Oil up weekly as traders weigh demand, Iran deal
Oil up weekly as traders weigh demand, Iran dealBloombergOil declined on Friday, but still posted a weekly gain as traders weighed the prospects of higher demand this winter against the potential for Iranian supply to return. Oil pumpjacks are pictured at Vaca Muerta shale oil and gas drilling in the Patagonian province of Neuquen, Argentina, on Jan. 21, 2019. “Demand numbers in the US were better and we have priced in a lot of negative demand adjustments into the market at this point,” she added. The International Energy Agency this week raised its forecast for global demand growth, which has supported prices. While many analysts and traders believe the prospect of an Iran nuclear deal has not yet been priced into the market, the likelihood of an agreement is increasing.
Source:Taipei Times
August 14, 2022 10:33 UTC
Dollar recovers, but down for the week
Dollar recovers, but down for the weekReuters, NEW YORKThe US dollar rallied on Friday, but posted a weekly drop as traders weighed improving US inflation data against comments from US Federal Reserve officials who cautioned that the battle against rising prices was far from over. US dollar and euro banknotes are pictured on July 17. The US dollar index was up 0.56 percent at 105.67, but posted a weekly loss of 0.89 percent. The New Taiwan dollar on Friday declined against the US dollar, losing NT$0.028 to close at NT$29.970, down 0.07 percent from a week earlier. Data showed UK GDP contracted by less than forecast in June, even though an extra public holiday had been expected to cause a big drag.
Source:Taipei Times
August 13, 2022 23:27 UTC
Material damage
Zoonotic Langya virus found in China, CDC saysUNDER WATCH: Taiwan will have to establish a standardized nucleic acid testing method to identify the virus and monitor its spread, the CDC said The Langya henipavirus, which can be transmitted from animals to humans, has been discovered in China, with 35 human infections reported so far, Taiwan’s Centers for Disease Control (CDC) said, adding that the nation would establish a nucleic acid testing method to identify the virus. A study titled “A Zoonotic Henipavirus in Febrile Patients in China” that was published in the New England Journal of Medicine on Thursday said that a new henipavirus associated with a fever-causing human illness was identified in China. The study said an investigation identified 35 patients with acute infection of the Langya henipavirus in China’s ShandongBy Lee I-chia
Source:Taipei Times
August 13, 2022 23:25 UTC
Former TSMC boss shares key to chipmaker’s success
Another reason for TSMC’s success was the decision to pivot to developing and manufacturing 12-inch wafers, when Intel and Samsung were focusing on 18-inch wafers in 2013, he said. TSMC had talks with European chip equipment supplier ASML, whose priority at the time was advanced technology, he said, adding that the industry was “hot for 450mm wafers,” which TSMC was not pursuing. However, ASML did not care whether “wafers [were] bigger or smaller,” as there was no cost saving, he said. It was one of the foolish things I’ve done,” said Chiang, who now lives in the US, where he is a citzen. SMIC could not purchase the latest manufacturing equipment to produce 7-nanometer chips because of US sanctions implemented three days after he joined the company, Chiang said.
Source:Taipei Times
August 13, 2022 02:25 UTC
Taiwan smart to respond with calm
Taiwan smart to respond with calmBy Collins Chong Yew KeatTaiwan has been under constant pressure from Beijing for decades, with increasing intensity since Chinese President Xi Jinping’s (習近平) ascension to power in 2013. Beijing’s coercive attempts to isolate and tie the hands of Taiwan, and to seek to cut off Taiwan’s international participation, can only yield greater resilience and hardened perceptions and sentiments of Taiwanese against Beijing’s tactics. It would invite Beijing to assume a risky and unproven posture, and venture into the conflict with early strategic missteps as it loses sustaining morale. Collins Chong Yew Keat provides analysis and opinion to international media on contemporary global and regional issues. His areas of focus include strategic and security studies, US foreign policy and regional conflict.
Source:Taipei Times
August 12, 2022 16:58 UTC
Program to boost ailing food producers
The subsidy program, dubbed “Taiwan Food Go to the World,” would provide guidance to food producers on marketing and finance to help them overcome difficulties due to import bans China imposed on Taiwanese food brands on Monday last week, the ministry said yesterday. China is the third-largest export destination for local processed food companies, accounting for 20 percent of Taiwan’s overall processed food exports, the ministry said. However, several Taiwanese companies whose registrations on the system are up to date were also affected by the ban. The government is promoting the sale of processed Taiwanese food products and agricultural products to other markets to help producers overcome the China trade challenges, Minister of Economic Affairs Wang Mei-hua (王美花) told reporters. The ministry hopes the program can help companies diversify their target markets and bring Taiwanese delicacies to more countries, she said.
Source:Taipei Times
August 12, 2022 04:02 UTC
TPP unveils public response task force to boost security
TPP unveils public response task force to boost securityBy Lee I-chia / Staff reporterThe Taiwan People’s Party (TPP) yesterday announced the establishment of a “people’s response task force” as it urged the government to enhance national security. As China’s actions have highlighted Taiwan’s national security problems, the party is establishing a national task force to give a voice to the people and companies that have been affected by Beijing’s actions, the party said. From left, Taiwan People’s Party legislators Tsai Pi-ru, Andy Chiu and Jang Chyi-lu hold placards at a news conference in Taipei yesterday. It should amend the Civilian Defense Manual as soon as possible, Tsai added. The Ministry of Health and Welfare should assess whether the nation would have enough medical resources if a war breaks out, she said.
Source:Taipei Times
August 10, 2022 11:53 UTC
Nvidia sales plunge on PC industry slump
Nvidia sales plunge on PC industry slumpBloombergNvidia Corp’s quarterly revenue missed its projections by more than US$1 billion, surprising investors and piling on more evidence that demand for electronic components is drying up quickly after a two-year boom. Intel Corp, Western Digital Corp and other companies that depend on PC sales have reported sharp declines in demand for their products. “Our gaming product sell-through projections declined significantly as the quarter progressed,” Nvidia CEO Jensen Huang (黃仁勳) said in the statement. Russia’s invasion of Ukraine also weighed on its outlook, and together the problems were expected to cut sales by about US$500 million in the fiscal second quarter, Nvidia said. Gaming revenue in the fiscal second quarter fell 44 percent from the previous quarter and 33 percent from a year earlier to US$2.04 billion, Nvidia said.
Source:Taipei Times
August 10, 2022 02:48 UTC
Taiwan must address TikTok threat
Taiwan must address TikTok threatBy Pan Kuan 潘寬In the article “Who’s afraid of TikTok? India banned TikTok for allegedly stealing Indian users’ information and surreptitiously sending it to China. With many countries on alert, is Taiwan, which is on the front line of China’s hegemonic expansion, prepared for technology like TikTok? The Economist article said that TikTok is quickly catching up to its peers, and is growing much faster than other platforms. The short-video format has caught the attention of young people, with about 44 percent of TikTok users in the US younger than 25, while only 16 percent of Facebook users are younger than 25.
Source:Taipei Times
August 08, 2022 04:10 UTC
Medvedev ends title drought in Mexico
Medvedev ends title drought in MexicoGAINING STEAM: Medvedev stamped himself as the US Open favorite, with world No. 3 Nadal injured and Djokovic unlikely to compete for refusing to get vaccinatedAFP, LOS CABOS, MexicoWorld No. 1 Daniil Medvedev on Saturday won his first ATP title of the year, roaring past defending champion Cameron Norrie 7-5, 6-0 in the final of the hardcourt tournament in Los Cabos, Mexico. Russia’s Daniil Medvedev kisses the Los Cabos Open trophy after winning the men’s final against Britain’s Cameron Norrie in Mexico on Saturday. Next he is to defend his Canadian Open title before tackling the Cincinnati Masters.
Source:Taipei Times
August 07, 2022 16:57 UTC
Beijing can ease tensions by ending drills, US says
Beijing can ease tensions by ending drills, US says‘PUNISHING THE WORLD’: US officials called on China to reverse its decision to end cooperation with the US on climate change and other key global issuesAFP, WASHINGTONThe US on Friday condemned China for cutting off bilateral cooperation in a number of key areas and said Beijing could ease tensions over Taiwan by ending its “provocative” live-fire military drills. Photo: Reuters“They’re actually punishing the whole world because the climate crisis doesn’t recognize geographic boundaries and borders,” he said. Beijing has reacted furiously to a visit by US House of Representatives Speaker Nancy Pelosi to Taiwan. Since Thursday, China has conducted a series of huge military drills around Taiwan proper, which have been roundly condemned by the US and other countries. “Once you split [the US-China relations] apart, it means higher prices, it means less efficient supply chains.
Source:Taipei Times
August 07, 2022 04:03 UTC
Medvedev downs Kecmanovic to book a Los Cabos title clash with Norrie
Medvedev downs Kecmanovic to book a Los Cabos title clash with NorrieAFP, LOS CABOS, MexicoWorld No. 1 Daniil Medvedev on Friday continued the buildup to his US Open title defense with a 7-6 (7/0), 6-1 victory over Miomir Kecmanovic in the ATP hard court touranment in Los Cabos, Mexico. He booked a title showdown with defending champion and third seed Cameron Norrie, who beat second-seeded Canadian Felix Auger-Aliassime 6-4, 3-6, 6-3. Russia’s Daniil Medvedev returns to Serbia’s Miomir Kecmanovic during their Los Cabos Open men’s singles match at the Cabo Sports Complex in Los Cabos, Mexico, on Friday. “Very tough match,” Medvedev said in his on-court interview.
Source:Taipei Times
August 06, 2022 23:28 UTC
S&P 500 falls amid fear of rate hikes
A largely upbeat second-quarter earnings season has helped the S&P 500 bounce back by about 13 percent from its mid-June lows after a rough first-half performance. The S&P 500 declined 0.16 percent to end the session at 4,145.19 points. For the week, the S&P 500 rose 0.36 percent, the Dow fell 0.13 percent and the NASDAQ added 2.15 percent. Advancing issues outnumbered falling ones within the S&P 500 by a 1.3-to-1 ratio. The S&P 500 posted four new highs and 30 new lows; the NASDAQ recorded 60 new highs and 38 new lows.
Source:Taipei Times
August 06, 2022 23:28 UTC
Hon Hai reports its best July sales performance ever
Hon Hai reports its best July sales performance everStaff writer, with CNAHon Hai Precision Industry Co (鴻海精密) on Thursday reported a record NT$475.099 billion (US$15.86 billion) in consolidated revenue for last month driven by solid demand for cloud and networking devices. A woman walks past a logo of Hon Hai Precision Industry Co, which is also known as Foxconn, in New Taipei City on May 31. Strong global demand for smart consumer products in the first seven months benefited its electronics component division, Hon Hai said. Hon Hai is scheduled to hold an investors’ conference on Wednesday to detail its second-quarter results and give guidance for this quarter. In the second quarter, Hon Hai generated NT$1.51 trillion in consolidated sales, up 11.3 percent from a year earlier and 7.26 percent from a the first quarter.
Source:Taipei Times
August 06, 2022 02:46 UTC
Gold trades at one-month high after weekly uptick
Gold trades at one-month high after weekly uptickBloombergGold traded near a one-month high after jumping the most since March on Thursday as US-China tensions and a deepening global slowdown buoyed demand for haven assets. Bullion surged 1.5 percent on Thursday and was heading for a run of three straight weekly gains after China likely fired missiles over Taiwan during military drills. Gold has risen about 6 percent from a low on July 20, benefiting from a weakening dollar and falling US bond yields. Traders will be looking at US nonfarm payrolls data that were to be released yesterday for clues on the US Federal Reserve’s tightening path. “Safe-haven demand continues to support gold ahead of the non-farm payroll data,” said Gnanasekar Thiagarajan, director at Commtrendz Risk Management Services.
Source:Taipei Times
August 06, 2022 01:15 UTC