TSMC to begin 3nm mass productionTAINAN FAB: The firm in an unusual move is to hold a ceremony to launch mass production, which analysts said seeks to affirm its continued presence in Taiwan Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) on Saturday said that it would hold a ceremony on Thursday to mark the beginning of mass production using its 3-nanometer process. The company is to mark the placing of the final beam at its Fab 18 in the Southern Taiwan Science Park (南部科學園區) in Tainan. It would also detail its plans for expanding 3-nanometer production at the facility in the coming years, TSMC said. The fab currently mass produces chips using the 5-nanometer process. It is unusual for TSMC to hold a ceremony to mark the beginning of commercial production of a new technology.

Shin Ruenn Construction Co chairman Ben Huang poses for a photograph in Taipei yesterday. Photo: Chen Yung-chi, Taipei Times“Shin Ruenn would stand by its construction schedule despite economic uncertainty and unfavorable legislation,” he said. The Taipei-based developer is due to recognize profit from joint ventures at two pre-sale projects, Good Life of Metro Heart I and II in Taoyuan’s Luzhu District (蘆竹), Shin Ruenn Development chairman Kuo Chang-geng (郭長庚) said. The projects near the Taoyuan International Airport MRT Line have sold out, and Shin Ruenn Development could divide a profit of NT$1.23 billion upon their completion next year, Kuo said. The developer has participated in the development of Fancy World in New Taipei City’s Tamsui District (淡水) and Sky Forest in Taipei’s Nangang District (南港).

Considering its effect on Taiwan, the TPP caucus yesterday held a news conference at the legislature to call for better financial literacy. Awareness of the risks of investing in the cryptocurrency market is insufficient among Taiwanese, TPP Legislator Jang Chyi-lu (張其祿) said. Most Taiwanese affected by the FTX collapse were students and people with limited funds, TPP Legislator Cynthia Wu (吳欣盈) said, citing a local self-help association. This year’s Taiwan Financial Lives Survey by the Taiwan Academy of Banking and Finance showed a decline in financial resilience and literacy among young people compared with two years ago, she added. TPP Legislator Chen Wan-hui (陳琬惠) accused the Ministry of Digital Affairs of “doing nothing” in response to the FTX collapse, despite regulation of the digital economy falling under its purview.

S Korea chip output falls most since financial crisisBloombergSouth Korea’s semiconductor production last month fell by the highest rate since the global financial crisis, weighing on the nation’s industrial output and pointing to a further cooling of overseas demand for tech components as the world economy slows. Chip production shrank for a fourth straight month, falling 15 percent from a year earlier in the largest drop since 2009, data released yesterday by Statistics Korea showed. South Korea’s growth is already under pressure from falling exports and rising interest rates at home, with the gloomy outlook overseas adding to concerns. The cloudy outlook gives the Bank of Korea more reasons to be cautious as it mulls the end of its tightening cycle. The double-digit increases in inventories since October underscores a global oversupply of memory chips, a sector in which South Korea leads production.

Low wages spur hospitality sector labor shortagesBy Crystal Hsu / Staff reporterAn ongoing labor shortage in hotels and restaurants is due to low wages rather than imbalanced supply and demand, the Ministry of Labor said yesterday. A Caesar Park Hotels and Resorts employee is pictured in Taipei in an undated photograph. The ministry said it had launched rounds of matching campaigns, and concluded that wage expectation gaps account for the understaffing issues in the hospitality sector. The service sector comprises 60 percent of employment in Taiwan, and there are many potential workers available locally to work at hotels and restaurants, the ministry said. Hospitality operators should lower their qualification requirements or raise compensation to attract applicants to vacancies, it said.

Climate, nuclear crises spark fears of worstWith dangers rising from nuclear war and climate change, does humanity need to at least begin contemplating the worst? But with dangers rising from nuclear war and climate change, does the planet need to at least begin contemplating the worst? “We have not faced the prospect of Armageddon since Kennedy and the Cuban missile crisis” in 1962, Joe Biden said in October. While any Russian nuclear strike would likely involve small “tactical” weapons, experts fear a quick escalation if the US responds. Benedict also faulted the Biden administration’s nuclear posture review which reserved the right for the US to use nuclear weapons in “extreme circumstances.”“I think there’s been a kind of steady erosion of the ability to manage nuclear weapons,” she said.

Records that tumbled in 2022Heatwaves in Europe, global inflation and North Korea setting off a barrage of missiles all made this year one of extremesAFP, PARISFrom roasting temperatures to rocketing energy prices and millions of refugees fleeing Ukraine, 2022 was a year of extremes. Swift topped the list for the “worst private jet CO2 emission offenders” among celebrities for her extensive private jet use this year. Less glorious for Swift was her topping the list for the “worst private jet CO2 emission offenders” among celebrities for her extensive private jet use. In August when she was awarded the unenviable prize, she had already clocked up 170 flights in her private jet. EIGHT BILLION HUMANSIn November the world’s population — which numbered 2.5 billion in 1950 — exceeded eight billion, according to the UN.

Kwang Yang seals deal to electrify HCT’s scooter fleetBy Lisa Wang / Staff reporterKwang Yang Motor Co (光陽工業) has clinched a deal to help HCT Logistics Co (新竹物流) electrify its scooter fleet, the company said yesterday. The deal also offers tailor-made tariffs for HCT riders using electric batteries at Kwang Yang’s swapping stations. Photo: CNA“With more battery swapping stations deployed, we are seeing more opportunities coming in,” Kwang Yang chairman Allen Ko (柯勝峰) said yesterday. Kwang Yang said it is working with Shihlin Electric & Engineering Corp (士林電機) to develop motors used in electric scooters. Kwang Yang said it aims to add 600 more battery swapping stations next year to expand the number to 2,600 nationwide.

Building boom is setting up India as global steel saviorBloombergWith China’s massive construction sector still in a funk and the US and Europe likely heading into recessions, India has emerged as a savior for flagging global steel demand. Poised to overtake China as the world’s most populous nation next year, India is in the midst of a building boom. Hazra, deputy secretary-general at the Indian Steel Association, which has requested authorities look into the matter. Despite the strong growth, India is still well behind China in terms of total steel consumption. Demand for next year would be less than one-seventh of China’s 914 million tonnes, World Steel Association data showed.

By-election for Hsu’s Nantou seat set for March 4Staff writer, with CNAA by-election is to be held on March 4 to fill the legislative seat vacated by Hsu Shu-hua (許淑華) of the Chinese Nationalist Party (KMT), who was inaugurated as Nantou County commissioner on Sunday, the Central Election Commission (CEC) said on Sunday. Nantou County Commissioner Hsu Shu-hua, right, walks through the county hall on her first full day in office yesterday. Candidates for the race being speculated on by local media include Nantou County chapter head Lin Ru-bin (林儒彬), Nantou Mayor Song Huai-lin (宋懷琳) and Nantou County Councilor Yu Hao (游顥), all from the KMT. Also being reported are Jiji Township (集集) Mayor Chen Ji-heng (陳紀衡) and Nantou County Councilor Lai Yen-hsueh (賴燕雪) from the Democratic Progressive Party (DPP), media reports have said. The DPP has also reportedly encouraged Tsai Pei-hui (蔡培慧), who lost to Hsu in the commissioner election on Nov. 26, to run in the legislative by-election.

Manufacturing confidence inches upMIXED PERSPECTIVES: Business sentiment is more positive among ASEAN and Indian markets, and is expected to pick up in China amid its COVID-19 reopening, TIER saidBy Crystal Hsu / Staff reporterBusiness confidence last month picked up among domestic manufacturers and service providers, but the construction and property sectors turned gloomy ahead of the expected enactment of unfavorable legislation, the Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) said yesterday. The sentiment reading gained a fractional 0.87 points among local manufacturing sectors, reversing 10 months of a downturn, as most firms are neutral or slightly more optimistic about business prospects, TIER president Chang Chien-yi (張建一) said. The sentiment measure among local service providers rose 0.31 points to 91.21, terminating three months of decline, TIER said. In contrast, shipping and logistics service providers took a hard hit, as recession fears weighed on demand, it said. The confidence reading dropped 0.24 points to 85.6 among the construction and property sectors, softening for four consecutive months, it said.

South Korea’s parliament passes 2023 budget billReuters, SEOULSouth Korea’s parliament on Saturday approved South Korean President Yoon Suk-yeol’s administration’s first full-year budget bill for next year, which cut total spending and the fiscal deficit from this year. The approved budget, valued at 638.7 trillion won (US$498.89 billion) or 6 percent less than this year’s, is set to cut the fiscal deficit to 0.6 percent of GDP from 3.3 percent this year. South Korean President Yoon Suk-yeol speaks during an interview with Reuters in Seoul on Nov. 28. Yoon’s government aims to contain the debt growth by keeping the fiscal deficit at 0.5 percent to 0.6 percent in each of the next several years, compared with 3.3 percent estimated for this year. The parliament also delayed the introduction of a financial investment income tax by two years.

Gasoline, diesel prices to rise due to soaring crudeBy Chen Cheng-hui / Staff reporterGasoline and diesel prices are to increase by NT$0.1 and NT$0.6 per liter respectively this week due to a rise in global crude oil prices last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in separate statements yesterday. Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$29.1, NT$30.6 and NT$32.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively. CPC said that based on its floating oil price formula, the cost of crude oil rose 0.84 percent last week from a week earlier, as several factors affected market sentiment and boosted oil prices. A decrease in US crude oil inventories and plans by the US Department of Energy to replenish the nation’s strategic oil reserves also caused upward pressure on crude prices, Formosa said. The spike in global oil prices would have resulted in CPC increasing gasoline prices by NT$0.3 per liter and diesel prices by NT$0.8 per liter, but the company absorbed part of the increases to comply with the government’s price stabilization policy, it said.

TSMC to begin 3nm mass productionTAINAN FAB: The firm in an unusual move is to hold a ceremony to launch mass production, which analysts said seeks to affirm its continued presence in TaiwanStaff writer, with CNATaiwan Semiconductor Manufacturing Co (TSMC, 台積電) on Saturday said that it would hold a ceremony on Thursday to mark the beginning of mass production using its 3-nanometer process. It would also detail its plans for expanding 3-nanometer production at the facility in the coming years, TSMC said. It is unusual for TSMC to hold a ceremony to mark the beginning of commercial production of a new technology. The company is also developing a more sophisticated 2-nanometer process and plans to build a 2-nanometer fab in Hsinchu, with mass production scheduled to begin in 2025. Apple Inc and Intel Corp are expected to place orders for chips made with TSMC’s 3-nanometer process, analysts have said.

Before the pandemic Hong Kong’s tailors were a must-visit for many tourists thanks to their reputation for quality — and their ability to turn a bespoke suit around as little as 24 hours. Many of those tailors relocated to Hong Kong in the aftermath of the Chinese Communist Party’s civil war victory in 1949. “People can get 10 suits in Hong Kong with the frequency they get one suit in Saville Row,” said Andy Chan, President of the Hong Kong Tailors Association. “This is why everybody came to Hong Kong to get a custom-made suit for them.”TOURIST DESERTIn recent years Hong Kong’s tailoring industry has struggled against fast fashion and online sales. Hong Kong only scrapped mandatory hotel quarantine in September, long after rival hubs like Singapore had reopened to the world.