Oil up as growing chorus predicts return to US$100
Oil up as growing chorus predicts return to US$100BloombergOil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to the year. Brent crude for March delivery rose 0.77 percent to US$90.03 a barrel, gaining 2.43 percent from a week earlier. An oil pumpjack, left, operates while another stands idle in the Inglewood Oil Field in Los Angeles on Friday. Photo: AFPAs supply remains constrained, a chorus of Wall Street banks and oil executives are forecasting a return to US$100 oil. For now, crude prices have defied the pull of weaker risk sentiment elsewhere, with consumption on the brink of returning to levels seen before the COVID-19 pandemic.
Source:Taipei Times
January 30, 2022 00:56 UTC
Some Asia markets regain footing after major losses
Some Asia markets regain footing after major lossesReutersSome Asian stocks rebounded on Friday after steep losses in the previous session as strong US economic growth and Apple Inc’s impressive earnings offset some bearishness generated by the US Federal Reserve’s hawkish comments. US stock futures rose in Asia trade with NASDAQ futures up 0.77 percent and S&P 500 e-minis up 0.48 percent after Apple on Thursday reported record sales in the holiday quarter. Tokyo’s benchmark Nikkei 225 rose 2.09 percent to 26,717.34, but lost 2.92 percent from a week earlier. Seoul’s KOSPI increased 1.87 percent to 2,663.34, losing 6.03 percent from a week earlier, while Sydney’s S&P/ASX 200 rose 2.19 percent to 6,988.1, down 2.62 percent on the week. The Shanghai Composite Index declined 0.97 percent to 3,361.44, losing 4.57 percent from a week earlier.
Source:Taipei Times
January 29, 2022 20:29 UTC
Europe shares drop as tech, autos slammed
Europe shares drop as tech, autos slammedReutersEuropean shares fell on Friday, with the STOXX 600 index down for a fourth straight week as auto and technology stocks led declines amid the prospect of higher interest rates and concern over the situation in Russia and Ukraine. The pan-European index shed 1.02 percent to 465.55, paring some losses after falling as much as 2 percent earlier in the day. The index lost 1.87 percent this week, marking its worst performance in more than two months. Eurozone bond yields increased following the hawkish message that emerged from the US Federal Reserve policy meeting earlier this week. The top sectoral decliner, technology, fell 1.7 percent, tracking its worst month since 2008.
Source:Taipei Times
January 29, 2022 20:29 UTC
TSMC outlay keeps economy afloat
TSMC outlay keeps economy afloatSTELLAR YEAR: The chipmaker’s investments at home created a domino effect as other industries in its supply chain built new factories to keep up with demandBloombergTaiwan’s economy is set to receive a substantial boost this year from Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) unprecedented spending spree, as the chipmaking giant accelerates plans to build more factories. Taiwan’s largest company revealed plans earlier this month to spend between US$40 billion and US$44 billion this year on new plants to help ease the shortage of semiconductors. That is equivalent to about 5 percent of Taiwan’s US$760 billion economy, based on the government’s GDP estimates for 2021. Winston Chiao, an economist at Taipei-based Taishin Securities, said that TSMC’s spending plans prompt him to upgrade his most recent forecast of 4.2 percent GDP growth this year. The main risk for the economy this year is whether the government adopts strict new measures to stamp out a new COVID-19 outbreak.
Source:Taipei Times
January 28, 2022 22:17 UTC
Agency halts deportation of teens raised in Taiwan
Agency halts deportation of teens raised in TaiwanBy Liu Ching-hou, Wu Po-hsuan and Jonathan Chin / Staff reporters, with staff writerCiting humanitarian concerns, the National Immigration Agency yesterday halted the deportation of three teenagers who were born in Indonesia, but raised in Taiwan. After he was investigated for bank fraud, her father accepted a deal to be deported in exchange for deferred prosecution, Hsiao Chiao said. Immigration officials last month told her father that he must leave Taiwan by Feb. 8 and his family must leave a month later, she said. Hsiao Chiao added that she was eligible for permanent residency and would have applied for it, but did not due to the COVID-19 pandemic. The deportation of the father for his involvement in criminal activity would continue, the official said, citing the Immigration Act (出國及移民法).
Source:Taipei Times
January 28, 2022 22:16 UTC
Investors net NT$558,300 during the Year of the Ox
Investors net NT$558,300 during the Year of the OxStaff writer, with CNAEquity investors in Taiwan earned an average of NT$558,300 (US$20,063) in the Year of the Ox after the TAIEX soared 11.84 percent. The TAIEX closed at 17,674.40 on Wednesday, the last trading session of the Year of the Ox, up 1,872 points from Feb. 5 last year, the last trading session of the previous year — the Year of the Rat. During the Year of the Ox, the market capitalization of the main board rose by NT$6.7 trillion to NT$48.2 trillion, Taiwan Stock Exchange data showed. Based on the 12 million investors who have a trading account, investors earned an average of NT$558,300 over the year, the data showed. The local equity market is closed until Feb. 6 to observe the Lunar New Year holiday before trading resumes on Feb. 7, the first trading session of the Year of the Tiger.
Source:Taipei Times
January 28, 2022 20:30 UTC
Unification song hits a sour note
Unification song hits a sour noteBy Shih Chia-liang 施佳良The Taiwan Affairs Office of the Chinese Communist Party (CCP) has been enthusiastically promoting a song titled We Sing One Song Together (我們同唱一首歌) since its release early this year and first broadcast on China Central Television (CCTV), a mouthpiece of the CCP. The song concludes with the reunion of family members, a metaphor for political unity. The form and narrative of the lyrics are integrated, but the song is unsure who exactly the target audience is. Those who feel the nostalgia from this song would be Taiwanese living in China. Is the purpose of this song to encourage them to return to Taiwan as soon as possible?
Source:Taipei Times
January 28, 2022 16:53 UTC
MediaTek looking at 15% growth for three years
MediaTek looking at 15% growth for three years5G PENETRATION: With a global rise in 5G tech and half the firm’s revenue coming from phone chips, MediaTek is looking at high growth for the foreseeable futureBy Lisa Wang / Staff reporterMediaTek Inc (聯發科), the world’s largest 5G smartphone chip supplier, yesterday said it expects revenue to grow about 15 percent each year for the next three years, buoyed by its swift technology migrations and expansions in addressable markets. The Hsinchu-based chipmaker’s strong projection came after reporting 53.2 percent annual revenue growth last year to a record NT$493.4 billion (US$17.73 billion), a step closer to its target of US$20 billion revenue. MediaTek attributed the strong growth to its early sub-6 gigahertz 5G readiness, and its support of WiFi 6 technologies, helping it capture business opportunities as new products were introduced. To concentrate its research-and-development resources on promising products, MediaTek streamlined its businesses and separated each into three groups: mobile phones, smart edge platforms and power management chips. He said that 5G phones this year are expected to increase to 700 million units worldwide, comprising more than 50 percent of the world’s mobile phones, adding that the penetration rate of 5G phones was close to 40 percent last year.
Source:Taipei Times
January 28, 2022 03:54 UTC
WTO permits China a US$645m tariff weapon
WTO permits China a US$645m tariff weaponBloombergThe WTO granted Beijing a new tariff weapon against the US during a politically sensitive moment for US President Joe Biden, nearly one year into a tenuous truce in the trade dispute between the two largest economies. A WTO arbitrator in Geneva, Switzerland, on Wednesday said that China can retaliate against US$645 million of annual US exports as part of a decade-old trade dispute over US anti-subsidy duties on Chinese goods. The amount was much less than the US$2.4 billion that China had initially requested legal authority to target. Beijing can now request formal WTO authorization to retaliate against US goods and services, which could be granted as soon as next month. The WTO repeatedly ruled against the US and found that Washington failed to withdraw the illegal duties in a timely manner.
Source:Taipei Times
January 28, 2022 02:28 UTC
The US’ policy shift toward Taiwan
The US’ policy shift toward TaiwanBy Huynh Tam Sang and Pham Do AnWashington’s words and deeds toward Taiwan have changed to a nuanced approach, especially since the administration of former US president Donald Trump. US President Joe Biden seems to be following in Trump’s footsteps on making weapons more accessible to Taiwan. In August last year, the US approved a US$750 million sale of 40 Paladin M109A6 self-propelled howitzers and accompanying equipment to Taiwan. Washington could promote to ASEAN member states the idea that Taiwan should be effectively integrated into Southeast Asia, which is the nucleus of Washington’s Indo-Pacific strategy. By doing so, the US would further enhance Taiwan’s international standing, while forging a mutual understanding among the parties involved.
Source:Taipei Times
January 27, 2022 22:08 UTC
Ministry warns of employment scam in Cambodia
Ministry warns of employment scam in CambodiaBy Lu Yi-hsuan and William Hetherington / Staff reporter, with staff writerThe Ministry of Foreign Affairs on Tuesday urged people who are planning to work in Cambodia to exercise caution after Taiwanese were reportedly coerced into engaging in fraudulent activity in the country. They had been lured to take up work in Cambodia by criminal groups that promised them high salaries and favorable treatment, Ou said. However, when they arrived, their freedom of movement was restricted, Ou said, adding that those who resisted had been beaten. “If you are going to Cambodia for work, we urge you to be vigilant. Look into the company that is hiring you and make sure you understand the details of the work you will be asked to do,” she said.
Source:Taipei Times
January 26, 2022 22:09 UTC
Video link needed for lawmakers: TPP
Video link needed for lawmakers: TPPCONTINUED RISK: Taiwan People’s Party Legislator Ann Kao said that without a videoconferencing system, legislators in quarantine cannot review budgets or voteBy Lee I-chia / Staff reporterTaiwan People’s Party (TPP) legislators yesterday called on the Legislative Yuan to launch a videoconference system for legislators in isolation or quarantine, and urged the government to purchase more oral antiviral drugs for treating COVID-19. New Power Party Legislator Chiu Hsien-chih, left, and Taiwan People’s Party Legislator Ann Kao hold a joint news conference at the Legislative Yuan in Taipei yesterday. Photo: CNAFive TPP legislators might have been placed in isolation, she said, adding that the TPP was to hold its year-end banquet at the Grand Hotel Taipei (圓山飯店) on the day after the chef tested positive for COVID-19. Without a videoconferencing system, legislators who are placed in isolation cannot review the government budgets or vote, Kao said. Separately yesterday, TPP legislators Chiu Chen-yuan (邱臣遠) and Tsai Pi-ru (蔡壁如) held a news conference urging the Central Epidemic Command Center (CECC) to work closely with local governments on announcing to the public as soon as possible disease prevention guidelines for the Lunar New Year holiday.
Source:Taipei Times
January 26, 2022 16:38 UTC
Credit Suisse Group warns of net loss in Q4 last year
Credit Suisse Group warns of net loss in Q4 last yearReuters, ZURICH, SwitzerlandCredit Suisse Group AG yesterday said it was likely to make a net loss in the fourth quarter, as the scandal-hit lender flagged fresh legal costs and said business in its trading and wealth management divisions had slowed. Combined with other charges, it said this was expected to result in a reported pre-tax income or loss of “approximately breakeven” for the fourth quarter. The logo of Credit Suisse at a branch office in Zurich, Switzerland, is pictured on Nov. 3. It said at the time it expected to take an impairment of 1.6 billion Swiss francs in the fourth quarter on remaining investment banking-related goodwill on its books. Credit Suisse yesterday said that its investment bank would also be affected by a slowdown in transaction-based revenue.
Source:Taipei Times
January 26, 2022 00:57 UTC
KMT support falls 4 percentage points: poll
Apart from the KMT’s losses, the result was little changed from last month, shifting only 1.5 percentage points at most, the foundation said. That represented a 1.3 percentage point slip for the DPP and a less than 1 percentage point difference for the rest. However, the largest number of respondents, 33.8 percent, said that they did not support any party, up 3.2 percentage points from last month. The number of people saying they were not worried also rose 14.8 percentage points to 30.1 percent, the foundation said. There were 1,083 valid samples with a margin of error of 2.98 percentage points.
Source:Taipei Times
January 25, 2022 22:09 UTC
Funny old world: Offbeat news from last week
Funny old world: Offbeat news from last weekAFP, PARISFrom the dangers of letting women sit up front, to Hong Kong’s fishy lobster meatballs, here is a weekly roundup of offbeat stories from around the world:BEWARE! Lobster meatballs are displayed for sale last week at a market in Hong Kong’s Wanchai area. This week Zhao Xiaoqing, a 28-year-old woman from northern China’s Shaanxi province, got engaged to her beau after they too were trapped on a date. Gourmets in the food-obsessed city are more than a little crabby at the results of DNA tests on one of its favorite foods, lobster meatballs. When the first Bundo book was released, British TV comedian John Oliver published a parody version to support gay charities.
Source:Taipei Times
January 24, 2022 22:07 UTC