Dollar increases after US warns of Russian assault
Dollar increases after US warns of Russian assaultReuters, WASHINGTONThe US dollar rose on Friday, after the US said that Russia has massed enough troops near Ukraine to launch a major invasion. A Russian attack could begin any day and would likely start with an air assault, US National Security Adviser Jake Sullivan told a media briefing. Photo: ReutersThe US dollar index, a measure of the greenback against six major currencies, rose 0.5 percent to 96.03, posting a weekly increase of 0.57 percent. The New Taiwan dollar declined against the US dollar on Friday, losing NT$0.021 to close at NT$27.846. “I tend to think we consolidate in the short term here, and am still biased toward euro downside, dollar upside against most currencies,” he said.
Source:Taipei Times
February 13, 2022 02:23 UTC
FEATURE: ‘Blue Magpies’ as ‘Mulan’ replacement urged
Women’s national soccer team players pose for a picture on Dec. 21 last year. “Taiwan soccer must catch up with the times. In the 1960s, Taiwan were regarded as the powerhouse of women’s soccer in Asia, winning several regional titles. Taiwanese soccer needs to move forward, and should not use the Mulan nickname for its women’s national team, Chen said. Blue Magpies is a fitting name for Taiwan’s women’s national soccer team, Cheng said, adding that nicknames usually emerge from among fans of the respective team, not by decree from the nation’s soccer governing body.
Source:Taipei Times
February 13, 2022 00:56 UTC
Hon Hai to launch EV investment in Indonesia in Q3
Hon Hai to launch EV investment in Indonesia in Q3Staff writer, with CNAHon Hai Precision Industry Co (鴻海精密) in the third quarter this year is to launch an investment to make electric vehicles (EV) and batteries in Indonesia, officials said. Hon Hai Precision Industry Co chairman Young Liu reacts during a news conference in Taipei on March 16 last year. Beyond cooperation on EV development, the project is also aimed at forging a battery supply chain in Indonesia that could help support a sustainable energy ecosystem, Hon Hai said. On Thursday, Hon Hai reported total consolidated sales of NT$445.75 billion (US$16 billion) for last month, its second-highest figure for January. However, the server segment performed better last month than in December, Hon Hai said.
Source:Taipei Times
February 12, 2022 03:54 UTC
Seven certified laboratories can inspect 70,000 food products per year, Su says
Seven certified laboratories can inspect 70,000 food products per year, Su saysBy Hsu Chuo-hsun / Staff reporter, with CNATaiwan has seven certified laboratories that have the capacity to inspect 70,000 food products per year, Premier Su Tseng-chang (蘇貞昌) said yesterday in a bid to assure the public about food safety. The nation has seven laboratories certified by international organizations for testing radioactive residues in food products, Su said. Testing is expected to occur on about 20,000 food products per year, with a capacity of 70,000, he added. “I can assure the public that Taiwan can handle the testing without a problem and can safeguard food safety,” Su said. The instruments have a detection limit for cesium-134 and cesium-137 of 1 becquerel per kilogram, which is 1 percent of the legal limit for food products, he said.
Source:Taipei Times
February 11, 2022 23:27 UTC
Quarantines ceased at 39 hotels as demand slips
They were required to stay in quarantine hotels or government quarantine facilities for seven to 14 days, depending on their COVID-19 vaccination status. A taxi driver disinfects a passenger’s luggage at Kaohsiung International Airport on Jan. 11. Of the 2,000 quarantine rooms at those hotels, 800 were only available until Monday last week, it added. Hotels that offered quarantine services should be disinfected for more than one day before accepting regular guests again, it said. “Hoteliers make adjustments based on demand, and we respect their decisions,” bureau Deputy Director-General Chou Ting-chang (周廷彰) said.
Source:Taipei Times
February 10, 2022 22:08 UTC
Taiwan vows to help as US eyes Indo-Pacific shift
Ministry of Foreign Affairs spokeswoman Joanne Ou speaks at a news conference at the ministry in Taipei yesterday. The nation “solemnly condemns China’s continued use of undue political bullying and economic coercion to exert pressure on Lithuania,” Ou told the news conference. China is through multiple channels attempting to change the policy of mutual representation and strengthening of economic relations between Taiwan and Lithuania, Ou said. “Taiwan will stand firmly with Lithuania and, together with our international allies, will take practical steps to support Lithuania through these difficulties,” Ou said. “We will continue to deepen our friendly and close relations with Lithuania, demonstrating the solidarity and resilience of democratic nations.”
Source:Taipei Times
February 10, 2022 22:00 UTC
Manila online casinos vacate half of their offices
Manila online casinos vacate half of their officesBloombergChina-centric online casinos vacated half of their offices in the Philippine capital during the COVID-19 pandemic, as travel restrictions, taxes and precarious relations between the two countries throttled their operations. Before the pandemic, the US$8 billion industry and its tens of thousands of migrant workers boosted property prices across Metro Manila and its surrounds. Operators employ mostly Chinese to answer queries and process payments for clients who place bets on livestreamed games of baccarat and fan-tan. Vacancy might ease should online casinos return and add to demand from outsourcing companies, he said. As travel restrictions ease, “it’s really up to Philippine-China relations, with respect to the level of tolerance in allowing the industry to prosper,” Andaya said.
Source:Taipei Times
February 09, 2022 22:01 UTC
Annual ‘Cycling for a Free Tibet’ rolls out in Taipei
Annual ‘Cycling for a Free Tibet’ rolls out in TaipeiBy Jason Pan / Staff reporterTibetan groups and rights advocates were yesterday joined by independent Legislator Freddy Lim (林昶佐) and New Power Party Legislator Chiu Hsien-chih (邱顯智) in launching this year’s “Cycling for a Free Tibet” campaign ahead of next month’s main event. Supporters of the Human Rights Network for Tibet and Taiwan ride bicycles in Taipei yesterday as they launch this year’s “Cycling for a Free Tibet” campaign. Photo: Tu Chien-jung, Taipei TimesThe “Cycling for a Free Tibet” campaign began in 2011 to raise public awareness of the pain and suffering of Tibetans’ plight, he said. “The Beijing regime has carried out oppression and human rights abuse against Tibetans, Uighurs and Hong Kongers. It is the right principle for a free and democratic country with respect for human rights to follow, Chiu said.
Source:Taipei Times
February 09, 2022 21:57 UTC
Industrial output a drag on PMI
Industrial output a drag on PMIOUTLOOK UNCLEAR: GDP growth of more than 4 percent this year hinges on whether service-focused sectors emerge from the pandemic, the CIER president saidBy Crystal Hsu / Staff reporterThe official manufacturing purchasing managers’ index (PMI) last month was 56.2, above the expansion mark for the 19th consecutive month, but 3.1 points lower than December, dragged by slack industrial output, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. “The latest PMI data represented the slowest expansion since September 2020 after the sub-index on industrial output slipped into the contraction zone,” CIER president Chang Chuang-chang (張傳章) said, citing the institute’s monthly survey. The sub-index on inventory added 2.2 points to 56.7, while customers’ inventory rose 2.4 points to 50.7, it showed. The non-manufacturing index fell 4.7 points to 53.9, suggesting business improvement ahead of the Lunar New Year holiday, the institute said in a separate survey. The reading on the six-month business outlook sub-index slumped 11.6 points to 53, as restaurants, hotels, retailers, telecoms and logistic service providers are expecting a downturn, he said.
Source:Taipei Times
February 08, 2022 22:08 UTC
Hotai eyeing 5 percent sales growth
Hotai is aiming to sell 164,000 vehicles this year — 155,000 sedans and crossovers, and 9,000 commercial vehicles — it said in the statement. “Through offering a comprehensive lineup of vehicles, Hotai is setting a goal of selling 155,000 units of sedans and crossovers. That would be the highest volume of such vehicles sold in Taiwan in the company’s history,” Hotai said in the statement. That would represent annual growth of 2.27 percent from 449,800 new vehicles sold last year. Hotai said the global chip crunch and the development of the COVID-19 pandemic would be major factors for the auto market this year.
Source:Taipei Times
February 08, 2022 22:08 UTC
Toshiba to split into two companies
Toshiba to split into two companiesSPIN-OFF: The Japanese company dropped its plan to split into three firms, citing higher-than-expected costs and an extensive process to list the two new entitiesAFP, TOKYOToshiba Corp yesterday announced plans to split into two companies, revising a controversial proposal to divide into three following a tumultuous period for the storied industrial conglomerate. The logo of Toshiba Corp at its headquarters in Tokyo is pictured yesterday. The firm also said it would unload its stake in air-conditioning business Toshiba Carrier Corp, and seek to sell its elevator and lighting units. Toshiba initially unveiled a plan to split into three in November last year, in what analysts called a test case for other Japanese giants. A two-way split instead “can significantly reduce separation costs, secure financial soundness for each company, and significantly reduce spin-off uncertainty,” the company said.
Source:Taipei Times
February 08, 2022 03:56 UTC
Mega, First aiming for stable earnings growth
Mega, First aiming for stable earnings growthFOCUS: Mega Financial said that rate hikes would allow it to pursue better asset returns, while First Financial said that it would work on deepening customer relationshipsBy Crystal Hsu / Staff reporterState-run Mega Financial Holding Co (兆豐金控) and First Financial Holding Co (第一金控) yesterday said that they are aiming for stable profit growth this year, despite lingering uncertainties. Mega Financial said that the operating environment would turn favorable for financial institutions this year after major central banks worldwide disclosed plans to raise interest rates, which would widen interest spreads and profit margins. Mega Financial chairman Michael Chang (張兆順) urged his colleagues to meet the growth challenges by embracing change. Mega Bank president Robert Tsai (蔡永義) said that the Fed could raise interest rates three to five times this year, which would benefit the Taiwanese lender’s operations. First Financial Holding said that it is seeking to bolster its operating resiliency and raise profit contributions from non-bank subsidiaries.
Source:Taipei Times
February 07, 2022 22:09 UTC
Cyclone Batsirai displaces 48,000 in Madagascar
Cyclone Batsirai displaces 48,000 in MadagascarAFP, MAHANORO, MadagascarCyclone Batsirai killed at least 10 people and displaced nearly 48,000 when it struck Madagascar overnight, the Madagascan National Office of Risk and Disaster Management said on Sunday. Parts of the country were lashed with heavy rains and wind before the cyclone made landfall in Mananjary. A girl holds a baby outside a damaged house in Fianarantsoa, Madagascar, on Sunday after Cyclone Batsirai caused flooding in the area. Batsirai made landfall late on Saturday as an “intense tropical cyclone,” packing winds of 165kph, said Faly Aritiana Fabien of the disaster management agency. The Meteo-France weather service had earlier predicted that Batsirai would pose a “very serious threat” to Madagascar.
Source:Taipei Times
February 07, 2022 22:09 UTC
EDITORIAL: Keep economic expectations in check
EDITORIAL: Keep economic expectations in checkThe nation’s economy expanded 4.88 percent in the fourth quarter of last year, bringing the year’s GDP growth to 6.28 percent, the Directorate-General of Budget, Accounting and Statistics reported late last month. The nation’s growth momentum surprisingly accelerated after GDP expanded 3.11 percent in 2020, due to robust exports and domestic investments. While their growth benefited from improved export performance and private consumption, the rise was boosted by a low comparison base. The Omicron variant is creating obstacles worldwide, with the global economy in a weaker position than previously expected, according to the IMF’s latest World Economic Outlook report released last month. Taiwan’s manufacturing sector is to remain one of the key pillars of the economy this year on the back of robust global demand.
Source:Taipei Times
February 07, 2022 04:02 UTC
Fuel prices to stay flat for second week in a row
Fuel prices to stay flat for second week in a rowBy Chen Cheng-hui / Staff reporterCPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would continue to keep gasoline and diesel prices unchanged this week for a second consecutive week. This is despite a seventh weekly rise in global crude oil prices amid tensions in Ukraine and a tight supply in the US. Global crude oil prices continued to climb last week on a combination of factors that included a cold snap in Texas and rising concerns about the state’s shale oil production. The refiner said its crude oil costs last week rose 2.1 percent, following an increase of 1.23 percent the previous week, based on its floating oil price formula. To comply with government policy, CPC said that it would not raise fuel prices so that consumer costs would remain stable through the Lunar New Year holiday.
Source:Taipei Times
February 07, 2022 02:25 UTC