UBS asked all business functions in Hong Kong to revert to two split teams to alternate office work week by week, while Bank of America Corp “encouraged” staff to work at home until Jan. 24. The Hong Kong Economic Journal reported on the message earlier. Standard Chartered PLC told staff to work in split teams in Hong Kong. Frustration has been mounting among businesses in Hong Kong over its stringent quarantine rules, which require arrivals to stay at government facilities and hotels for as long three weeks. Business groups in Hong Kong have said that it puts the territory’s status as a global financial hub at risk.

The authors have used a stethoscope to examine the minutia of the American election process. The Steal by Mark Bowden and Matthew TeagueThe attempted coup was led by Donald Trump. The book reminds us that democracy itself depends on a modicum of trust. Bowden and Teague have performed a singular service by revealing the details that disprove Republicans’ unceasing inventions about voter fraud. The problem is that so many Republicans will continue to ignore the lessons of this book.

China bullying Lithuania, MOFA saysSHARED VALUES: The ministry urged like-minded countries that cherish democracy and free trade to support Lithuania, so it would not succumb to pressure from BeijingBy Lin Chia-nan / Staff reporterThe Ministry of Foreign Affairs (MOFA) on Tuesday condemned China for bullying Lithuania and called for solidarity among democratic countries after Lithuanian President Gitanas Nauseda’s remarks about Taiwan’s mission in Vilnius triggered new tensions. Ministry of Foreign Affairs spokeswoman Joanne Ou speaks at a news conference at the ministry in Taipei in an undated photograph. The ministry strongly condemns China for using “despicable” means to exert political and economic pressure on Lithuania, she said, adding that the ministry is convinced that the solidarity of democratic countries would triumph over the bullying of an authoritarian regime. “I don’t think it was a mistake,” the legislative speaker told ELTA news agency, adding that the president is criticizing the decision only after China pressured Lithuania. The Bucharest group comprises countries on NATO’s eastern border — Bulgaria, the Czech Republic, Estonia, Lithuania, Latvia, Poland, Romania, Slovakia and Hungary.

Shopping on social media to hit US$1.2tn by 2025BloombergShopping on social networks such as Facebook, TikTok and WeChat would grow three times faster than sales from traditional channels over the next three years, a study released by Accenture found. Social commerce, defined as transactions that take place entirely within the context of a social media platform, are to reach US$1.2 trillion by 2025, up from US$492 billion last year, the consulting firm said in the report. Accenture also found that about 3.5 billion people used social media last year, spending on average two-and-a-half hours engaged with it per day. The market for social commerce is far less saturated in the US and the UK than in China, where 80 percent of users make purchases on social media, Accenture said. The study is based on an online study of 10,053 social media users in China, India, Brazil, the US and the UK conducted from Aug. 12 to Sept. 3.

Plan to boost Taiwan-Europe links in works: MOFAStaff writer, with CNASeveral government agencies are discussing a plan to enhance ties with Europe in several fields and would unveil it soon, a Ministry of Foreign Affairs (MOFA) official said yesterday. Department of European Affairs Director-General Remus Chen (陳立國) did not name any of the agencies other than the MOFA. The plan aims to further enhance already robust economic, education, scientific research and supply chain ties between Taiwan and Europe, he said. Department of European Affairs Director-General Remus Chen, right, accompanies French Senator Alain Richard, chairman of the French Senate’s Taiwan Friendship Group to Taiwan Taoyuan International Airport on Oct. 10 last year. No details of the plan were provided by Tsai, and Chen, who offered few other details of his own, would only say that more information would be provided by the agencies involved.

House purchase data show buyers shunning TaipeiBy Crystal Hsu / Staff reporterHousing transactions in the nation’s six special municipalities last month rose 7.1 percent to 27,802 units, led by conspicuous gains in central and southern Taiwan, data released yesterday from respective local governments showed. In particular, transfers in Taoyuan and Taichung advanced by double-digit percentages to above 5,000 units, as central and southern Taiwan are catching up with the north by measure of transaction volume. Photo: Hsu Yi-ping, Taipei TimesKaohsiung also achieved a milestone with 5,070 deals, representing an 8 percent increase from November, the local government’s statistics showed. Property deals in Taipei grew 6 percent to 2,869 units last month and shed 3 percent to 6,934 in New Taipei City, separate local government data showed. The trend could prompt developers to shift their focus away from Taipei and New Taipei City and give more attention to central and southern Taiwan, Tseng said.

Suez cargo hit record high last yearAFP, CAIROEgypt’s Suez Canal Authority said that the key waterway netted record revenues last year, despite the COVID-19 pandemic and a six-day blockage by the giant cargo ship Ever Given. About 1.27 billion tonnes of cargo were shipped through the canal last year, earning US$6.3 billion in transit fees, 13 percent more than in 2020, and the highest figures ever recorded, the Suez Canal Authority (SCA) managing director Osama Rabie said. People watch a shipping container pass through the Suez Canal in Ismailia, Egypt, on Oct. 5 last year. In March, the Ever Given super tanker — a behemoth with deadweight tonnage of 199,000 — became stuck diagonally across the canal during a sandstorm. Egypt lost up to US$15 million each day during the canal closure, the SCA said.

Sudanese PM resigns amid crackdown on protestersAFP, KHARTOUMSudanese Prime Minister Abdalla Hamdok resigned on Sunday, more than two months after a military coup and following another deadly crackdown on protesters, with the military now firmly in control. Protesters gather on Sunday in Khartoum at a demonstration against an Oct. 25 military coup in Sudan. Hamdok was the civilian face of the nation’s fragile transition, while al-Burhan has been the nation’s de facto leader following al-Bashir’s ouster. However, thousands still came out to demonstrate “in memory of the martyrs,” with at least 57 protesters now killed since the coup, according to pro-democracy medics. Young men on motorcycles were seen ferrying wounded protesters to hospitals as security forces blocked ambulances from reaching them.

Big tech adds US$2.5tn in value last yearBloombergBig tech powered US stocks to a third straight winning year last year, as giants such as Apple Inc and Microsoft Corp continue to see strong demand almost regardless of the economic environment. While their performances last year varied from Alphabet’s 65 percent surge to Amazon’s 2.4 percent slog, the group collectively added more than US$2.45 trillion in market valuation. Microsoft, Apple and Alphabet were among the three biggest contributors to the S&P 500 Index’s gains for the year. “While I believe in the merits of tilting toward cyclical names going into 2022, I would not abandon tech,” Luschini said. It was the strongest year for the stock since 2009, and it briefly joined Apple and Microsoft with a US$2 trillion market valuation.

Retired officers to depart for US to set up missionStaff writer, with CNARetired army major general Ni Pang-chen (倪邦臣) and retired navy captain Cheng Kuo-feng (程國峰) are to depart for the US today to establish a mission for the Veterans Affairs Council (VAC) that would oversee veterans’ affairs exchanges between the two countries. Ni has experience abroad, and is proficient in Spanish and English, the council said, adding that Cheng is also proficient in English, with a well-rounded military service in the navy. Both have passed the American Institute in Taiwan’s interview as well as English proficiency tests, it added. The long-term goal would be to establish official communication with the US Department of Veterans Affairs, with the expectation that the mission would serve as a channel for track two diplomacy, he said. President Tsai Ing-wen (蔡英文) on Nov. 26 announced that the council would establish a mission in the US.

French vehicle ads must promote greener optionsAFP, PARISVehicle advertisements in France are from this year required to include messages encouraging people to consider less-polluting travel alternatives as part of the government’s drive to rein in carbon dioxide emissions. Similar to mandatory reminders to eat healthy on food and beverage ads, the standardized messages are to suggest that drivers adopt more environmentally responsible options when possible. The ads are also required to include a vehicle’s carbon dioxide emission class, a new ranking system to inform consumers about the environmental impact that is part of a widespread climate action law approved by lawmakers in July last year. It’s the first time we’ve had such a direct message from the government,” Hyundai Motor France president Lionel French Keogh said. As part of the new French law, advertising for the most polluting vehicles — those that emit more than 123 grams of carbon dioxide per kilometer, including many popular SUVs — are to be completely outlawed from 2028.

Russia’s gas supplies to Europe are under scrutinyBy Florian Cazeres with Charlotte Causit / AFP, BERLINWith the arrival of winter in Europe and energy prices soaring, tensions are running high over the provision of gas from Russia — especially through the Yamal-Europe pipeline that runs through Poland and Belarus. Photo: ReutersIt delivers 30 billion cubic meters of gas to Europe each year, making it one of the most important vehicles for the provision of Russian gas to the continent. However, this means that it is more cost efficient for Poland to buy Russian gas from Germany. Meanwhile, Russian gas continues to flow to Europe through other major pipelines such as Nord Stream I and TurkStream. Some European states, such as Poland and Ukraine, have accused Moscow and Russian energy company PJSC Gazprom of cutting gas supplies to Europe to exert political pressure over these tensions.

Oil’s annual gains largest since 2009BloombergOil posted its biggest annual advance since 2009 as COVID-19 vaccination rollouts accelerated the reopening of economies, spurring global consumption, while crude production returned at a more moderate pace. West Texas Intermediate (WTI) rose 55 percent for the biggest year-to-date gain in more than a decade. Brent, the global benchmark, rose 50 percent, the largest gain since 2016. Oil’s rally last year was also due to an energy crunch, prompted by shortages of natural gas and coal earlier this fall. Surging gas prices led to rising demand for alternative power generation in Europe and Asia heading into the Northern Hemisphere winter.

Agriculture key to Lithuania tiesBy Marcin Jerzewski 葉皓勤Lithuania, arguably one of the most vocal supporters of Taiwan in Europe, remains a target of Chinese tools of negative economic statecraft. Given that cereals constitute the largest export product of Lithuania to China, farmers and food producers have been hit particularly hard through the ongoing spat. The strong representation of Lithuanian food producers at the recently concluded international food show Food Taipei marks an important step in the right direction. Consequently, intersectoral cooperation between TAITRA, the Council of Agriculture, the National Development Council and other executive agencies is required for a holistic and nuanced approach to building ties. It is also important to recognize that incumbents from the ruling coalition notice the sensitivity of agricultural and food sector cooperation.

However, from next month, all COVID-19 tests would have to be paid for, the center added. Starting today, the monthly minimum wage for workers is to be raised by 5.21 percent from NT$24,000 (US$867) to NT$25,250, and the hourly minimum wage is to be lifted from NT$160 to NT$168. Ministry of Labor figures show that 2.45 million workers would benefit from the monthly and hourly wage increases. From earners of the minimum monthly salary, NT$581 would be deducted monthly from their paychecks, their employer would pay NT$2,033, and the government would cover the remaining NT$290. The minimum age for people who wish to claim full pensions under the Labor Insurance program is to be raised from 62 to 63 next year.