TAIEX closes strong year slightly down
Starting at 14,720.25 points on Jan. 4, the TAIEX advanced 3,486.31 points this year, compared with an increase of 2,735.39 points last year. The TAIEX stood above 17,000 points on 130 of this year’s 244 trading days and above 18,000 points for five days, Financial Supervisory Commission (FSC) data showed. The TAIEX outperformed its Asian peers this year, with Japan’s Nikkei index gaining 5.33 percent, South Korea’s KOSPI index rising 4.17 percent, Singapore’s Strait Times index gaining 10.35 percent and China’s Shanghai Composite Index rising 3.57 percent, commission data showed. PGIM holds an upbeat outlook for local stocks next year on the back of the nation’s strong exports, Yeh said. Local equities are likely to continue attracting investors next month on the back of strong corporate fundamentals, SinoPac said in a statement.
Source:Taipei Times
December 30, 2021 16:56 UTC
Proof of Beijing’s true character
Proof of Beijing’s true characterBy Hong Tsun-ming 康駿銘Hard on the heels of the referendums in Taiwan, Hong Kong held its first legislative election since the electoral system was overhauled under the direction of Beijing. According to the new system, 40 of the 90 seats in the Hong Kong Legislative Council (LegCo) were elected by the 1,500-member Election Committee, which has only one non-establishment member. Even then, official statistics showed that there was an unprecedentedly low turnout of 30.2 percent, about half the turnout of the previous election. Since the protest movement objecting to extradition to China began in 2019, the deteriorating situation in Hong Kong has consistently demonstrated that China does not sit well with universal values, and that Hong Kong has been on the front line in the democractic battle against China. Hong Tsun-ming is director of the Taiwan Statebuilding Party’s Yilan County branch and a former citizen of Hong Kong.
Source:Taipei Times
December 30, 2021 04:07 UTC
Philippines lifts ban on open-pit mines
Philippines lifts ban on open-pit mines‘SHORT-SIGHTED’: The revenue from open-pit mines would help the nation pay loans to fight the pandemic, an official said, while critics called the practice ‘destructive’AFP, MANILAThe Philippines has lifted a four-year ban on new open-pit mines, an official said yesterday, in a bid to revitalize the country’s COVID-19-battered economy that has been slammed by environmentalists as “short-sighted.”The move sees the government reverse a ban imposed in 2017, when the then-Philippine secretary of environment and natural resources blamed the sector for widespread ecological damage. Manila has since reversed course, encouraging mining investments to shore up government revenues as lockdowns and COVID-19 quarantine restrictions ravaged the economy. Philippine Mines and Geosciences Bureau Director Wilfredo Moncano yesterday said that Philippine Secretary of Environment and Natural Resources Roy Cimatu had signed an order lifting the ban on open-pit mining in the country. “We offered the mining [industry] as a potential contributor to the recovery of the economy,” Moncano said. Open-pit mining directly extracts minerals on the ground and differs from other methods that require tunneling or underground mining.
Source:Taipei Times
December 30, 2021 03:53 UTC
Vietnam’s GDP expands in Q4
Vietnam’s GDP expands in Q4BloombergVietnam’s economic growth accelerated in the fourth quarter as manufacturing revived and exports extended their recovery from the COVID-19 pandemic slump earlier this year. GDP rose 5.22 percent in the fourth quarter compared with a year earlier, up from a revised minus-6.02 percent in the third quarter, the Vietnamese General Statistics Office said yesterday in Hanoi. That compared with the median estimate of 3.7 percent for the fourth quarter in a Bloomberg survey of 21 economists. Other details from the statistics office include: Exports rose 24.8 percent this month from a year earlier, while imports climbed 14.6 percent. Manufacturing rose 10.9 percent and consumer prices rose 1.81 percent this month from a year earlier.
Source:Taipei Times
December 29, 2021 23:27 UTC
CYBERSTRATEGY: Legislature approves plan to launch digital ministry
CYBERSTRATEGY: Legislature approves plan to launch digital ministryEVOLVING: The goal is to boost the government’s ability to deal with cybersecurity issues and step up Taiwan’s digital transformation, a Cabinet spokesperson saidStaff writer, with CNAThe Legislative Yuan on Tuesday approved the Cabinet’s plan to establish a ministry of digital development, as mapped out by President Tsai Ing-wen (蔡英文) in her second inaugural address in May last year. A new law passed by lawmakers to establish the new ministry states that it would be in charge of planning the nation’s digital development policies in response to the political and economic challenges created by a rapidly evolving digital world. The ministry of digital development would be responsible for planning the government resources required in the fields of telecommunication and digital technology, and the infrastructure needed to promote innovation, as well as cultivating talent. The plan to establish a ministry of digital development aims to speed up Taiwan’s digital transformation and improve the government’s ability to deal with cybersecurity issues, Cabinet spokesperson Lo Ping-cheng (羅秉成) said. The MOST said that its role would in future be similar to that of the National Development Council, coordinating between ministries, industry and academia to guide software and hardware innovation in Taiwan.
Source:Taipei Times
December 29, 2021 22:09 UTC
Tigerair to apply for listing on TWSE main board
Tigerair to apply for listing on TWSE main boardLOOKING AHEAD: The Taiwan Stock Exchange said that Tigerair Taiwan should be eligible under relaxed rules for companies affected by the COVID-19 pandemicBy Kao Shih-ching / Staff reporterTigerair Taiwan Ltd (台灣虎航) has applied to the Taiwan Stock Exchange (TWSE) to list its shares on the main board, hoping to raise more capital before the international travel market recovers next year, the low-cost carrier said yesterday. Under the relaxed rules, the review committee focuses on an applicant’s financial results from every year except for the one affected by COVID-19, the exchange added. A Tigerair Taiwan Airbus A320 takes off from Taiwan Taoyuan International Airport in an undated photograph. Photo courtesy of Tigerair TaiwanTigerair Taiwan reported net profit of NT$981 million (US$35.43 million) in 2018 and NT$808 million in 2019, before reporting net loss of NT$1.37 billion last year. Of the firms that have applied under the relaxed rules, not many have been approved, Chen added.
Source:Taipei Times
December 29, 2021 04:14 UTC
CECC posts 19 imported, 14 new Omicron cases
CECC posts 19 imported, 14 new Omicron casesTRAVEL FOR SPORTS: Of the Omicron cases identified through genome sequencing yesterday, seven belong to a Taiwanese karate team that flew back from KazakhstanBy Lee I-chia / Staff reporterThe Central Epidemic Command Center (CECC) yesterday reported 19 imported cases of COVID-19 and 14 newly confirmed cases of the Omicron variant of SARS-CoV-2. Twelve members of the team have already tested positive for COVID-19, and were reported as confirmed cases on Sunday and Monday. Meanwhile, genome sequencing results showed that 14 previously reported imported cases were infected with the Omicron variant, Chuang said, adding that a total of 48 imported Omicron cases have so far been identified in Taiwan. Among the 14 new Omicron cases identified yesterday, seven are members of the Taiwanese karate team who returned from Kazakhstan, he said. The karate team members would be interviewed to determine the possible causes of infection, he added.
Source:Taipei Times
December 28, 2021 22:15 UTC
China’s pursuit of tech ‘self-reliance’
“Self-reliance is the foundation for the Chinese nation,” President Xi Jinping (習近平) said in a speech released in March. A woman browses her smartphone at a booth displaying various chips developed by Beijing’s Tsing Micro during September’s China Beijing International High-Tech Expo. Photo: APWashington and Beijing need to “avoid that the world becomes separated,” UN Secretary-General Antonio Guterres said in September. Visitors to a mall walk past a Huawei store in Beijing, China. “My country still faces a big gap in chip technology,” said industry analyst Liu Chuntian of Zero Power Intelligence Group.
Source:Taipei Times
December 28, 2021 22:01 UTC
China tightens rules on overseas listings
China tightens rules on overseas listingsHEIGHTENED SCRUTINY: Authorities said that firms in industries in which foreign investment is banned would need approval from authorities for an overseas debutAFP, BEIJINGBeijing has tightened the rules on overseas listings by Chinese firms in a series of new regulations that increase scrutiny of companies seeking to raise funds on foreign stock markets. China has stepped up scrutiny of major overseas listings after a controversial New York initial public offering (IPO) by ride-hailing giant Didi Chuxing (滴滴出行) went ahead this year, despite regulatory concerns at home. It came days after authorities proposed that companies seeking foreign IPOs would need to register with the securities regulator. The restrictions would make VIE structures “less attractive,” as well as “making foreign listings less appealing for Chinese founders and investors,” University of Hong Kong law professor Angela Zhang (張湖月) said. The rule would not affect companies listed overseas.
Source:Taipei Times
December 28, 2021 16:39 UTC
Japan maps out plan to release Fukushima water
Japan maps out plan to release Fukushima waterReuters, TOKYOJapan’s government yesterday mapped out a plan to release contaminated water from the crippled Fukushima Dai-ichi nuclear power plant into the sea, including compensation standards for local industry and the compilation of a safety assessment report. Japan in April said that it would discharge more than 1 million tonnes of contaminated water in stages after treatment and dilution, starting in about the spring of 2023. Storage tanks are pictured at the Fukushima Dai-ichi nuclear power plant in Oma, Japan, on Nov. 15. Photo: EPA-EFEEarlier this month, the plant’s operator, Tokyo Electric Power (TEPCO) outlined detailed plans for the disposal, including building an underwater tunnel to release the water. Japan has said that the release is necessary to press ahead with the complex decommissioning of the plant.
Source:Taipei Times
December 28, 2021 16:01 UTC
Semicon Taiwan boasts more exhibitors this year
Semicon Taiwan boasts more exhibitors this yearStaff writer, with CNAA record number of exhibitors are to participate in Semicon Taiwan, an annual international trade fair for the semiconductor technology sector, when it opens today in Taipei, the organizers said on Sunday. The record number of exhibitors this year is evidence of Taiwan’s central position in the global semiconductor industry, said Terry Tsao (曹世綸), chief marketing officer at SEMI and president of SEMI Taiwan. Terry Tsao, chief marketing officer at SEMI and president of SEMI Taiwan, is pictured in an undated photograph. Photo courtesy of SEMI via CNAParticipation in the show should not be affected significantly by COVID-19 travel restrictions, Tsao said, adding that most of the buyers are based in Taiwan, while the international clients have local representatives. An expected highlight at the event is to be a special Compound Semiconductor Innovation Zone, he said, adding that compound semiconductors are likely the future of the industry, as silicon chips are reaching their limit.
Source:Taipei Times
December 28, 2021 03:50 UTC
Japan joins coordinated sales of oil
Japan joins coordinated sales of oilCAUTIOUS OFFERING: The Japanese Ministry of Economy, Trade and Industry said the volume offered was 100,000 kiloliters, or only the equivalent to 630,000 barrelsBloombergJapan started a sale of oil from its strategic reserves to combat rising prices with a modest sale, joining an unprecedented coordinated release of crude from strategic stockpiles that has been led by the US. An aerial photograph shows Idemitsu Kosan Co’s oil factory in Ichihara, east of Tokyo, on Nov. 12. US President Joe Biden’s administration started tapping the first of its pledged 50 million barrels of reserves not long after announcing the coordinated release late last month. Japanese Minister of Economy, Trade and Industry Koichi Hagiuda last month said that Japan would conduct the release as it replaces oil in its stockpiles. At the same time, OPEC and its allies have kept boosting supplies, and the US has led the coordinated release of oil from national strategic reserves.
Source:Taipei Times
December 27, 2021 23:25 UTC
Son of Jacky Wu on bail after marijuana incident
Son of Jacky Wu on bail after marijuana incidentASKING FOR PUNISHMENT: ‘I’m ashamed as a father,’ the variety show host wrote after his son, singer Rick Wu, allegedly smoked marijuana outside a Taipei nightclubBy Chien Li-chung, Chen Hui-ling and William Hetherington / Staff reporters, with staff writerThe son of variety show host Jacky Wu (吳宗憲) was yesterday released on bail after police found him allegedly smoking marijuana. Police early yesterday morning apprehended Rick Wu (吳睿軒), a 23-year-old singer who uses the stage name LucyPIE, outside the RUFF Nightclub in Taipei’s Xinyi District (信義). TV show host Jacky Wu, right, and his son, Rick Wu, pose in an undated photograph. Rick Wu declined to comment when leaving the office. This is our responsibility as parents,” Jacky Wu wrote on Facebook.
Source:Taipei Times
December 27, 2021 16:00 UTC
AIT affirms US support for Taiwan, praises tech
AIT affirms US support for Taiwan, praises techHACK THE PLANET: Events such as a government-sponsored hackathon show that Taiwan is not just a ‘technological powerhouse,’ but ‘a good global citizen’By Chen Yu-fu and Kayleigh Madjar / Staff reporter, with staff writerAmerican Institute in Taiwan (AIT) Deputy Director Jeremy Cornforth yesterday affirmed the US’ support for Taiwan’s participation in international organizations, as he praised the nation’s technological contributions. Cornforth made the remarks at an awards ceremony for the annual Presidential Hackathon organized by the Executive Yuan. Photo: CNACornforth in his address lauded Taiwan’s commitment to fulfilling the UN’s Sustainable Development Goals, despite being excluded from international organizations. “Taiwan is a reliable partner, a vibrant democracy and a force for good in the world,” he said. “We will continue to cooperate with the private sector to address these issues using innovative technology to help Taiwan become a sustainable island of resilience,” Tsai said.
Source:Taipei Times
December 27, 2021 03:56 UTC
Russian court slaps Google, Meta with massive fines
Russian court slaps Google, Meta with massive finesAP, MOSCOWA Moscow court on Friday slapped Google with a nearly US$100 million fine and also fined Facebook Inc’s parent company Meta Platforms Inc US$27 million over their failure to delete content banned by local law, as Russia seeks to step up pressure on technology giants. The Tagansky District Court ruled that Google repeatedly neglected to remove the banned content, and ordered the company to pay an administrative fine of 7.2 billion rubles (US$97.7 million). Google said that it would study the court documents before deciding on what its next step might be. Photo: AFPLater on Friday, the court also slapped a fine of nearly 2 billion rubles on Meta for failure to remove banned content. The firm might face further fines for failure to delete the banned content, the agency added.
Source:Taipei Times
December 27, 2021 03:56 UTC