Djokovic says new tennis generation has arrivedReuters, ROMENovak Djokovic on Wednesday said that the long awaited “shift of generations” has finally come to men’s tennis after the world No. Denmark’s Holger Rune celebrates after defeating Novak Djokovic of Serbia in their men’s singles quarter-final at the Internazionali d’Italia in Rome on Wednesday. Photo: AFPDjokovic, who has now lost two in a row to Rune, said that the next generation of players led by world No. Let’s see how far I’m going to play.”Novak Djokovic of Serbia returns to Denmark’s Holger Rune during their men’s singles quarter-final at the Italian Open in Rome on Wednesday. She had won the first set 6-2 then Rybakina won the second set 7-6 (7/3).

Official slams Highwealth’s safety recordFINES NOT WORKING? Deputy Minister of Labor Lee Chun-yi speaks at a meeting of the legislature’s Social Welfare and Environmental Hygiene Committee in Taipei yesterday. “It is a clear indicator that Highwealth Construction’s corporate culture does not prioritize occupational safety,” Lee said. The ministry plans to complete labor inspections at 30 sites managed by Highwealth Construction within two weeks, Lee said. “We also plan to inspect its construction sites that have tower cranes within one month,” he said.

EDITORIAL: Four-day workweek impracticalTwo petitions recently posted on the Public Policy Online Participation Network Platform calling for a four-day workweek and reduced working hours have passed the signature threshold, requiring the government to respond. This paved the way for the introduction of 84 work hours per fortnight, and finally a five-day workweek policy in 2001. With the implementation of the five-day workweek, the government canceled seven national holidays, such as Teacher’s Day. A four-day workweek policy could cause other issues. As with the implementation of the five-day workweek, a four-day workweek would be at the expense of national holidays.

Siemens raises its outlook againBloombergSiemens AG raised its outlook for a second time this fiscal year after revenue and orders jumped, with the company’s main businesses pairing industrial products with digital solutions driving the result. After a surge in demand during the fiscal second quarter, Siemens said that orders are set to normalize during the second half of this year. During the fiscal second quarter, comparable revenue rose 15 percent to 19.4 billion euros, beating analyst estimates of 18.7 billion euros. Net income rose to 3.48 billion euros, above analyst estimates of 3.1 billion euros. Siemens’ bottom line profited from a 1.59 billion euros accounting gain related to the partial impairment reversal on its stake in Siemens Energy.

TSMC says new chips to be world’s most advanced‘NO DOUBT’: The company’s remarks followed a report that Samsung was planning to overtake TSMC as the world’s No. 1 chipmaker with a technology of its own Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday expressed confidence that its 2-nanometer process technology would be the most advanced foundry technology in the world when it is introduced in 2025, shrugging off Samsung Electronics Co’s plans to overtake its technology leadership position. “Today, the 3-nanometer technology we offer is the world’s most advanced technology. When we launch our 2-nanometer technology in 2025, there is no doubt in my mind that it will be the most advanced semiconductor technology in the world,” senior vice president of business development Kevin Zhang (張曉強) said in response to a reporter’s question about Samsung’s plans. Two enhancedBy Lisa Wang

US ‘space symphony’ puts stunning NASA images to musicA similar effort was undertaken over a century ago when much in astronomy remained only theoreticalAFP, TYSONS CORNER, USIt could be the ultimate blend of art and science — a new seven-suite “space symphony” inspired and illustrated by NASA’s latest mind-boggling images. Henry Dehlinger, the symphony’s American composer, describes it as “almost like a total artwork.”Composer Henry Dehlinger on May 11 after a rehearsal of his Cosmic Cycles, A Space Symphony at Capital One Hall in Arlington, Virginia. Composer Henry Dehlinger on May 11 after a rehearsal of his Cosmic Cycles, A Space Symphony at Capital One Hall in Arlington, Virginia. The images from that research, compiled by NASA producers into seven short films, served as the inspiration for Dehlinger. Apart from photos and videos, interspersed throughout the seven films are a “mesmerizing collection of data visualizations” created by NASA, Sisler explained.

Climate activists put heat on shareholders’ meetingsVARIED TACTICS: While Scientist Rebellion activists merely bombarded BNP Paribas executives with questions, a cake landed on a podium at a VW meetingAFP, PARISClimate activists are using shareholders’ meetings to turn up the heat on corporations about their carbon footprints, from flooding them with questions to more colorful tactics such as singing or throwing cake at executives. Scientist Rebellion activists held up a sign slamming the emissions from the group’s vehicles. Scientist Rebellion members on Friday last week demonstrate outside the Swedish Ministry of Finance in Stockholm, calling on the government to stop supporting fossil energies. Earlier this month in London, HSBC Holdings PLC’s gathering was repeatedly interrupted by climate activists, with some demanding that the bank stop investing in fossil fuel companies and others accusing the firm of lying. The meetings are also a chance to push companies to step up their climate ambitions, she added.

KMT set to nominate Hou You-yiStaff writerThe Chinese Nationalist Party (KMT) is expected to formally nominate New Taipei City Mayor Hou You-yi (侯友宜) as its candidate for president on Wednesday, after events in support of his primary challenger were canceled earlier in the week. The KMT Central Standing Committee is meeting at 2pm to nominate a candidate for the Jan. 13 election. New Taipei City Mayor Hou You-yi speaks to reporters in the city on Monday. Photo: Lai Hsiao-tung, Taipei TimesThe Democratic Progressive Party has already chosen Vice President William Lai (賴清德) to be its candidate. The Taiwan People's Party was also expected to formally nominate Chairman Ko Wen-je (柯文哲) as its candidate on Wednesday.

Morgan Stanley weighs cutting Asia jobsBloombergMorgan Stanley is considering a 7 percent cut in its Asia-Pacific investment banking workforce, with China taking the biggest hit as deteriorating relations with the US and weaker economic growth curb dealmaking, people familiar with the matter said. People stand outside Morgan Stanley’s headquarters in New York on Jan. 17. The New York-based firm already axed about 50 investment-banking jobs in Asia by the end of last year after a plunge in deals, and a significant number of those were China-focused roles. Asia has been contributing about 13 percent to Morgan Stanley’s net revenue in the past five years, reaching US$6.7 billion at the end of last year. Asia delivered its third highest quarter ever, aided by the policy dynamics in Japan and the China reopening, the bank said on its earnings call with analysts last month.

China misses expectations for AprilAFP, BEIJINGChina’s economic data for last month missed expectations, data released yesterday showed, as low demand and high youth unemployment led to a patchy recovery after lifting strict COVID-19 rules. Retail sales — a key indicator of domestic consumer activity — grew 18.4 percent year-on-year, Chinese National Bureau of Statistics data showed. Overall urban unemployment slipped to 5.2 percent, from 5.3 percent in March. “The recovery of demand is still insufficient,” Chinese National Bureau of Statistics spokesperson Fu Linghui (傅令輝) told a news conference. “The challenging global picture will prevent much pick-up in Chinese exports.”Low domestic demand despite low inflation has slowed China’s economic recovery.

Taiwan Cooperative income soarsBy Crystal Hsu / Staff reporterTaiwan Cooperative Financial Holding Co’s (合庫金控) net income grew 12.42 percent to NT$5.03 billion (US$163.29 million) last quarter, as global capital markets regained some stability, favorable for financial operations and investment dealings to drive profit growth, the state-run bank said yesterday. People stand outside Taiwan Cooperative Financial Holding Co’s headquarters in Taipei’s Songshan District on April 24. Photo: Chen Mei-ying, Taipei TimesMain subsidiary Taiwan Cooperative Bank (合作金庫銀行) generated NT$44.57 billion, accounting for 90.14 percent of overall profit and offsetting Taiwan Cooperative Bills Finance Corp’s (合作金庫票?金融) losses of NT$59 million linked to higher provision costs, Chen said. Net interest income at Taiwan Cooperative Bank shrank 2.23 percent to NT$85.39 billion, while fee income declined 2.27 percent to NT$15.92 billion, company data showed. Taiwan Cooperative Bank expects to expand its mortgage business this year by targeting customers with real demand, they said.

Borrell urges EU crackdown on India fuelReutersThe EU should crack down on India reselling Russian oil into Europe as refined fuel, including diesel, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said in an interview with the Financial Times. India has in the past year emerged as a top buyer of Russian oil following Moscow’s invasion of Ukraine in February last year. Russia’s largest oil producer PJSC Rosneft Oil Co and top Indian refiner Indian Oil Corp have also signed a term deal to substantially increase and diversify oil grades delivered to India. India typically exported an average of 154,000 barrels per day of diesel and jet fuel to Europe before Russia’s invasion of Ukraine. However, that has increased to 200,000 barrels per day after the EU banned Russian oil products imports from Feb. 5 this year, Kpler data showed.

Vodafone to slash 11,000 jobs in turnaround strategyBloombergVodafone Group PLC’s new chief executive officer, Margherita Della Valle, yesterday unveiled a plan to revive growth at the telecom giant, pledging to slash jobs and simplify the company’s corporate structure. A woman walks past a Vodafone Group PLC store in London on May 16, 2017. To consistently deliver, Vodafone must change,” she said in the statement. Much of the decline is due to a change in German law which affects how Vodafone is able to collect money from customers, a spokesman said. A company-compiled consensus of analyst estimates had put the figure at 3.6 billion euros.

Opposition parties agree to form ruling coalition in ThailandReuters, BANGKOKThailand’s two main opposition parties yesterday agreed to form a ruling coalition after they trounced in a weekend election military-backed rivals that have controlled government for nearly a decade. Photo: EPA-EFEPita Limjaroenrat, Move Forward’s 42-year-old leader, proposed an alliance of six parties that would command 309 seats. That would be short of the 376 seats needed to ensure he is elected as prime minister. Asked about the senate, he said all sides must respect the election outcome and there was no use going against it. “Pheu Thai has no plan to form any other government,” party leader Chonlanan Srikaew told a news conference.

HSBC targets ‘mid-teens’ Asia returns amid pressureBloombergHSBC Holdings PLC said it is targeting return on tangible equity for its Asia business that is in the “mid teens,” amid pressure from its top shareholder to improve returns. It has taken specific aim at the lender’s returns for Asia, which it said stood at 10.5 percent last year, compared with 13.8 percent for its Asian peers on average. HSBC Holdings PLC’s logo is displayed on its headquarters in Hong Kong on Aug. 4, 2020. The bank, which counts Hong Kong as its biggest market, has also been diversifying its presence in other markets in the region, amid rising geopolitical tension. The lender said it would be holding a week-long seminar for investors and analysts in Hong Kong and Singapore to discuss its ambitions.