Taiwan, India united in democracy
Taiwan, India united in democracyBy Rup Narayan DasOn Aug. 15, India is to celebrate its Independence Day. Both India and Taiwan have had a checkered history in their trysts with democracy. The growth and prosperity of India and Taiwan achieved through democratic means are not palatable to the autocratic regime, and Beijing never loses an opportunity to debunk the democratic credentials of India and Taiwan. It is in the larger interest of democracy, and in the interests of India and Taiwan that the two need to collaborate and learn from each other to make democracy robust and bolster people’s faith and trust in the efficacy of democracy. However, unlike Taiwan, India is a vast and complex country.
Source:Taipei Times
August 01, 2022 22:08 UTC
Why you need to worry about the ‘wet-bulb temperature’
WET-BULB TEMPERATUREWet-bulb temperature (WBT) combines dry air temperature (as you’d see on a thermometer) with humidity — in essence, it is a measure of heat-stress conditions on humans. “The [wet-bulb] temperature reading you get will actually change depending on how humid it is,” says Kristina Dahl, a climate scientist at the Union of Concerned Scientists. (At the UK’s 19 July peak temperature, relative humidity was approximately 25 percent and the wet-bulb temperature about 25 degrees Celsius.) Humans usually regulate their internal body temperature by sweating, but above the wet-bulb temperature, we can no longer cool down this way, leading our body temperature to rise steadily. “Our data is actual human subject data and shows that the critical wet-bulb temperature is closer to 31.5 degrees Celsius,” he says.
Source:Taipei Times
August 01, 2022 17:04 UTC
Eleven banks join TAIFEX scheme to clear derivatives
Usually, the transactions are negotiated between financial institutions, or conducted by brokers as an intermediary between buyers and sellers. Therefore, it can effectively reduce financial institutions’ capital accrual while improving their efficiency of fund utilization, the exchange said. Moreover, in the past, domestic financial institutions usually conducted central clearing through foreign settlement institutions such as the London Clearing House, and the fees were very high, it said. The exchange’s OTC central clearing mechanism hence allows transactions to be handled domestically, which provides financial institutions more convenience along with lower operating costs, it added. To ensure control over the core technologies behind Taiwan’s financial market, the TAIFEX independently developed the clearing system by integrating 15 modules rather than purchasing one, it said.
Source:Taipei Times
August 01, 2022 00:55 UTC
Manufacturing PMI shows China faces contraction
Manufacturing PMI shows China faces contractionAFP, BEIJINGChina’s manufacturing activity logged a surprise drop last month, official data showed yesterday, on the back of weak demand and as strict “zero COVID-19” restrictions continue to cast a pall on growth. The purchasing managers’ index (PMI), a key gauge of manufacturing activity in the world’s second-biggest economy, was 49.0, down from 50.2 in June and below the 50-point mark separating growth from contraction, Chinese National Bureau of Statistics (NBS) data showed. “In July, the manufacturing PMI dropped ... due to factors such as the traditional off-season for production, insufficient release of market demand and decline in prosperity of high-energy-consuming industries,” Zhao Qinghe (趙清河), a senior statistician at the bureau, said in a statement. “In acknowledging the difficulties, the government has finally become flexible towards this year’s growth target,” ANZ Research analysts said in a note. China’s non-manufacturing PMI last month dropped to 53.8 from 54.7 in June, NBS data showed.
Source:Taipei Times
August 01, 2022 00:54 UTC
Oil posts first back-to-back monthly decline since 2020
Oil posts first back-to-back monthly decline since 2020BloombergOil fell for a second consecutive month as a deteriorating demand outlook offset concerns about tight physical supplies. West Texas Intermediate (WTI) for September delivery on Friday rose 2.28 percent to US$98.62, bringing this week’s gain to 4.14 percent. Photo: EPA-EFEFutures nevertheless recorded their first back-to-back monthly decline since 2020 as fears of an economic slowdown fueled bearish sentiment across markets. The US economy shrank for a second quarter as rampant inflation undercut consumer spending, while Citigroup Inc said there are signs the oil market is moderating. The surge in energy prices has underpinned oil producer earnings, with Exxon and Chevron Corp joining Shell PLC with record profits.
Source:Taipei Times
July 31, 2022 02:44 UTC
Gold at three-week high as Fed might slow rate hikes
Gold at three-week high as Fed might slow rate hikesBloombergGold on Friday hit a more than three-week high, amid speculation that the US Federal Reserve could slow the pace of interest rate increases as the US economy slows. While the Fed raised rates by 75 basis points again this week, data showing that the US is in a technical recession signaled that the central bank could become less aggressive as it continues to combat inflation. Gold markets are set-up for additional price weakness to ensue,” TD Securities senior strategist Daniel Ghali said in a note. “If the US economic data turn out to be weaker next week, gold is likely to make further gains,” Commerzbank AG analyst Carsten Fritsch said in a note. “This applies in particular to the report on the labor market, as Fed Chair Powell has still been describing the market as robust, which besides the persistently high inflation is another argument in favor of further rate hikes,” Fritsch said.
Source:Taipei Times
July 31, 2022 02:44 UTC
MediaTek cuts revenue forecast, expects demand dip
The world’s biggest mobile phone chip supplier said it would review its previous forecast of 15 percent of compound annual growth over the next three years. MediaTek also slashed its forecast for global 5G smartphone chip shipments to 600 million units this year. The chipmaker expects revenue this quarter to decline between 1 and 9 percent, coming in at NT$141.7 billion to NT$154.2 billion (US$4.73 billion to US$5.15 billion). Mobile phone chips outpaced the rest of the chip businesses last quarter, attributable to robust demand for its flag-ship and high-end chips, it said. Mobile phone chips accounted for 54 percent of the company’s overall revenue last quarter, it added.
Source:Taipei Times
July 30, 2022 04:14 UTC
India concerned about Chinese ship in Sri Lanka
India concerned about Chinese ship in Sri LankaReuters, NEW DELHIIndian and Chinese foreign ministers were to attend a regional conference in Uzbekistan yesterday, a day after New Delhi expressed concern over a Chinese military ship’s planned visit to a strategic port in India’s southern neighbor Sri Lanka. An Indian navy officer stands in front of India’s and Sri Lanka’s national flags in Colombo, Sri Lanka, on April 2, 2018. The Pentagon’s annual report on China’s military modernization says the Yuan Wang ships are operated by the Strategic Support Force of the Chinese People’s Liberation Army. Sri Lanka is a “dialogue partner” in the group, but it was not immediately clear if it was attending. Sri Lanka angered India in 2014 when it allowed a Chinese submarine and a warship to dock in Colombo.
Source:Taipei Times
July 29, 2022 17:05 UTC
Tighter rules on executive firings begin next month
Tighter rules on executive firings begin next monthBy Kao Shih-ching / Staff reporterTightened rules on removing executives at publicly traded companies are to come into effect next month, barring board directors from proposing such dismissals through extraordinary motions, the Financial Supervisory Commission said yesterday. Currently, board directors can make notification of such motions seven days before a board meeting. The logos of the Financial Supervisory Commission and the Securities and Futures Bureau are pictured in Taipei in an undated photograph. The tightened rules also apply to extraordinary board meetings, and the commission is to have the authority to specify under what conditions board directors can convene such meetings, the bureau said. “Several companies suggested clearer conditions for holding extraordinary board meetings, as current regulations only apply to meetings in the case of emergency,” bureau Chief Secretary Kao Ching-ping (高晶萍) said.
Source:Taipei Times
July 29, 2022 02:47 UTC
Asia, Europe track post-Fed surge on Wall Street, although caution is urged
Asia, Europe track post-Fed surge on Wall Street, although caution is urgedAFP, HONG KONGShares yesterday slipped in Europe after gains in most Asian markets following a surge on Wall Street fueled by hopes that the US Federal Reserve might slow its pace of inflation-fighting interest rate hikes. The Fed raised its main interest rate by 75 basis points as expected, and reiterated inflation control as its priority. Hong Kong slipped 0.2 percent to 20,622.68, as its de facto central bank followed the Fed in lifting rates owing to its currency peg. There is growing concern that the sharp rise in rates is bearing down on the world’s top economy and could send it into a recession. After a 1.6 percent contraction in the previous three months, another negative reading could put the economy into a technical recession.
Source:Taipei Times
July 28, 2022 19:00 UTC
ASE hits target to post 55 percent net profit growth
During the quarter ending June 30, ASE posted a net profit of NT$15.99 billion (US$534.28 million), compared with NT$10.34 billion in the second quarter last year. On a quarterly basis, net profit jumped 24 percent from NT$12.91 billion. “With our diversified customer portfolio and manufacturing flexibility, we are seeing a solid second half of 2022 with quarter-on-quarter growth of our holding company revenues,” he said. ASE prices remain stable across all service categories in the second half, and the stability is expected to extend into next year, Wu said. The company expects revenue for its chip packaging and testing services to rise slightly this quarter, from NT$160.44 billion last quarter.
Source:Taipei Times
July 28, 2022 16:39 UTC
Business climate monitor remains in growth mode
Business climate monitor remains in growth modeBy Crystal Hsu / Staff reporterTaiwan’s business climate monitor last month flashed “green” for a fourth straight month, indicating steady growth, although the economy lost further momentum, the National Development Council said yesterday. International research bodies have in the past month trimmed their forecast for global GDP growth, citing Russia’s invasion of Ukraine, inflation and monetary tightening, Wu said. The index of coincident indicators, which reflects the current economic situation, lost 0.76 percent to 99.69, as all sub-indices declined from one month earlier, it said. Against that backdrop, financial markets might become increasingly volatile, but the business climate for service providers might improve soon on a stabilizing COVID-19 situation, she added. There is a high chance that the climate monitor will continue to flash “green” throughout the second half of this year, she said.
Source:Taipei Times
July 28, 2022 04:08 UTC
Biden-Xi call likely to focus on Taiwan, Kirby says
Biden-Xi call likely to focus on Taiwan, Kirby saysStaff writer, with CNA, WASHINGTONA call between US President Joe Biden and Chinese Xi Jinping (習近平) scheduled to take place this week is likely to cover tensions over Taiwan, Pentagon spokesman John Kirby said on Tuesday. “Everything from the tensions over Taiwan, to the war in Ukraine, as well as how we better manage competition between our two nations, certainly in the economic sphere,” Kirby told a news briefing. Kirby’s comments come after Beijing expressed strong opposition to a reported trip to Taiwan by US House of Representatives Speaker Nancy Pelosi. US President Joe Biden speaks virtually with Chinese President Xi Jinping from the White House in Washington on Nov. 15 last year. Kirby said the White House has seen some bellicosity from Beijing, but called the rhetoric “unnecessary,” adding that there has not been a formal announcement regarding Pelosi’s trip.
Source:Taipei Times
July 28, 2022 04:08 UTC
India mergers and acquisitions volume to rise: JPMorgan
India mergers and acquisitions volume to rise: JPMorganBloombergMergers and acquisitions (M&A) have become an important solution for investors facing a slowdown in India’s equity capital markets, JPMorgan Chase & Co said yesterday. “The Indian market will offer larger size, larger quality and greater scale of investment for those investors to deploy those capital,” he added. India saw about US$82 billion pending and completed mergers and acquisitions in the second quarter, the busiest ever, data compiled by Bloomberg showed. Mergers and acquisitions would be big not only for the next six months but the coming two years, he said. “Volumes will be down, transactions will get pushed to next year and volumes will pick up again in 2023,” he said.
Source:Taipei Times
July 26, 2022 23:57 UTC
Macronix expects revenue to rise on demand, prices
Macronix expects revenue to rise on demand, pricesBy Lisa Wang / Staff reporterMacronix International Co (旺宏電子), the world’s biggest NOR flash memorychip maker, yesterday said its revenue would grow quarter-on-quarter in the second half of this year due to resilient demand and price hikes. Photo courtesy of Macronix International CoThe company is very confident that its revenue would grow quarter-on-quarter this quarter, Lu said. Following seasonal patterns, the company expects to deplete the inventory by the end of the year, he said. Macronix said its net profit surged 52 percent to NT$2.94 billion (US$98.28 million) last quarter, compared with NT$1.93 billion a year earlier. Gross margin fell slightly to 48.2 percent last quarter from 48.3 percent in the second quarter.
Source:Taipei Times
July 26, 2022 23:56 UTC