Fantasia fails to make paymentsCHINESE PROPERTY: Fantasia did not repay a US$205.7 million note, while S&P Global Ratings has downgraded Sinic’s rating, saying ‘a default-like process has begun’AFP, BEIJINGFantasia Holdings Group (花樣年控股集團), a Chinese homebuilder, on Monday missed payments on debt obligations, adding to worries over the country’s property sector as embattled giant China Evergrande Group (恆大集團) teeters on the brink of collapse. Fantasia Holdings failed to repay a US$205.7 million note, the Shenzhen-based company said in a statement. Photo: APThis came as property management firm Country Garden Services Holdings Co (碧桂園) added that a unit of Fantasia had missed repayment on a 700 million yuan (US$108 million) loan, saying it was likely that Fantasia would default. While Fantasia is a smaller player in the market than Evergrande, its struggles highlight investor concerns over companies’ financial disclosures. Fitch Ratings on Monday downgraded Fantasia to “CCC-,” which indicates default is a possibility.

Global film and TV event to have Taiwan pavilionBy Sherry Hsiao / Staff reporterThe Taiwan Creative Content Agency (TAICCA) yesterday said it would present a Taiwan pavilion on the online platform of the Asian Contents & Film Market (ACFM) — a leading event in the international film and television industry to be held from Monday to Thursday next week. The pavilion is being organized with support from the Ministry of Culture’s Bureau of Audiovisual and Music Industry Development, the agency said in a statement, adding that it would promote 55 films and 98 television shows from Taiwan to the rest of the world. The E-IP Market is a zone for trading original content adaptable across media, ACFM’s Web site says. In related news, the Taiwan Creative Content Fest — an international market and exhibition launched by TAICCA last year — is to return for a second edition from Nov. 10 to Nov. 14. Themed “Welcome to the Metaverse,” the event is to celebrate Taiwanese content driven by technology and creativity, the agency said.

Commercial property transactions gain 14.3%By Crystal Hsu / Staff reporterCommercial property transactions last quarter gained 14.3 percent from three months earlier to NT$31.32 billion (US$1.12 billion), while land deals jumped 15.8 percent to NT$77.5 billion, propelled by demand for commercial and industrial office spaces, as well as factories, Cushman & Wakefield Taiwan (戴德梁行) said yesterday. In the first three quarters of the year, commercial property deals totaled NT$105.07 billion, already surpassing the figure for the whole of last year, the local branch of the US property consultancy said. Cushman & Wakefield Taiwan managing director Billy Yen speaks at a news conference in Taipei yesterday. Land deals have been hot, with an average quarterly volume of NT$73.8 billion for the past two-and-a-half years, the consultancy said. It is unlikely that property prices would fall, given increasingly expensive building materials and land costs, Yen said.

Airline group IATA says carbon target set for 2050AP, GENEVAThe world’s largest association of airlines on Monday said that it is aiming for the air transport industry to reach net-zero carbon emissions by 2050, while acknowledging that it will be a “huge challenge.”The International Air Transport Association (IATA), which has key offices in Geneva, said its general meeting in Boston had agreed on the target, a commitment that would line it up with the goals of the 2015 Paris Agreement, which aims to limit global warming under 1.5°C above pre-industrial times. The industry appears to be counting heavily on a carbon-offset plan laid out by a UN organization on civil aviation, but suggests governments have a role to play, too. KLM chief executive officer Pieter Elbers speaks at the International Air Transport Association’s annual general meeting in Boston on Monday. Photo: Reuters“With collective efforts of the entire value chain and supportive government policies, aviation will achieve net zero emissions by 2050,” IATA director-general Willie Walsh said in a statement. One scenario foresees sustainable fuels accounting for nearly two-thirds of the roughly 1.8 gigatons of carbon that would need to be mitigated for airlines to reach net-zero emissions, Walsh said.

Shimron Hetmyer steers Delhi to top of IPL tableAFP, DUBAIWest Indies batsman Shimron Hetmyer on Monday produced a match-winning cameo as the Delhi Capitals edged out the Chennai Super Kings by three wickets to take the lead on the IPL table. “Very important for me to finish games,” the left-handed Hetmyer said. Delhi, who inched closer to a top-two finish in the league stage, made Chennai slip to second, while Virat Kohli’s Royal Challengers Bangalore remain third. Finishing in the top two gives the teams a second chance among the four teams to make the finals on Oct. 15. Bravo got Patel out in the final over, but new man Kagiso Rabada hit the winning runs to take Delhi to 20 points in 13 matches.

The Taipei-based researcher attributed the strong outlook for the local semiconductor industry to demand for chips used in notebook computers amid a COVID-19 pandemic-induced stay-at-home economy, as well as emerging applications from 5G and artificial intelligence to automotive electronics. A 300mm silicon wafer is displayed at a GlobalFoundries Inc plant in Dresden, Germany, on Aug. 12. The production value in Taiwan’s semiconductor industry this year is expected to soar 31.8 percent from last year to NT$3.6 trillion (US$129 billion), the Market Intelligence and Consulting Institute said yesterday. “Semiconductor shortages have become a new global norm,” said Cheng Kai-an (鄭凱安), a senior industry analyst at the institute. Over the next three years, the compound annual growth rate of production value in Taiwan’s foundry sector is expected to be 10.5 percent, it said.

Forex reserves rise to US$544.9bnBy Crystal Hsu / Staff reporterTaiwan’s foreign exchange reserves last month totaled US$544.9 billion, rising US$1.32 billion from August to a record for the second straight month, the central bank said yesterday, crediting foreign-exchange management. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民) said that the US dollar gained 1.73 percent last month, allowing the bank’s investment gains to more than absorb unfavorable exchange twists. Taiwan’s foreign exchange reserves last month totaled US$544.9 billion, rising US$1.32 billion from August to a record for the second straight month, the central bank said yesterday. That explained why foreign portfolio investors trimmed their holdings in local shares and New Taiwan dollar deposits, which totaled US$691.3 billion last month, or 1.27 times the value of the nation’s foreign exchange reserves, he said. Taiwan remained the world’s fifth-largest holder of foreign exchange reserves, trailing China, Japan, Switzerland and India, the central bank said.

Rookie Theegala seizes PGA lead, Pan closes inAFP, WASHINGTONSahith Theegala, chasing his first US PGA title, on Saturday fired a bogey-free five-under-par 67 to grab a one-stroke lead in the third round of the Sanderson Farms Championship, with Taiwan’s C.T. The 23-year-old American, a rookie making only his 15th US PGA start, stood on 18-under 198 after 54 holes at the Country Club of Jackson in Mississippi. Pan watches his drive from the second tee during the third round of the Sanderson Farms Championship in Jackson, Mississippi, on Saturday. His second round performance was flawless, with birdies on holes five, six and 14, and an eagle on three. At the LPGA ShopRite Classic in Galloway, New Jersey, Ko Jin-young and Park In-bee set the stage for a South Korean shoot-out, firing second-round 65s to share a two-stroke lead after the second round.

COVID-19: CECC eases outdoor mask regulationsBREATHE EASY: People like farmers, and visitors to forests and beaches, would not have to wear masks as long as they can ensure social distancing, the minister of health saidStaff writer, with CNAThe Central Epidemic Command Center (CECC) yesterday announced a partial relaxation of the nation’s outdoor mask mandate as it reported zero new domestically transmitted COVID-19 cases. A farmer works in a field in Taipei yesterday. From tomorrow, farmers are not required to wear masks if they are outdoors and can maintain social distancing. A comprehensive outdoor mask mandate was introduced after Taiwan’s COVID-19 alert level was raised to level 3 in May, amid a spike in locally transmitted cases. With no new deaths reported yesterday, the number of confirmed COVID-19 deaths remained at 843, with all but 12 recorded since May 15, the data showed.

Academia Sinica has sometimes been confused with the Chinese Academy of Sciences, as its Latin name translates to “Chinese Academy” in English, Fan said at the time. The entrance to Academia Sinica in Taipei’s Nangang District is pictured on Dec. 31 last year. Photo: Yang Yuan-ting, Taipei TimesLiao promised to ensure that Academia Sinica members discuss a name change, and has since formed an ad hoc committee for that purpose, which has met four times. Changing it might also result in difficulties when cooperating with Chinese researchers, it said. Fan on Saturday commended the institution for its progress on the matter, and said she welcomed further deliberation by all Academia Sinica members and researchers.

Mask mandate might be relaxedALERT TO REMAIN: The CECC said that agencies have relayed complaints from people saying there is no need for a farmer in a field or a family hiking to wear masks Taiwan’s mask mandate is to be relaxed from tomorrow as the number of domestic cases of COVID-19 has fallen, but the level 2 alert will be extended, Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the Central Epidemic Command Center (CECC), said yesterday. The CECC is reconsidering mask requirements while outdoors in areas where there are few people, Chen said. Government agencies have relayed complaints about having to wear a mask in places where there are few people, such as a farmer working in a field or a family hiking, he said. As Taiwan reported an average of two locally transmitted

Walter Lohman On Taiwan: Back to basics on Taiwan’s participation in international organizationsFor all the hard work and debate, Congress may not present an omnibus China bill to the President this year. There are big problems with that bill — not least its price tag — but among the useful things it does is incorporate two measures on Taiwan’s international space. Look, even with all that’s going on with China now — its wolf warrior diplomacy, its armed harassment of Taiwan — it’s a hard slog getting support for expanding Taiwan’s international space. There is an enormous amount to be done besides, as anyone close to the effort to help Taiwan gain participation in international organizations can attest. Kudos to Congressmen Bera, Chabot, Connolly, Curtis, their many co-sponsors and the House Foreign Affairs Committee for grasping this.

Google shelves plan for bank accountsTRICKY TRANSITION: Google has struggled for years to become a primary medium of commerce through its Google Pay app, a goal that has also eluded rival FacebookBloombergAlphabet Inc’s Google is shelving plans to add bank accounts to its payment app, becoming the latest tech giant to dial back its ambitions for financial services. The idea was that Google Pay users would be able to use the app to apply for so-called Plex checking and savings accounts from 11 banks. The Plex accounts were just one part of a broad overhaul of the Google Pay app, which also allowed users to link up their existing bank accounts and credit cards, and search for discounts when setting out to shop or dine. Since its debut in 2015, Google Pay — originally called Android Pay — has amassed 150 million users in 30 countries. Work on updating the Google Pay app — which consumers mostly rely on to send money to friends or for online shopping — began under Caesar Sengupta.

Poll shows concern over Chinese port investments‘REOPEN INVESTIGATIONS’: A New Power Party survey showed satisfaction with President Tsai, although most want action on Chinese stakes in ports and science parksBy Hsieh Chun-ling and William Hetherington / Staff reporter, with staff writerA poll conducted by the New Power Party (NPP) showed that a majority of respondents want authorities to crack down on Chinese investment in Taiwan’s science parks and ports, the party said yesterday. Chinese investment in science parks and port areas is viewed as a national security concern, the NPP told a media briefing in Taipei. The DPP had not listened to the NPP’s suggestion of increasing housing taxes for those with multiple properties, which would likely have helped curb prices, NPP Chairwoman Chen Jiau-hua (陳椒華) said. The survey also asked respondents how satisfied they were with the performance of President Tsai Ing-wen (蔡英文) and Premier Su Tseng-chang (蘇貞昌). The poll showed that 56 percent were satisfied with Tsai’s performance and 37.4 percent were dissatisfied, while 49.5 percent were satisfied with Su and 43.1 percent dissatisfied.

US private equity firm wins auction for UK’s MorrisonsAFP, LONDONA US private equity firm has won an auction for British supermarket group WM Morrison Supermarket PLC, the UK’s Takeover Panel which oversees merger and acquisition deals said on Saturday. The panel said that Clayton Dubilier & Rice LLC (CD&R) bid ￡2.87 per share, beating private equity giant Fortress Investment Group, which bid ￡2.86, the panel announced in a short statement. The winning bid values the company at about ￡7.1 billion (US$9.61 billion), Morrisons said. A person exits a Morrisons supermarket in London on Saturday. The auction was held because neither CD&R or Softbank Group Corp-owned Fortress lodged a final offer on their earlier bids.