Cyprus extradition riles US lobbyists
Cyprus extradition riles US lobbyistsAFP, NICOSIAA Chinese mother and son’s fight against extradition from Cyprus to face fraud charges at home has attracted criticism by US-based right-wing lobby groups who say the charges are politically motivated. The pair are due in court in the resort town of Paphos for the resumption of their extradition hearing on Friday. A US pro-democracy organization supported by former US president Donald Trump’s former adviser Steve Bannon has contacted Cypriot authorities to demand that the extradition request be rejected, Cypriot media said. The mother and son have been described as members of the New Federal State of China, a US-based political movement lobbying against the Chinese government. Cyprus would prefer to keep the case low-profile as it has an extradition treaty with China and good diplomatic ties with Washington.
Source:Taipei Times
January 16, 2022 22:02 UTC
Covid-19: Pingjhen plant to stay open: Compal
Covid-19: Pingjhen plant to stay open: CompalCONTINGENCY PLANNING: Should disruptions occur, sites in Vietnam or China would take over, Compal said after COVID-19 cases among local workers were reportedBy Chen Cheng-hui / Staff reporterContract laptop maker Compal Electronics Inc (仁寶電腦) yesterday said that operations at its plant in Taoyuan’s Pingjhen District (平鎮) are continuing, after two employees at the facility tested positive for COVID-19 last week. Compal immediately activated emergency responses and disease prevention measures at the plant, the manufacturer said. The entrance to Compal Electronics Inc’s plant in Taoyuan’s Pingjhen District is pictured yesterday. The Central News Agency reported that Taoyuan Mayor Cheng Wen-tsan (鄭文燦) earlier yesterday said the firm had requested that about 1,500 employees at the Pingjhen plant undergo PCR tests. Compal’s plants in China or Vietnam would temporarily fill the gap if production at the Pingjhen plant is disrupted, the company said.
Source:Taipei Times
January 16, 2022 17:13 UTC
HK’s future tied to Lam’s re-election, academic says
Hong Kong is to elect its next chief executive in March from a pool of 1,500 candidates including incumbent Lam. Hong Kong Chief Executive Carrie Lam, left, speaks during a question-and-answer session at the territory’s Legislative Council on Wednesday. “Beijing’s overhaul of the Hong Kong electoral system was an attempt to secure the legitimacy of its rule over Hong Kong in the short term,” he said. “Beijing is oscillating in its control over Hong Kong, between rule by the chief executive and rule by CCP committee members,” he said. However, feigning competition in the chief executive election might help the CCP garner a sense of legitimacy,” he said.
Source:Taipei Times
January 16, 2022 17:12 UTC
Nepal’s honey industry stung by climate change
Bees are vital to the global food chain, but their numbers have been falling sharply, largely due to climate change, large-scale agriculture and pesticide use. In 2020, Nepal’s beekeepers produced about 50 percent less honey than three years earlier — and the warming climate is a big reason for the drop, said Shiva Prasad Sharma, a beekeeper and president of the Federation of Nepal Beekeepers (FNBK). PRESSURES PILE UPBees are vital to the global food chain, but their numbers have been falling sharply, largely due to climate change, large-scale agriculture and pesticide use. The government pays up to 80 percent of the premium, and the payouts cover 90 percent of the value of any honey shortfall. “Insurance helps, but to keep the honey industry vibrant, now is the time to keep colonies safe, healthy and strong,” Neupane said.
Source:Taipei Times
January 16, 2022 17:03 UTC
EU, China plan summit in March, Borrell says
EU, China plan summit in March, Borrell saysAFP, BREST, FranceThe EU and China are planning to hold a summit in late March, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said on Friday amid concerns over a Chinese blockade of Lithuania’s exports. It will give me a chance to travel to China to prepare for it,” Borrell announced after an informal meeting of EU foreign ministers in Brest, France. The last EU-China summit took place via videoconference in June 2020 between the presidents of the EU institutions and Chinese leaders. EU High Representative for Foreign Affairs and Security Policy Josep Borrell speaks at a news conference with French Minister of Foreign Affairs Jean-Yves Le Drian, not pictured, in Brest, France, on Friday. The summit “will be an important moment to see where we are in our relations with China.
Source:Taipei Times
January 15, 2022 23:59 UTC
Dow closes lower due to bank results
Dow closes lower due to bank resultsGAINS POSTED: The NASDAQ and the S&P 500 rallied in the afternoon, assisted by rate-sensitive growth sectors, with technology moving up 0.89 percent by the closeReutersThe Dow on Friday closed lower dragged down by financial stocks as investors were disappointed by fourth quarter results from big US banks, which cast a shadow over the beginning of the earnings season. The S&P 500 bank subsector, which hit an intraday high in the previous session, closed down 1.7 percent. The sector has recently been outperforming the S&P as investors bet the US Federal Reserve’s expected interest rate hikes would boost bank profits. For the week, the S&P 500 fell 0.3 percent while the Dow fell 0.88 percent and the NASDAQ fell 0.28 percent. Analysts see S&P 500 companies earnings rising 23.1 percent in the fourth quarter, Institutional Brokers’ Estimate System data from Refinitiv showed.
Source:Taipei Times
January 15, 2022 20:28 UTC
Taiwan losing ‘wood space race’
The project was inspired by Japan’s ambitions to enhance its wood product brands and accelerate the development of its forestry industry. However, 93 percent of Taiwan’s forests are state-owned, whereas only 41 percent of Japan’s forests are owned by the government. Japan’s forestry industry, being mostly privately owned, is influential enough to exert a great deal of pressure on its government. This has allowed the Japanese government to revitalize its forestry industry and look after the interests of its workers. In contrast, Taiwan’s forestry industry has been weak since a logging ban was imposed in the 1990s.
Source:Taipei Times
January 15, 2022 17:12 UTC
Taiwan Resource Center set up in Czech
Taiwan Resource Center set up in CzechBy Lin Chia-nan / Staff reporterThe 39th Taiwan Resource Center for Chinese Studies has been established at a university in the Czech Republic, with more set to be opened in Europe, the National Central Library (NCL) said yesterday. NCL Director-General Tseng Shu-hsien (曾淑賢) and Masaryk University rector Martin Bares on Monday last week signed an agreement to set up the Taiwan center as part of the university’s Asia Studies Centre, the library said in a news release. There are 22 Taiwan Resource Centers in Europe, including the new one; five in the US; 11 across Asia (including Russia); and one in Australia, the library’s Web site showed. Last year, four centers were set up in universities in Lithuania, France, Switzerland and Estonia. Most foreigners learn Chinese using simplified characters, but the Taiwan centers would allow them to access publications that use traditional characters and other cultural assets of Taiwan, Yen said.
Source:Taipei Times
January 15, 2022 03:58 UTC
NCKU, Tensor launch cubesat, satellite system
NCKU, Tensor launch cubesat, satellite systemEXPERIMENTS IN SPACE: The university’s project aims to test new technology ahead of the launch of larger satellites by the National Space OrganizationBy Lin Chia-nan / Staff reporterTwo Taiwanese space technology products developed by National Cheng Kung University (NCKU) and start-up Tensor Tech Co were yesterday launched by a SpaceX Falcon 9 rocket from Florida in a joint mission. Among them was a cubesat — a small research satellite — named Iris-A, developed by NCKU electrical engineering professor Juang Jyh-ching (莊智清). The launch mission also involves a novel attitude determination and control system (ADCS) developed by Tensor Tech, installed on Polish firm SatRevolution’s cubesat named Stork-1. “This ADCS is actuated using a spherical motor with a rotor that can spin on multiple axes,” Tensor Tech said in a statement. Founded in 2019, Tensor Tech branched from the laboratory of NCKU electrical engineering professor Hsieh Min-fu (謝旻甫), Yen said, adding that local electronics firms are its main investors.
Source:Taipei Times
January 15, 2022 02:28 UTC
China tipped to follow US’ lead on releasing crude oil
China tipped to follow US’ lead on releasing crude oilReutersChina will release crude oil from its national strategic stockpiles around the Lunar New Year holiday, which starts on Feb. 1, as part of a plan coordinated by the US with other major consumers to reduce global prices, sources told reporters. The sources, who have knowledge of talks between the world’s top two crude consumers, said China agreed late last year to release an unspecified amount of oil depending on price levels. A crude oil tanker is pictured at Qingdao Port in China’s Shandong Province on April 21, 2019. China in September conducted its first-ever public crude reserves auction of about 7.4 million barrels, about half a day’s consumption in the country. Benchmark Brent crude futures was at US$84.79 a barrel and US West Texas Intermediate crude at US$82.23 a barrel at 7:30am GMT.
Source:Taipei Times
January 14, 2022 23:28 UTC
Citigroup to sell Southeast Asian assets
Citigroup to sell Southeast Asian assetsBloombergCitigroup Inc on Thursday agreed to sell consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank (UOB) Ltd for about S$4.9 billion (US$3.6 billion) as Citigroup chief executive officer Jane Fraser continues her push to simplify the New York-based bank. United Overseas Bank is to pay Citigroup a cash consideration for the net assets of the acquired businesses, plus a premium of S$915 million, Citigroup said in a statement. The transaction includes Citigroup’s retail banking and credit card businesses in all four countries, but excludes its institutional offerings. Citigroup expects roughly 5,000 employees to transfer to United Overseas Bank after the deal closes, the statement said. This week, the firm announced that it would also seek to exit its consumer, small-business and middle-market banking businesses in Mexico.
Source:Taipei Times
January 14, 2022 16:59 UTC
China Steel to lower prices next month
Rolls of steel are stacked inside a China Steel Corp factory in Kaohsiung on Aug. 26, 2016. However, global steel supply might fall as China continues to lower its steel output to meet its target of carbon neutrality, it said, adding that South Korea is also reducing its steel manufacturing to curb carbon emissions. South Korea’s Pohang Iron and Steel Co last month terminated a furnace with a capacity of 1 million tonnes per year, China Steel said. Luxembourg-based ArcelorMittal SA is to raise prices of some steel materials by 30 to 50 euros per tonne, China Steel said. Steel prices have also increased in northern and southern Europe, it said.
Source:Taipei Times
January 14, 2022 16:47 UTC
Lenders asked to reclaim loans on unused plots
Lenders asked to reclaim loans on unused plotsBy Crystal Hsu / Staff reporterThe central bank yesterday asked local lenders and cooperatives to reclaim loans and raise interest rates on loans involving land plots where construction has not started 18 months or more after purchase, citing the need to curb land hoarding. Central Bank Governor Yang Chin-long speaks at a news conference in Taipei on Dec. 16 last year. Lenders should reclaim loans on long-idle plots and raise interest rates on borrowers unless they have compelling reasons that make the delay necessary, the central bank said. The central bank said lenders must boost responsible lending by following up on land loans through on-site inspections and other measures to document construction progress. The central bank reiterated that it would closely monitor real-estate lending and the property market as a whole, and would, if necessary, introduce more restrictions.
Source:Taipei Times
January 14, 2022 03:55 UTC
COVID-19: Port congestion in Ningbo growing over trucking ban
COVID-19: Port congestion in Ningbo growing over trucking banBloombergShipping firms are scrambling to switch to other Chinese ports to avoid delays at the Port of Ningbo-Zhoushan, which suspended some trucking services after an outbreak of COVID-19, freight forwarders and experts have said. Those diversions are adding to a new wave of congestion facing China’s ports as an increasing number of cities deal with COVID-19 outbreaks. Police officers check information on the smartphone of a truck driver at a checkpoint in Ningbo, China, on Dec. 18 last year. Meanwhile, the northern Chinese city of Tianjin ordered workers to take a half-day break for COVID-19 testing, as officials try to contain an outbreak involving the Omicron variant of SARS-CoV-2. The influx of ships into Shanghai has delayed sailing schedules for container ships by about one week, freight forwarders said.
Source:Taipei Times
January 14, 2022 03:55 UTC
The TAIEX moves higher for the fourth consecutive session
The TAIEX moves higher for the fourth consecutive sessionStaff writer, with CNAThe TAIEX yesterday moved higher for the fourth consecutive session as the financial sector was boosted by hopes that the US Federal Reserve would initiate a rate-hike cycle this year, which would push up financial institutions’ returns from overseas investments, dealers said. The TAIEX closed up 61.53 points, or 0.33 percent, at 18,436.93. Without the financial sector, the main board rose only 13.13 points, or 0.08 percent, from a session earlier. In addition, Cathay Financial Holding Co (國泰金控) rose 4.17 percent to close at NT$67.4, Mega Financial Holding Co (兆豐金控) gained 2.3 percent to close at NT$37.85 and Fubon Financial Holding Co (富邦金控) added 2 percent to close at NT$81.6. “For the TAIEX, strong technical support is expected in the event of any volatility at around 18,000 points, the 20-day moving average.”
Source:Taipei Times
January 14, 2022 00:59 UTC