Citigroup to sell Southeast Asian assetsBloombergCitigroup Inc on Thursday agreed to sell consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank (UOB) Ltd for about S$4.9 billion (US$3.6 billion) as Citigroup chief executive officer Jane Fraser continues her push to simplify the New York-based bank. United Overseas Bank is to pay Citigroup a cash consideration for the net assets of the acquired businesses, plus a premium of S$915 million, Citigroup said in a statement. The transaction includes Citigroup’s retail banking and credit card businesses in all four countries, but excludes its institutional offerings. Citigroup expects roughly 5,000 employees to transfer to United Overseas Bank after the deal closes, the statement said. This week, the firm announced that it would also seek to exit its consumer, small-business and middle-market banking businesses in Mexico.

Rolls of steel are stacked inside a China Steel Corp factory in Kaohsiung on Aug. 26, 2016. However, global steel supply might fall as China continues to lower its steel output to meet its target of carbon neutrality, it said, adding that South Korea is also reducing its steel manufacturing to curb carbon emissions. South Korea’s Pohang Iron and Steel Co last month terminated a furnace with a capacity of 1 million tonnes per year, China Steel said. Luxembourg-based ArcelorMittal SA is to raise prices of some steel materials by 30 to 50 euros per tonne, China Steel said. Steel prices have also increased in northern and southern Europe, it said.

Lenders asked to reclaim loans on unused plotsBy Crystal Hsu / Staff reporterThe central bank yesterday asked local lenders and cooperatives to reclaim loans and raise interest rates on loans involving land plots where construction has not started 18 months or more after purchase, citing the need to curb land hoarding. Central Bank Governor Yang Chin-long speaks at a news conference in Taipei on Dec. 16 last year. Lenders should reclaim loans on long-idle plots and raise interest rates on borrowers unless they have compelling reasons that make the delay necessary, the central bank said. The central bank said lenders must boost responsible lending by following up on land loans through on-site inspections and other measures to document construction progress. The central bank reiterated that it would closely monitor real-estate lending and the property market as a whole, and would, if necessary, introduce more restrictions.

COVID-19: Port congestion in Ningbo growing over trucking banBloombergShipping firms are scrambling to switch to other Chinese ports to avoid delays at the Port of Ningbo-Zhoushan, which suspended some trucking services after an outbreak of COVID-19, freight forwarders and experts have said. Those diversions are adding to a new wave of congestion facing China’s ports as an increasing number of cities deal with COVID-19 outbreaks. Police officers check information on the smartphone of a truck driver at a checkpoint in Ningbo, China, on Dec. 18 last year. Meanwhile, the northern Chinese city of Tianjin ordered workers to take a half-day break for COVID-19 testing, as officials try to contain an outbreak involving the Omicron variant of SARS-CoV-2. The influx of ships into Shanghai has delayed sailing schedules for container ships by about one week, freight forwarders said.

The TAIEX moves higher for the fourth consecutive sessionStaff writer, with CNAThe TAIEX yesterday moved higher for the fourth consecutive session as the financial sector was boosted by hopes that the US Federal Reserve would initiate a rate-hike cycle this year, which would push up financial institutions’ returns from overseas investments, dealers said. The TAIEX closed up 61.53 points, or 0.33 percent, at 18,436.93. Without the financial sector, the main board rose only 13.13 points, or 0.08 percent, from a session earlier. In addition, Cathay Financial Holding Co (國泰金控) rose 4.17 percent to close at NT$67.4, Mega Financial Holding Co (兆豐金控) gained 2.3 percent to close at NT$37.85 and Fubon Financial Holding Co (富邦金控) added 2 percent to close at NT$81.6. “For the TAIEX, strong technical support is expected in the event of any volatility at around 18,000 points, the 20-day moving average.”

Fab spending tipped to exceed recordEMERGING TECH: The semiconductor equipment industry has had unprecedented growth, with increased spending in six of the past seven years, the CEO of SEMI said Global fab equipment spending at front-end facilities is expected to grow at an annual pace of 10 percent this year to a record of more than US$98 billion, with South Korea taking the lead, followed by Taiwan, SEMI said in a quarterly report yesterday. That means that world fab equipment spending is to grow for a third straight year, following a 39 percent jump last year and 17 percent growth in 2020, the global semiconductor trade association said in a statement. The industry previously had three consecutive years of growth from 2016 to 2018, more than 20 years after logging a three-yearBy Lisa Wang

China’s maritime claims unlawful: US reportAFP, WASHINGTONThe US on Wednesday laid out its most detailed case yet against Beijing’s “unlawful” claims in the South China Sea, rejecting the geographic and historic bases for its vast, divisive map. “The overall effect of these maritime claims is that the PRC unlawfully claims sovereignty or some form of exclusive jurisdiction over most of the South China Sea,” the paper said, referring to the People’s Republic of China. In 2016, an international court sided with the Philippines in its complaints over China’s claims. The state department paper said that such historical-based claims had “no legal basis” and that China had not offered specifics. The South China Sea is home to valuable oil and gas deposits and shipping lanes, and Beijing’s neighbors have frequently voiced concern that their giant neighbor was seeking to expand its reach.

ANALYSIS: India’s new rules to free resourcesReuters, NEW DELHIIndia has eased its COVID-19 rules on testing, quarantine and hospital admissions in a bid to free up resources for its neediest people, a strategy hailed by experts even though it carries the risk of a heavy undercount of infections and deaths. “That strategy did not work and wasted resources,” he added, saying serological surveys had shown it had detected only a fraction of infections. India’s tally of infections crossed 36 million yesterday with 247,417 new cases, although daily testing has stayed well below the capacity of more than 2 million. “It will be harder to predict upcoming hotspots and epicenters,” she added, which would leave authorities less time to marshal resources against the disease. It said the gap between actual and reported daily cases would widen when the virus reaches smaller towns and villages.

Shiffrin takes record 47th World Cup slalom victory‘GEEKING OUT’: Shiffrin couldn’t believe it when the race was moved to a long, steep piste usually reserved for men’s races, saying it was a privilege to race thereReuters, SCHLADMING, AustriaMikaela Shiffrin on Tuesday won the last FIS Alpine Ski World Cup women’s slalom before the Beijing Olympics to take her 47th victory in the discipline and smash a record the US skier had shared with Swedish great Ingemar Stenmark. The US’ Mikaela Shiffrin competes in the FIS Ski World Cup women’s slalom in Schladming, Austria, on Tuesday. It’s like it didn’t happen.”The American now has 73 World Cup wins in total, 13 short of Stenmark’s all-time record. Vlhova, last to go, saw her 0.42 second advantage melt away as she finished 0.15 behind the American overall World Cup leader. The next women’s World Cup races are a downhill and Super-G in Zauchensee, Austria, at the weekend.

Taiwan, Lithuania deepen economic ties in meetingBy Crystal Hsu / Staff reporterLithuania reaffirmed via videoconference yesterday evening its intention to open a trade office in Taiwan this spring, while Taiwan reiterated pledges of US$200 million in investment funds and US$1 billion in credit loans, as the two nations work toward deepening their economic cooperation. “Whichever companies from Taiwan and Lithuania are interested in investment projects or joint ventures in Lithuania can apply for the investment funds and credit loans,” Kung said. National Development Council Minister Kung Ming-hsin speaks to reporters in Taipei yesterday. The trade office in Taiwan is under administrative review and should be established soon, along with outposts in other parts of the world, she said. Kung promised to lend a helping hand and said that a trade office in Taiwan would help expand the scope of cooperation.

GoStations set to outnumber gas stationsBy Lisa Wang / Staff reporterElectric scooter maker Gogoro Inc (睿能創意) this year expects its number of electric battery swapping stations to outstrip the number of gas stations in the nation following seven years of deployment, a sign that electric two-wheelers are gaining traction. The number of gas stations operated by CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) was 2,487. Photo: Tyrone Siu, Reuters“By the end of this year, we are very confident that the number of battery swapping stations will surpass the number of gas stations nationwide,” Gogoro vice president for energy services Alan Pan (潘璟倫) told a news conference yesterday. Gorogo aims to deploy more large-scale electric battery swapping stations, dubbed Super GoStations, and other stations in collaboration with government agencies, Pan said. The company also plans to add battery stations in more remote areas, he said.

Indonesia eases ban on thermal coal shipmentsCOAL CONUNDRUM: To ensure the state power utility does not run low on fuel again, the government is mulling new policies, including a levy system for minersReuters, JAKARTAChinese thermal coal futures fell yesterday after Indonesia, the world’s biggest thermal coal exporter, eased a ban on overseas shipments that surprised buyers at the start of the year, alleviating concerns about supply disruptions. The ban, which came into force on Jan. 1, triggered a rally in Australian and Chinese coal prices last week, but Chinese thermal coal futures yesterday fell more than 3 percent to 685 yuan (US$107.50) in reaction to the relaxation. “There is still demand for Indonesian coal from Chinese power plants,” one China-based trader said, adding that some might turn to Russian coal as an alternative. Shares of top Indonesian coal miners PT Bumi Resources Tbk, PT Adaro Energy Tbk and PT Indika Energy Tbk rose in early trading yesterday before paring gains. The document puts the potential levy at US$3.87 a tonne, which could provide an estimated US$2.5 billion a year to help PLN procure coal.

Combined revenue of listed companies rises 10.77 percentWINNERS AND LOSERS: Shipping, iron and steel, and plastics firms posted the highest revenue rises last year, while the tourism sector underperformedBy Chen Cheng-hui / Staff reporterThe combined revenue of the 960 companies listed on the Taiwan Stock Exchange last month increased 10.77 percent year-on-year to NT$3.805 trillion (US$137.4 billion), the exchange said yesterday. The exchange in a statement said that 643 firms reported revenue growth, while 317 reported a decline. The combined revenue of listed firms last month grew 26.42 percent from December 2019, before COVID-19 was a factor, it added. Meanwhile, rubber manufacturers, some electronics companies, and biotechnology and healthcare firms reported relatively large revenue declines last month, the exchange said. Accumulated revenue for the 960 listed firms for the whole of last year was NT$38.165 trillion, up 15.19 percent year-on-year, the exchange said, adding that the increase from 2019 was 16.47 percent.

Helen Mirren: is the Israeli icon Golda Meir a role too far? It is the latest instance of a ‘Jewface’ row, a backlash to the assignment of a major Jewish role to someone not from that minority background. Helen Mirren the star of the 2006 film The Queen arrives to the premiere of the film in Beverly Hills, California. Actress Helen Mirren as Queen Elizabeth II in a scene from the 2006 film The Queen. It will not be the first leading Jewish role Mirren has played.

Fed rate increase makes outlook worse for SK won‘WON DOWNSIDE’: After falling to a 17-month low last week, Goldman Sachs and Citigroup are urging a third BOK rate increase to prevent more selling off of the wonBloombergThe South Korean won was Asia’s worst performer over the past six months, and technical indicators suggest the misery is not yet over. The won dropped to a 17-month low last week, breaching a key support level. Other indicators, including the moving average convergence-divergence, suggest that the tech-dependent currency could slip further against the US dollar. The Bank of Korea (BOK) could give traders more reason to sell the won on Friday if it disappoints the likes of Goldman Sachs Group Inc and Citigroup Inc, who are calling for a third rate increase sooner than later. US Department of the Treasury 10-year yields have surged to their highest since April last year, denting sentiment for emerging-market assets.