bolstering its 6G R&D and is working with top-end researchers in academia and industry to explore innovative technology trends, Fan said. It said it would continue to develop 5G technology to help push the standardization and commercialization of 6G systems. MediaTek also outlined new “killer applications” for 6G technology, saying these would drive the need for higher performance, such as extreme holographic and tactile communications, digital twins and advanced telepresence.

Pakistan’s textile exports set to surge in regional shiftBOOMING ORDERS: As orders move away from neighboring countries such as India, Pakistan’s economic bright spot has found new customers in South America and AfricaBloombergPakistan’s textile sector is bringing cheer to its flailing economy, with exports set to swell to a record after gaining an edge over South Asian rivals during the COVID-19 pandemic. Textile exports are poised to surge 40 percent from a year earlier to a record US$21 billion in the 12 months ending in June, said Abdul Razak Dawood, commerce adviser to Pakistan’s prime minister. The nation is doubling down to boost textile exports through measures including tax breaks, cheap loans and supplying electricity at rates comparable to rivals in South Asia. “Pakistan’s exports have become competitive over the past few years,” Ismail Iqbal Securities CEO Ahfaz Mustafa said. It is also trying to revive a US$6 billion bailout program to meet financing requirements amid a record trade deficit.

Dollar posts biggest weekly increse in 7 months on rate betsReutersThe US dollar on Friday consolidated gains and posted its biggest weekly rise in seven months as markets priced in a year ahead of aggressive hikes in US interest rates. The US dollar index rose a scant 0.04 percent to 97.22. The index, which measures the US dollar’s value against other major currencies, rose 1.65 percent for the week, its biggest weekly gain since June. The Employment Cost Index (ECI), the broadest measure of labor costs, rose 1.0 percent after increasing 1.3 percent a quarter earlier. The New Taiwan dollar declined against US dollar on Friday, losing NT$0.022 to close at NT$27.828, down 0.45 percent from NT$27.702 a week earlier.

Oil up as growing chorus predicts return to US$100BloombergOil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to the year. Brent crude for March delivery rose 0.77 percent to US$90.03 a barrel, gaining 2.43 percent from a week earlier. An oil pumpjack, left, operates while another stands idle in the Inglewood Oil Field in Los Angeles on Friday. Photo: AFPAs supply remains constrained, a chorus of Wall Street banks and oil executives are forecasting a return to US$100 oil. For now, crude prices have defied the pull of weaker risk sentiment elsewhere, with consumption on the brink of returning to levels seen before the COVID-19 pandemic.

Some Asia markets regain footing after major lossesReutersSome Asian stocks rebounded on Friday after steep losses in the previous session as strong US economic growth and Apple Inc’s impressive earnings offset some bearishness generated by the US Federal Reserve’s hawkish comments. US stock futures rose in Asia trade with NASDAQ futures up 0.77 percent and S&P 500 e-minis up 0.48 percent after Apple on Thursday reported record sales in the holiday quarter. Tokyo’s benchmark Nikkei 225 rose 2.09 percent to 26,717.34, but lost 2.92 percent from a week earlier. Seoul’s KOSPI increased 1.87 percent to 2,663.34, losing 6.03 percent from a week earlier, while Sydney’s S&P/ASX 200 rose 2.19 percent to 6,988.1, down 2.62 percent on the week. The Shanghai Composite Index declined 0.97 percent to 3,361.44, losing 4.57 percent from a week earlier.

Europe shares drop as tech, autos slammedReutersEuropean shares fell on Friday, with the STOXX 600 index down for a fourth straight week as auto and technology stocks led declines amid the prospect of higher interest rates and concern over the situation in Russia and Ukraine. The pan-European index shed 1.02 percent to 465.55, paring some losses after falling as much as 2 percent earlier in the day. The index lost 1.87 percent this week, marking its worst performance in more than two months. Eurozone bond yields increased following the hawkish message that emerged from the US Federal Reserve policy meeting earlier this week. The top sectoral decliner, technology, fell 1.7 percent, tracking its worst month since 2008.

TSMC outlay keeps economy afloatSTELLAR YEAR: The chipmaker’s investments at home created a domino effect as other industries in its supply chain built new factories to keep up with demandBloombergTaiwan’s economy is set to receive a substantial boost this year from Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) unprecedented spending spree, as the chipmaking giant accelerates plans to build more factories. Taiwan’s largest company revealed plans earlier this month to spend between US$40 billion and US$44 billion this year on new plants to help ease the shortage of semiconductors. That is equivalent to about 5 percent of Taiwan’s US$760 billion economy, based on the government’s GDP estimates for 2021. Winston Chiao, an economist at Taipei-based Taishin Securities, said that TSMC’s spending plans prompt him to upgrade his most recent forecast of 4.2 percent GDP growth this year. The main risk for the economy this year is whether the government adopts strict new measures to stamp out a new COVID-19 outbreak.

Agency halts deportation of teens raised in TaiwanBy Liu Ching-hou, Wu Po-hsuan and Jonathan Chin / Staff reporters, with staff writerCiting humanitarian concerns, the National Immigration Agency yesterday halted the deportation of three teenagers who were born in Indonesia, but raised in Taiwan. After he was investigated for bank fraud, her father accepted a deal to be deported in exchange for deferred prosecution, Hsiao Chiao said. Immigration officials last month told her father that he must leave Taiwan by Feb. 8 and his family must leave a month later, she said. Hsiao Chiao added that she was eligible for permanent residency and would have applied for it, but did not due to the COVID-19 pandemic. The deportation of the father for his involvement in criminal activity would continue, the official said, citing the Immigration Act (出國及移民法).

Investors net NT$558,300 during the Year of the OxStaff writer, with CNAEquity investors in Taiwan earned an average of NT$558,300 (US$20,063) in the Year of the Ox after the TAIEX soared 11.84 percent. The TAIEX closed at 17,674.40 on Wednesday, the last trading session of the Year of the Ox, up 1,872 points from Feb. 5 last year, the last trading session of the previous year — the Year of the Rat. During the Year of the Ox, the market capitalization of the main board rose by NT$6.7 trillion to NT$48.2 trillion, Taiwan Stock Exchange data showed. Based on the 12 million investors who have a trading account, investors earned an average of NT$558,300 over the year, the data showed. The local equity market is closed until Feb. 6 to observe the Lunar New Year holiday before trading resumes on Feb. 7, the first trading session of the Year of the Tiger.

Unification song hits a sour noteBy Shih Chia-liang 施佳良The Taiwan Affairs Office of the Chinese Communist Party (CCP) has been enthusiastically promoting a song titled We Sing One Song Together (我們同唱一首歌) since its release early this year and first broadcast on China Central Television (CCTV), a mouthpiece of the CCP. The song concludes with the reunion of family members, a metaphor for political unity. The form and narrative of the lyrics are integrated, but the song is unsure who exactly the target audience is. Those who feel the nostalgia from this song would be Taiwanese living in China. Is the purpose of this song to encourage them to return to Taiwan as soon as possible?

MediaTek looking at 15% growth for three years5G PENETRATION: With a global rise in 5G tech and half the firm’s revenue coming from phone chips, MediaTek is looking at high growth for the foreseeable futureBy Lisa Wang / Staff reporterMediaTek Inc (聯發科), the world’s largest 5G smartphone chip supplier, yesterday said it expects revenue to grow about 15 percent each year for the next three years, buoyed by its swift technology migrations and expansions in addressable markets. The Hsinchu-based chipmaker’s strong projection came after reporting 53.2 percent annual revenue growth last year to a record NT$493.4 billion (US$17.73 billion), a step closer to its target of US$20 billion revenue. MediaTek attributed the strong growth to its early sub-6 gigahertz 5G readiness, and its support of WiFi 6 technologies, helping it capture business opportunities as new products were introduced. To concentrate its research-and-development resources on promising products, MediaTek streamlined its businesses and separated each into three groups: mobile phones, smart edge platforms and power management chips. He said that 5G phones this year are expected to increase to 700 million units worldwide, comprising more than 50 percent of the world’s mobile phones, adding that the penetration rate of 5G phones was close to 40 percent last year.

WTO permits China a US$645m tariff weaponBloombergThe WTO granted Beijing a new tariff weapon against the US during a politically sensitive moment for US President Joe Biden, nearly one year into a tenuous truce in the trade dispute between the two largest economies. A WTO arbitrator in Geneva, Switzerland, on Wednesday said that China can retaliate against US$645 million of annual US exports as part of a decade-old trade dispute over US anti-subsidy duties on Chinese goods. The amount was much less than the US$2.4 billion that China had initially requested legal authority to target. Beijing can now request formal WTO authorization to retaliate against US goods and services, which could be granted as soon as next month. The WTO repeatedly ruled against the US and found that Washington failed to withdraw the illegal duties in a timely manner.

The US’ policy shift toward TaiwanBy Huynh Tam Sang and Pham Do AnWashington’s words and deeds toward Taiwan have changed to a nuanced approach, especially since the administration of former US president Donald Trump. US President Joe Biden seems to be following in Trump’s footsteps on making weapons more accessible to Taiwan. In August last year, the US approved a US$750 million sale of 40 Paladin M109A6 self-propelled howitzers and accompanying equipment to Taiwan. Washington could promote to ASEAN member states the idea that Taiwan should be effectively integrated into Southeast Asia, which is the nucleus of Washington’s Indo-Pacific strategy. By doing so, the US would further enhance Taiwan’s international standing, while forging a mutual understanding among the parties involved.