Women shop for shoes in a store at a market in Pleiku, Vietnam, on Jan. 2. Shoe manufacturer PouYuen Vietnam Co Ltd is planning to cut thousands of jobs at the end of the month. Photo: BloombergPouYuen is commercial capital Ho Chi Minh City’s largest employer, with about 50,000 staff. The layoffs come after PouYuen put 20,000 of its workers on paid leave in rotation at the end of last year. More than 630,000 workers lost their jobs or had their hours cut in Vietnam last year, the Vietnamese Ministry of Labor, Invalids and Social Affairs said.

Onshore yuan-denominated deposits experience largest drop since 2013By Chen Cheng-hui / Staff reporterOnshore yuan-denominated deposits last month dropped for the sixth consecutive month to 186.047 billion yuan (US$6.12 billion), a 4.69 percent decline from a month earlier and the lowest in nearly nine years, data released by the central bank on Wednesday showed. The monthly decrease of 9.158 billion yuan from 195.205 billion yuan in December last year also marked the largest decline since local banks began accepting yuan deposits in 2013, an indication that investors have lost interest in the Chinese currency. Onshore yuan deposits include those at local banks’ domestic banking units (DBUs) and those at offshore banking units (OBUs) in Taiwan. Photo: BloombergCentral bank data showed that yuan deposits at DBUs decreased 5.3 percent from the previous month to 157.693 billion yuan, while those in OBUs fell 1.14 percent to 28.354 billion yuan. The US Federal Reserve’s interest rate hikes have led to US dollar deposits gaining appeal over yuan deposits for institutional and individual investors given the widening interest spreads, the Liberty Times reported, citing the central bank.

Last quarter’s decline in manufacturing output ended eight consecutive quarters of annual increase, compared with an increase of 3.75 percent in the previous quarter, which the ministry attributed to poor market conditions in traditional industries. In the electronic components industry — the manufacturing sector’s most important segment — output expanded 7.76 percent to NT$1.37 trillion last quarter. However, LCD panelmakers continued to register declining output due to weakening demand for consumer electronics and inventory depletion in the supply chain. Their output grew 17.32 percent year-on-year to NT$296.6 billion, compared with an expansion of 26.54 percent to NT$301.5 billion in the third quarter, it added. However, global inflation and monetary tightening by central banks, as well as the conflict between Russia and Ukraine and US-China technology disputes, could continue to weigh on global economic growth and affect local manufacturing output, the ministry said.

US urges Beijing not to interfere in Taiwan visitsReuters, WASHINGTONThe US hopes China will not use any visits by US lawmakers to Taiwan as an excuse for military action, a senior US diplomat said on Wednesday, adding that all countries should warn Beijing against conflict over the nation. US-China relations were rocked in August last year by a visit to Taiwan by then-US House of Representatives speaker Nancy Pelosi. Since then, several US lawmakers have visited Taiwan, and speculation has swirled that Pelosi’s successor, Kevin McCarthy, could visit Taiwan in the spring or summer. “The same would be true of a conflict in the Taiwan Strait,” Sherman said. “That’s going to create a lot of problems for those who are supporting this unholy invasion going forward,” she said.

China-US tensions soar as Wang Yi visits EuropeBloomberg and AP, PARISChina yesterday questioned whether the US genuinely seeks to repair ties damaged by a dispute over a spy balloon as the two nations’ top diplomats head to a security conference in Germany, where they might meet on the sidelines. Chinese Central Foreign Affairs Commission Director Wang Yi (王毅) is to attend the conference as part of a visit to several European countries. Chinese Central Foreign Affairs Commission Director Wang Yi, left, shakes hands with French Minister of Foreign and European Affairs Catherine Colonna in Paris on Wednesday. Wang was yesterday scheduled to participate in a session of a French-Chinese strategic dialogue with Macron’s top diplomatic adviser to discuss bilateral projects. “The US cannot ask for communication and dialogue on the one hand while sharpening differences and escalating crises on the other,” Wang Wenbin said yesterday.

Finance worker stuns in ATP Tour main draw debutReutersMatija Pecotic should perhaps consider giving up his day job after the full-time finance professional on Tuesday stunned former world No. 8 Jack Sock on his ATP Tour main draw debut at the Delray Beach Open. Pecotic sealed the win in front of his boss, who is a long-time friend of his coach, Dominik Hrbaty. I’m going to have to ask for another day off tomorrow.”The world No. “This is a former top 10 guy with an incredible amount of tennis experience and a huge serve.

Xi expresses support for Iran amid visit by RaisiAP, BEIJINGChinese President Xi Jinping (習近平) on Tuesday expressed support for Iran during a visit by Iranian President Ebrahim Raisi as Tehran tries to expand relations with Beijing and Moscow to offset Western sanctions over its nuclear development. The official Chinese account of Xi’s meeting with Raisi gave no indication of whether they discussed Russia’s war in Ukraine. Iranian President Ebrahim Raisi, left, shakes hands with Chinese President Xi Jinping at the Great Hall of the People in Beijing on Tuesday. Xi and Raisi attended the signing of 20 cooperation agreements, including on trade and tourism, the Chinese government said. Xi said that Beijing “opposes external forces interfering in Iran’s internal affairs and undermining Iran’s security and stability,” the government statement said.

Only 51 countries stick to Beijing policyWORDS MATTER: While 16 countries ‘acknowledge’ China’s claims over Taiwan, nine said they ‘recognize’ the claims and some said they ‘respect’ Beijing’s claimsBy Yang Cheng-yu and William Hetherington / Staff reporter, with staff writerOnly 51 countries, not 180 as claimed by Beijing, adhere to its “one China” principle, a study by a Singaporean researcher showed. In a paper published on Thursday, National University of Singapore assistant professor Chong Ja Ian (莊嘉穎) wrote that only 51 countries fully comply with the principle as Beijing defines it. The US’ “one China” policy says it “recognizes” China’s position on Taiwan’s sovereignty, while 14 countries cited are Taiwan’s diplomatic allies. The remaining countries in the report make no clear reference to Taiwan’s sovereignty in their official documents. It has been Washington’s long-standing policy not to take a position on Taiwan’s sovereignty, but US officials rarely address its stance publicly.

Infant rescued a week after quakeEND OF OPERATIONS: Taiwan’s rescue team was to return home on Wednesday, as the hope of finding survivors more than a week after the quake dimmedAFP, KAHRAMANMARAS, TurkeyRescuers yesterday pulled a seven-month-old baby and a teenage girl from the rubble nearly a week after a powerful earthquake devastated huge areas of Turkey and Syria, killing more than 28,000 people. Rescuers transport a Syrian girl from the rubble of a destroyed building in Turkey’s Hatay Province yesterday, almost a week after a magnitude 7.8 earthquake. A seven-month-old baby named Hamza was rescued in southern Hatay Province more than 140 hours after the quake, while Esma Sultan, 13, was also saved in Gaziantep, state media reported. Families were racing against time to find their missing relatives’ bodies in southern Turkey. On Thursday, about 89 hours after the quake, members of the Taiwanese team pulled a 35-year-old woman from a collapsed residential building.

Ashwin spins India to innings victoryOVER IN THREE: India’s tail blasted them to 400, with Axar Patel hitting 84, before Ashwin ruled the afternoon to run through the Australia batters for a three-day winAFP, NAGPUR, IndiaSpinners Ravichandran Ashwin and Ravindra Jadeja yesterday eviscerated Australia in just over 2 hours to hand India a crushing victory by an innings and 132 runs inside three days of the opening Test. Australia’s Todd Murphy, center, reacts after India’s Mohammed Shami, left, hit a six on day 3 of the first Test in Nagpur, India, yesterday. Jadeja, who grabbed five in the first innings, took two wickets, including Marnus Labuschagne — Australia’s first-innings top-scorer with 49 — trapped LBW for 17. India spinner Ravichandran Ashwin bowls on day 3 of the first Test against Australia in Nagpur, India, yesterday. Cummins took two wickets and bowled Axar at the stroke of lunch to wrap up the India innings.

Mining loans in DR Congo to riseBloombergRawbank SARL forecast that its lending to the Democratic Republic of the Congo’s (DR Congo) mining industry would rise more than 20 percent to more than US$1 billion this year, buoyed by rising demand and strong prices for the country’s strategic minerals. The figure includes credit to mining companies, subcontractors and salaried workers at large firms, he said. Workers check bundles of copper cathode sheets at a Tenke Fungurume Mining SA copper mine in the Democratic Republic of the Congo’s Lualaba Province on Jan. 29, 2013. The DR Congo provides more than two-thirds of the key battery-mineral cobalt and is one of the world’s largest copper producers. ‧ March copper fell US$0.08 to US$4.02 a pound, down 0.99 percent weekly.

World turns from China to IndiaBy Fang Fu-chuan 方復權Although global trade data for last year have not been released, a research report by Radio France Internationale said that due to growing US-China tensions, China is no longer on track to remain the US’ most significant trading partner. India had a population of about 1.417 billion at the end of last year, World Population Review statistics showed, making it the most populous nation in the world, with 5 million more people than China’s 1.412 billion. Over the past five years, India’s exports have grown 56 percent, exceeding emerging economies by 48 percent and China by 42 percent. India has become the fifth-largest economy in the world, statistics provided by Bloomberg News showed. This means that the global economy would drastically change, as the world turns from China to India.

CECC reports Taiwan’s first case of XBB.1.5 strainEND OF SERIES: As the first generation of Pfizer-BioNTech COVID-19 vaccines are set to expire, the CECC would no longer offer them to children younger than four years old The Central Epidemic Command Center (CECC) yesterday reported the nation’s first case of a person infected with the Omicron XBB.1.5 subvariant of SARS-CoV-2. The Taiwanese man in his 20s arrived from Canada on Jan. 22, said Centers for Disease Control (CDC) Deputy Director-General Philip Lo (羅一鈞), who is deputy head of the CECC’s medical response division. He tested positive after reporting having a runny nose and muscle soreness while in airport quarantine, Lo said. The XBB.1.5 subvariant is the dominant strain in the US, but there is no evidence to suggest that it causes more severe illness than other Omicron subvariants, he said,By Lee I-chia

India ride Sharma ton and 50s to forge strong leadAFP, NAGPUR, IndiaSkipper Rohit Sharma yesterday hit a brave 120 on a turning Nagpur pitch as India extended their lead to 144 despite Australia debutant Todd Murphy’s five wickets in the opening Test. India were 321-7 at stumps with all-rounder Ravindra Jadeja proving his worth for the second straight day of his international return with an unbeaten 66. India captain and opener Rohit Sharma celebrates passing 100 on day 2 of the first Test against Australia in Nagpur, India, yesterday. Murphy stood out for the tourists with remarkable control to knock off stalwarts of India cricket, including Virat Kohli, caught behind for 12. Axar hit eight boundaries en route to his second Test 50.

EDITORIAL: US warnings an opportunityA memorandum from US Air Mobility Command Commander General Mike Minihan, leaked on social media on Friday, warns of a US military conflict with China over Taiwan as soon as 2025. Minihan’s comments, which Agence France-Presse said were confirmed by the Pentagon, present an opening for Taipei to press Washington to step up its defense measures. US lawmakers in 2017 proposed such visits in a version of the 2018 National Defense Authorization Act. Most notably, then-US House of Representatives speaker Nancy Pelosi visited in August last year in defiance of warnings from the Chinese government. On Monday last week, Punchbowl News reported that US House of Representatives Speaker Kevin McCarthy is planning to visit Taiwan in the coming months, despite renewed warnings from Beijing.