Central bank dismisses money supply ‘death cross’By Crystal Hsu / Staff reporterThe nation’s M2 broad monetary gauge last month grew faster than the narrow M1B indicator, resulting in the first so-called “death cross” in four years, the central bank said yesterday. Photo: Chen Mei-ying, Taipei TimesM1B refers to cash and cash equivalents, while M2 encompasses M1B, time deposits, time savings deposits, foreign currency deposits and mutual funds. “There is no need to overreact, as there is still ample liquidity in the market to support economic activity, despite a slowdown in both measures,” the central bank said. Data on time deposits and foreign currency deposits have little to do with the TAIEX’s performance, it said, adding that foreign currency deposits rose 15.23 percent from a year earlier, although they eased from a 17.64 percent pickup in June. The National Stabilization Fund later stepped in and helped restore confidence, the central bank said.

Wind farm projects drive foreign direct investmentStaff writer, with CNAGovernment-approved foreign direct investment (FDI) in the first seven months of this year rose by more than 200 percent from a year earlier, due to investment pledges by offshore wind power developers. Approved FDI totaled US$9.69 billion over the period, up 201.84 percent from a year earlier, while the number of approved FDI applications fell 7.04 percent from a year earlier to 1,426, Investment Commission figures showed on Monday. Photo courtesy of Formosa II Wind Power CoDuring the period, the commission issued approved an application by Denmark’s Orsted Wind Power TW Holding A/S to invest NT$93.66 billion (US$3.09 billion) in offshore wind projects in Taiwan. The value of Taiwan’s approved foreign-bound investments in the first seven months fell 33.89 percent from a year earlier to US$5.02 billion. The commission approved US$2.25 billion of investment bound for policy countries, down 55.71 percent from a year earlier, with Singapore, Australia and Vietnam the major destinations.

Coral bleaching in south blamed on lack of stormsFINE FIRST: The owner of a cargo ship that damaged coral when it ran aground off Pingtung County in 2018 was fined NT$652,967, although NT$5.8m was sought A lack of typhoons to cool waters off the south of Taiwan have resulted in severe coral bleaching, the Ocean Conservation Administration said yesterday as it issued a level 2 alert over the issue. The agency surveyed 20 areas near the coast of Taiwan proper, as well as off Green Island (綠島) and Orchid Island (Lanyu, 蘭嶼), it said, adding that it issued a level 1 alert for areas in northern Taiwan, where it found only sporadic bleaching. Level 2 alerts were issued for all of the areas it assessed in the south, with the exception of Jihuei Fishing Port (基翬漁港) inBy Hung Ting-hung, Tsai Tsung-hsien and William Hetherington

Local virus cases up 14%‘3+11’: The CECC had followed procedure in arriving at a decision on the quarantine policy, a Control Yuan report said, while recommending regulatory amendmentsBy Lee I-chia / Staff reporterThe Central Epidemic Command Center (CECC) yesterday reported 26,095 new local COVID-19 cases, an increase of 13.9 percent from last week, and predicted that total caseloads this week could rise by about 10 percent. New Taipei City had the most cases at 5,258, followed by Taipei with 3,189, Taichung with 3,038, Taoyuan with 2,673, Kaohsiung with 2,179, Tainan with 1,650 and Changhua County with 1,132, CECC data showed. Centers for Disease Control (CDC) Deputy Director-General Philip Lo (羅一鈞), deputy head of the CECC’s medical response division, reported 28 moderate-to-severe cases, which is the lowest daily number since May 3. A woman wearing a mask shades herself from the sun in Taipei yesterday. Meanwhile, the Control Yuan yesterday published its investigation report on the CECC’s “3+11” quarantine policy decision procedure.

Taiwan’s dependent population to be larger than previously forecast: agencyBy Crystal Hsu / Staff reporterTaiwan is still set to become a super-aged society by 2025, but with a larger dependent population than forecast in a previous study in 2020, meriting the attention of policymakers, the National Development Council said yesterday. National Development Council Deputy Minister Yu Chien-hwa, left, and Kaohsiung Deputy Mayor Charles Lin attend a news conference in Taipei yesterday. Photo: Wu Hsin-tien, Taipei TimesWhile the pace of aging remains the same and the demographic dividend is expected to end in 2028 as previously projected, the dependent population has been growing faster than expected, the council said. The dependent population — including children and people aged 65 or older — would be equal to 42.2 percent of the workforce this year and climb to 53.2 percent in 2030, and outnumber the working population by 2060, four years earlier than previously forecast, the council said. The government should adopt measures to make Taiwan a safe and friendly living environment for elderly people, the council said.

Taiwan teams take gold at world invention contestBy Chen Chia-i and Liu Tzu-hsuan / Staff reporter, with staff writerA Taiwanese-designed biodegradable bottle cap that hermit crabs can use as their homes won gold at this year’s World Innovation and Invention Competition in South Korea, as Taiwan ranked first overall, according to the results, which were announced yesterday. The competition attracted 243 entries from 12 countries, including Taiwan, which submitted 51 inventions, as well as Canada, Indonesia, Malaysia, the Philippines, South Korea, Thailand and Turkey. Bottles with biodegradable caps invented by teachers and students at National Kaohsiung University of Science and Technology are pictured in an undated photograph. The team designed a waterproof layer in the cap made with edible wax, which would not harm sea birds if ingested by accident. They have filed a patent for the project, which has been awarded a grant from the National Science and Technology Council.

Class suspension rules need fine-tuning: associationBy Rachel Lin / Staff reporterThe Taiwan Youth Association for Democracy yesterday called for supplementary measures to the standards guiding the suspension of in-person classes in the event of a COVID-19 infection cluster in a classroom. The association yesterday on Facebook said the Omicron BA.5 subvariant of SARS-CoV-2 is expected to drive a new COVID-19 wave in Taiwan. The association said many students support the second phase of the new class suspension standard, as they would not face frequent class suspensions and disruptions to their education. The “325” system requires that if, within three days, two students in the same class are infected, the class should be closed for five days. The ministry could set a standard according to the severity of each COVID-19 cluster, it said.

Hong Kong Christians are losing autonomyBy Joseph Tse-hei Lee 李榭熙History OFFERS the best reference for crisis management in times of upheaval. This is particularly true for Christian churches in Hong Kong under China’s draconian security rule. In light of the government’s warning, local Christians would have to keep their heads down. Even as Christians in Hong Kong remain a minority, it is a visible living faith. Hong Kong Christians are part of global churches.

2022-08-16Taiwan is the hub of LGBTQ+ rights in Asia and proudly wears that status. Before the COVID-19 pandemic halted travel, people across the region could make the pilgrimage to Taipei for his October annual Pride Parade, proudly waving rainbows and remixed national flags freely. I was swinging on land where I could. Given this achievement, it was an honor to have Kaohsiung selected to host the 9th WorldPride. All host cities, except Jerusalem in 2006,

Taking advantage of a rise in the firm’s share price, JP Asset Management sold its stake, pocketing about NT$539 million in profit, it said. The court also sentenced Chiu to eight years in jail and suspended his civil rights for four years, while PJ Asset Management CEO Daniel Tarng (唐楚烈), who worked with Chiu to manipulate the department store chain’s share price, was sentenced to eight years in prison. Fuh Hwa chief investment officer Chiu Ming-chiang (邱明強), fund manager Liu Chien-hsien (劉建賢) and analyst Chen Chou-lun (陳周倫) were sentenced to four years, three years and eight months, and 10 months in jail respectively. The two other defendants in the case, Capital Investment Trust Corp vice president Hsieh Chih-ying (謝志英) and analyst Tang Ming-chen (湯明真), were found not guilty. The court said it has ordered the seizure of NT$539 million in illegal profits made by PJ Asset Management.

Amazon.com Inc, Apple Inc and Microsoft Corp all fell and were the biggest drags on the S&P 500 and NASDAQ. A woman walks past a street vendor near the New York Stock Exchange on Wall Street on Tuesday. The S&P 500 fell about 1.21 percent and the NASDAQ slid 2.62 percent in their first weekly declines after four weeks of gains. The US central bank needs to keep raising borrowing costs to tame decades-high inflation, a string of US central bank officials said on Thursday, even as they debated how fast and how high to lift them. The S&P 500 posted one new 52-week high and 29 new lows; the NASDAQ Composite recorded 43 new highs and 93 new lows.

Luxury sneakers might be step too far for cash-strapped Gen ZBy Casey Hall and Mimosa Spencer / Reuters, SHANGHAI and PARISFrom US$300 bucket hats to US$900 sneakers and US$700 T-shirts, the high-flying luxury sector is fretting over the appetite among financially stretched Gen Z consumers for such “aspirational” purchases. This shift to focus on core luxury consumers also encompasses a cohort of wealthy Gen Z consumers less likely to be affected by inflation or unemployment. Brands such as Burberry have already reported weakness in sales of sneakers and slides, products Gen Z and millennial consumers have traditionally used as their entree into the world of luxury brands. Luxury branded mobile phone cases, earrings, hair clips and perfumes are all popular among her Gen Z peers in China, Yi said. If they do find the right offering of entry-level products, or if the economic situation of Gen Z consumers improves, the desire for luxury products remains undimmed.

The solar charkhas — which feature 12 spindles, double the number on her old wheel — are equipped with a motor and battery pack, and provided along with a 400 watt solar panel. Many women work at home, while others do so at production hubs in their villages which are run by local nonprofits. It is not just cotton spinners and weavers who are benefiting from solar energy in Uttar Pradesh. The Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) said it had installed about 700 megawatts (MW) of solar off-grid capacity. Nonetheless, in the case of the solar charkhas initiative, he hailed their effects on local women in a short space of time.

EDITORIAL: Developing a better defense systemChina’s launching of missiles over Taiwan during military drills earlier this month was “irresponsible,” and something that must be contested, a senior US Navy official said on Tuesday. In Taiwan, news of the missiles went public only after a report by the Japanese Ministry of Defense, as five of the missiles landed in Japanese waters. That leaves the question of what can be done to prevent further ICBM launches over Taiwan. Such a system could also benefit South Korea and Japan, which face missile threats from North Korea. It is imperative that Taiwan work with the US and other friendly nations to take concrete actions now to prevent that from happening.

Women’s soccer in India faces an uncertain futureAFP, NEW DELHIIndia’s female soccer players are in despair and uncertain about the future after a FIFA ban saw the country stripped of a major international tournament and left its best team in limbo. The world soccer governing body has suspended the All India Football Federation until it regains full control of its daily affairs. Photo: ReutersThe indefinite suspension had an immediate impact on Indian soccer, men and women, from professional down to grassroots. They only learned about the FIFA suspension when their flight landed in Tashkent and have been barred from competing. The national team are ranked 58th in the women’s global rankings — the men are 104th — and Gokulam last year became the first Indian women’s team to qualify for the an AFC club competition.