Pegatron to invest US$50m more in North America
The unpredictable effects of COVID-19 and unstable supply chains have increased uncertainty worldwide regarding consumer demand and the shipping of products, Pegatron said in its annual report. “Pegatron will continue monitoring the supply of key components and working closely with its suppliers to optimize capacity allocations,” the company said. Pegatron’s board of directors last month approved a plan to invest an additional US$50.61 million to expand its manufacturing hub in North America, the company said in a regulatory filing. Pegatron said it had already planned to invest US$164 million on production lines in North America so that it could accommodate an increase in orders in the region. Last quarter, communication products were the biggest revenue contributor, accounting for 60 percent of total revenue, the company said.
Source:Taipei Times
June 16, 2022 03:25 UTC
Japan refiner to shut plant after 53 years on low sales
Japan refiner to shut plant after 53 years on low salesBloombergJapan’s Idemitsu Kosan Co is to shut an oil refinery that has been running for 53 years in the country’s west, as domestic demand for fuel continues to decline and a global push to decarbonize intensifies. The company is to halt processing at its Yamaguchi plant by the end of March 2024, it said in a statement on Tuesday. Idemitsu would consider new uses for the site, while continuing to store oil and generate solar power there. Idemitsu is to make Seibu Oil Co — which operates the Yamaguchi refinery — a wholly owned subsidiary by acquiring stakes held by shareholders UBE Corp, Chugoku Electric Power Co and others. The refiner plans to increase its stake in Seibu Oil to 66.9 percent from 38 percent.
Source:Taipei Times
June 16, 2022 03:25 UTC
Lithuania’s Taipei office to open in autumn
Lithuania’s Taipei office to open in autumnReuters, TAIPEILithuania plans to open a representative office in Taiwan in September, one of its deputy ministers said yesterday, part of a bolstering of ties with the nation that has infuriated China and led to exports falling to almost zero. Lithuania has come under sustained pressure from China to reverse a decision last year to allow Taiwan to open a de facto embassy in the capital, Vilnius, under its own name. Photo: Tu Chien-jung, Taipei TimesSpeaking to reporters in Taipei, Lithuanian Vice Minister of the Economy and Innovation Jovita Neliupsiene said Lithuania hoped its reciprocal office in Taiwan would open “as of September,” adding that she had scouted out some locations during her visit. China had been an important export partner, but Lithuania’s exports to China in the first quarter had fallen to “close to zero,” compared with last year, Neliupsiene said. The Lithuanian government is accepting applications for the first head of the Lithuanian trade office in Taiwan, she told a news conference in Taipei as she wrapped up the delegation’s four-day visit.
Source:Taipei Times
June 15, 2022 16:37 UTC
EDITORIAL: The freedom to choose
EDITORIAL: The freedom to chooseThe global order is in a state of flux. During an interview in Tokyo on Tuesday last week, Lithuanian Minister of Foreign Affairs Gabrielius Landsbergis said that none of the European initiative members could pinpoint any benefit from it. They did not suspect that the initiative was meant to limit their freedom to engage with Taiwan. China does not seem to understand eastern European countries’ reservations about support for Russia. Having the freedom to choose will make it more likely that they enter an alliance as firm partners.
Source:Taipei Times
June 15, 2022 16:37 UTC
Taiwanese quietly attend US-Japan security forum
Taiwanese quietly attend US-Japan security forumBy Lin Tsui-yi and Jonathan Chin / Staff reporter in Tokyo, with staff writerA Taiwanese military delegation yesterday attended the opening of the Pacific Amphibious Leaders Symposium (PALS) hosted jointly by the US Marine Corps and the Japan Ground Self-Defense Force in Tokyo. Military attaches from a number of countries participate in the opening of the Pacific Amphibious Leaders Symposium in Tokyo yesterday. Photo: Lin Tsui-yi, Taipei TimesThe delegates kept a low profile and attended the event in civilian clothing, with the organizers refraining from displaying the Republic of China flag. US Marine Forces Pacific Commander Lieutenant General Steven Rudder and the Japanese Chief of the Ground Staff Yoshihide Yoshida are leading the three-day event. In 2019, Taiwan returned to PALS with a delegation headed by Major General Liu Erh-jung (劉爾榮), then-commander of the Joint Operations Training Base.
Source:Taipei Times
June 14, 2022 22:10 UTC
Sea cuts jobs in shopping, food amid global volatility
Sea cuts jobs in shopping, food amid global volatilityBloombergSea Ltd (冬海) is making its first major job cuts in areas spanning shopping and food, joining other tech firms downsizing this year in anticipation of unprecedented market and economic volatility. The cuts would also extend across its Mexico, Argentina and Chile teams, as well as the cross-border team supporting Spain. He said the job cuts are to ensure that the business remains in the “best possible position” to continue scaling sustainably. The dismissals come after Sea revised its full-year outlook for e-commerce sales, its main source of revenue, to US$8.5 billion to US$9.1 billion from its previous guidance of US$8.9 billion to US$9.1 billion. “This reallocation of resources to further focus on our priorities will help us grow our business even better,” Feng wrote.
Source:Taipei Times
June 14, 2022 17:31 UTC
Addressing anti-Taiwan hate crime
Addressing anti-Taiwan hate crimeBy Li-Lin ChengToday is the one-month anniversary of the church shooting in Laguna Woods, California. We call for peace and attention to the hate crime imposed on innocent American citizens. The NATPA condemns any form of violence and the spread of China’s agenda through aggression inflicted on Taiwanese Americans. As reported by the press, the gunman was motivated by “anger over the political tensions between China and Taiwan,” and his “anti-Taiwan views” had led to the “politically motivated hate incident.” The FBI has announced it had enough evidence to open a federal hate crime investigation. Second, for lawmakers: Define threatening language from China against Taiwan or Taiwanese groups and/or individuals by using force, violence and military power to promote China’s unification agenda as a hate crime.
Source:Taipei Times
June 14, 2022 16:22 UTC
Strike a risk to S Korea economy
Strike a risk to S Korea economyBloombergThe risk to South Korea’s economy and global supply chains is growing as a nationwide trucker strike widens, curbing output at top steelmaker POSCO Holdings Inc and causing increasing damage to the petrochemicals sector. Truckers from the Korean Confederation of Trade Unions protest as a freight truck drives past at the Inland Container Depot in Uiwang, South Korea, yesterday. Photo: EPA-EFEThe Korea Petrochemical Industry Association called for a halt to the strike, saying the “damage is snowballing” and would affect the national economy. A prolonged dispute threatens to have ripple effects across the globe, as South Korea is the largest exporter of memory chips and is home to some of the world’s biggest auto companies. Output by cement companies has fallen significantly, while production by some ready-mixed concrete companies has been suspended, the transport ministry said in a statement.
Source:Taipei Times
June 14, 2022 04:03 UTC
Taiwan-US security talks to cover drills, arms sales
Taiwan-US security talks to cover drills, arms salesIMMEDIATE IMPROVEMENTS: A national security official said Washington is expected to focus on equipment upgrades because of the uncertainty of the cross-strait situationBy Su Yung-yao and Kayleigh Madjar / Staff reporter, with staff writerSecurity talks between Taiwan and the US this week are to include discussion of military exercises and arms sales, a senior national security official said yesterday. A delegation led by National Security Council Secretary-General Wellington Koo (顧立雄) is to participate in the annual Monterey Talks, considered to be the most important strategic collaboration between the two countries. Photo: ReutersA senior national security official said on condition of anonymity yesterday that Washington is expected to focus on upgrades to existing equipment to enhance immediate combat capabilities as a response to uncertainties in the cross-strait situation. The US considers any Chinese military action in the first island chain to fall within its “weapons engagement zone,” they said. The US Indo-Pacific Command’s engagement is “closer than people think,” with interactions shifting from “transactional” to “collaborative,” the official said.
Source:Taipei Times
June 14, 2022 02:26 UTC
TSMC to cut payment deadline: report
TSMC to cut payment deadline: reportEXPANSION PLANS: The firm’s chair said massive capital spending is reducing its free cash flow, which in the first quarter declined 22.8% from a quarter earlierBy Lisa Wang / Staff reporterTaiwan Semiconductor Manufacturing Co (TSMC, 台積電) is reportedly planning to tighten customers’ payment terms next year to better manage its cash flow and fund its capital spending. Such huge capital spending is reducing the chipmaker’s free cash flow, Liu said. In the first quarter, TSMC saw its free cash flow fall 22.85 percent to NT$110.04 billion (US$3.7 billion), compared with NT$142.64 billion a quarter earlier, the firm said in a financial statement. TSMC also told customers that it planned to increase prices on new orders by 10 percent next year, the Liberty Times said. TSMC said in an e-mail to the Taipei Times that it does “not comment on such questions.”
Source:Taipei Times
June 13, 2022 20:29 UTC
Taiwan should seek regional allies
Taiwan should seek regional alliesBy Huynh Tam SangTaiwan has been in the spotlight at the Shangri-La Dialogue this year, with officials and delegates voicing worries over escalating tensions in the Taiwan Strait. Officials from ASEAN nations at the dialogue would take the messages from regional powers seriously. The Ukraine crisis has revealed that the uneasy status quo in the Taiwan Strait is being challenged. Moreover, it should become clear that the vulnerability of Taiwan and potential imminent crisis in the Taiwan Strait is more likely than previously thought. Hence, regional countries could be more willing to support Taiwan in case of uncertainties.
Source:Taipei Times
June 13, 2022 16:36 UTC
Foxconn chides Chinese rivals for poaching workers
Foxconn chides Chinese rivals for poaching workersBloombergFoxconn Technology Group (富士康科技集團) is facing a battle of talent in Vietnam as major suppliers to Apple Inc continue to shift some capacity from China to the Southeast Asian country amid prolonged tensions between Beijing and Washington. Hon Hai Precision Industry Co (鴻海精密) chairman Young Liu (劉揚偉) said the company’s Chinese rivals in Vietnam have set up operations near its campuses to poach its employees. Hon Hai Precision Industry Co chairman Young Liu speaks at an event in Taipei’s Beitou District on Saturday. The key Apple assembly partner employs about 60,000 people in Vietnam, the company’s largest manufacturing base outside of China, Liu said. Foxconn has been making electronics in Vietnam for several years, dating back to before the US trade dispute with China.
Source:Taipei Times
June 13, 2022 06:20 UTC
Missiles can reach Beijing, legislative speaker warns
Missiles can reach Beijing, legislative speaker warnsNOT DEFENSELESS: Taiwan’s medium-range supersonic land-attack cruise missile offers an added deterrent to a potential cross-strait invasion, the legislative speaker saidBy Chen Yu-fu, Wu Su-wei and Liu Tzu-hsuan / Staff reporters, with staff writerChina should think twice about invading Taiwan, as its Yun Feng (雲峰, Cloud Peak) missile could reach Beijing, Legislative Speaker You Si-kun (游錫堃) said yesterday. He said that when he was the premier he already knew that the Cloud Peak, a medium-range supersonic land-attack cruise missile developed in Taiwan, could reach Beijing. Taiwan is not invading China, but China should take Taiwan’s ability to attack Beijing into consideration before launching an invasion, You said yesterday. Separately, an expert said on Saturday that Taiwan should explore which weapons to use in asymmetric warfare during a potential cross-strait conflict. Institute for National Defense and Security Research analyst Shu Hsiao-huang (舒孝煌) was responding to media queries about Taiwan’s military cooperation with the US.
Source:Taipei Times
June 12, 2022 23:26 UTC
Securities house losses sap SinoPac Financial income
Securities house losses sap SinoPac Financial incomeBy Crystal Hsu / Staff reporterSinoPac Financial Holdings Co (永豐金控) on Wednesday posted NT$803 million (US$27.14 million) in net income for last month, after its securities house swung into loss and snapped the group’s record of being the only profitable player in Taiwan by measure of year-on-year financial results. As of April, SinoPac Financial was the only financial company with positive earnings growth compared with a year earlier, as unrealized asset losses plagued peers, it said. SinoPac Financial Holdings Co’s headquarters in Taipei is pictured on Aug. 2 last year. Photo: Kelson Wang, Taipei TimesThat status came to an end last month after its securities arm, SinoPac Securities Co (永豐金證券), incurred NT$136 million in net losses, although main subsidiary Bank SinoPac (永豐銀行) held strong with NT$1.26 billion in net income. SinoPac Financial would press ahead with downsizing plans that cut its number of affiliated companies from 37 in 2017 to 21 in March this year, it added.
Source:Taipei Times
June 12, 2022 22:00 UTC
Fuel prices unchanged despite rising oil costs
Fuel prices unchanged despite rising oil costsBy Chen Cheng-hui / Staff reporterGasoline and diesel prices are to remain unchanged this week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday, even though international crude oil prices moved higher. Gasoline prices at CPC stations are to stay at NT$29.5, NT$31.0 and NT$33.0 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the state-run refiner said in a statement. Saudi Arabia’s planned price increases for shipments to Asia and Europe next month, as well as the arrival of the peak holiday driving period in the northern hemisphere, led to increases in international crude oil prices last week, CPC said. Based on CPC’s floating oil price formula, the cost of crude oil last week rose 3.72 percent from a week earlier. The refiner said it should have raised gasoline prices this week by NT$7.6 per liter and diesel prices by NT$9.3 per liter.
Source:Taipei Times
June 12, 2022 22:00 UTC