Aluminum prices soar as supply worries mount
Aluminum prices soar as supply worries mountBloombergAluminum yesterday rose for a seventh day — to near the highest in a decade — as deepening Chinese output cuts raised fears of a supply shortfall. The southwestern Chinese province of Guangxi, a major metals producer, would cut output of energy-intensive materials, including aluminum, people familiar with the matter said. Aluminum prices have rallied almost 40 percent this year on the LME, second only to tin among six base metals. However, iron ore still faces headwinds as the world’s largest steel market faces several challenges for the rest of this year. Earlier this week, Baoshan Iron & Steel Co (寶山鋼鐵), the listed unit of China’s biggest producer, flagged the potential for renewed price declines in iron ore.
Source:Taipei Times
August 31, 2021 15:56 UTC
EDITORIAL: Vague rules tearing families apart
EDITORIAL: Vague rules tearing families apartThe COVID-19 pandemic has challenged democracies worldwide with legal and ethical dilemmas, pitting public health against other core values such as privacy and freedom of movement. Since last year, foreign spouses have been calling for senseless spousal visa rules to be eased, but their concerns have fallen on deaf ears. Unaware of the policy and what constitutes a “humanitarian” reason, few immigration officials are recommending this route, inadvertently separating an estimated 1,000-plus spouses and children from their families. The vast majority of people would agree that the “humanitarian” thing to do would be to keep immediate families together, especially while weathering a global pandemic. Yet ambiguous rules — however well-intentioned — are adding undue stress to people already anxious about being separated from their partners, as well as to immigration officials who are unsure of the rules and reluctant to pass judgement on a case.
Source:Taipei Times
August 30, 2021 16:07 UTC
F1 under fire after Spa race ‘farce’
F1 under fire after Spa race ‘farce’Reuters, LONDONSunday’s rainswept Belgian Grand Prix will go down in history as Formula One’s shortest-ever race, and also as a leading contender for most farcical. The safety car leads Formula One drivers during the Belgian Grand Prix at the Spa-Francorchamps in Stavelot, Belgium, on Sunday. “If there were actually no race laps, no competition, why should points be given and any result be given, because there was basically no race?” said Ferrari’s Carlos Sainz, who finished 10th. “We wanted to race, our drivers wanted to race and of course we know you wanted to see a race,” Brown told fans in a video posted on Twitter. “The outcome should not be a race after three laps behind a safety car...
Source:Taipei Times
August 30, 2021 16:00 UTC
COVID-19: CECC reports three local COVID-19 cases
COVID-19: CECC reports three local COVID-19 casesBy Sherry Hsiao / Staff reporterThe Central Epidemic Command Center (CECC) yesterday reported three local COVID-19 infections, five imported cases and zero deaths. The five imported COVID-19 cases are two arrivals from Indonesia, and one each from the Netherlands, the Philippines and Thailand. The arrival from Thailand — a Taiwanese man in his 40s — had been vaccinated against COVID-19, CECC data showed. As of yesterday, the CECC had recorded 15,991 confirmed cases of COVID-19, including 1,413 imported and 14,525 domestic cases, with 834 deaths. From May 11 — when the last local outbreak began — to Saturday, 14,761 COVID-19 cases had been confirmed, CECC data showed.
Source:Taipei Times
August 30, 2021 16:00 UTC
Chunghwa Telecom eyeing partnership with Starlink
Chunghwa Telecom eyeing partnership with StarlinkBy Lisa Wang and Shelley Shan / Staff reportersChunghwa Telecom Co yesterday said it is exploring partnerships with low Earth orbit satellite service providers led by Elon Musk’s Starlink project to offer diverse services and enhance its Internet coverage beyond 5G broadband technology. It would comply with the government’s satellite services regulations and evaluate further collaboration opportunities, it said. Photo: APThe nation’s biggest telecom said it is paying attention to the development of next-generation technologies for geosynchronous orbit satellites, low Earth orbit satellites, and beyond-5G and 6G connectivity. Chunghwa Telecom made the announcement after the Chinese-language Commercial Times yesterday reported that the company is to launch a satellite service with Starlink next year at the earliest. SpaceX launched a trial for the Starlink service in October last year, offering satellite Internet access at US$99 per month.
Source:Taipei Times
August 30, 2021 15:56 UTC
THSRC first public transport service to issue green bonds
THSRC first public transport service to issue green bondsSUSTAINABILITY: The funds raised would be used to automate a maintenance depot and upgrade a passenger information systemBy Shelley Shan / Staff reporterTaiwan High Speed Rail Corp (THSRC) yesterday became the nation’s first public transport service provider to issue sustainability bonds to fund its green initiatives and social investment projects. Sustainability bonds refer to financing instruments in which the issuer uses all the funds raised for green initiatives, social investment projects or other related plans. The bonds must be issued based on the Taipei Exchange’s “Rules Governing the Issuance of Sustainability Bonds,” and can be traded on the over-the-counter market. “The issuance of the sustainability bonds shows our determination to fulfill our responsibilities to the environment, society and corporate governance, as well as our commitment to pursuing the sustainable development of the rail service,” it said in a statement. The Yenchao project is a green investment plan, as it would prevent and control pollution.
Source:Taipei Times
August 30, 2021 15:56 UTC
Cross-regional air pollution has a larger impact
Cross-regional air pollution has a larger impact‘GOOD NEIGHBOR’: Local governments must jointly discuss and implement regional measures to tackle air pollution as they affect other cities and countiesBy Lo Chi / Staff reporterCross-regional air pollution rather than local pollution has a greater impact on the air quality in an area, data on annual average concentrations of particulate matter measuring 2.5 micrometers or smaller (PM2.5) from the Environmental Protection Administration (EPA) showed. These figures showed that local PM2.5 emissions had a lower effect on local air quality, as most of the air pollution is coming from other cities and counties. As for preventing air pollution, Tsai said that since cross-regional pollution accounts for a considerable proportion of the air quality in each city and county, a “good neighbor clause” was included in Article 7 of the Air Pollution Control Act (空氣污染防制法). Rather, it is when policies are promoted and become effective that air quality is improved across the nation, he said. For example, the improvement of Taichung’s air quality in recent years is not entirely attributable to Taichung Mayor Lu Shiow-yen (盧秀燕), he said.
Source:Taipei Times
August 30, 2021 15:56 UTC
Police seize vapes, cannabis extracts
Police seize vapes, cannabis extractsEXTRA INGREDIENTS: Officers broke up an alleged criminal ring selling e-cigarettes containing cannabis extract, also seizing ketamine, guns and cashBy Jason Pan / Staff reporterLaw enforcement and health officials reminded the public that e-cigarettes and using or selling cannabis are illegal in Taiwan, after the arrest of five people in Taipei last week. Taipei police said over the weekend that they had broken up a criminal organization, whose members have been accused of selling e-cigarette oil containing cannabis extracts. Health officials and police inspect a store selling e-cigarettes and vaping products in New Taipei City on Aug. 6. When cannabis or other drugs are added to vaping oil, sellers and customers could be charged with contravening the narcotics act, health officials said. Ministry of Justice officials said yesterday that e-cigarettes and other vaping devices are being found more commonly on school campuses, often containing cannabis.
Source:Taipei Times
August 30, 2021 15:56 UTC
Former Brother Elephants player dies of liver cancer
Former Brother Elephants player dies of liver cancerStaff writer, with CNAFormer Brother Elephants baseball player and manager Wang Kuang-hui died yesterday from complications related to liver cancer. In 1988, Wang joined the amateur Brother Hotel baseball team, which then became the Brother Elephants during the first season of the CPBL in 1990. Former Brother Elephants player Wang Kuang-hui, standing, coaches students from Yuli High School in Hualien County’s Yuli Township in an undated photograph. The Brother Elephants were eventually renamed the CTBC Brothers in 2014 after the team was acquired by CTBC Financial Holding. Chiang Chung-hao, another retired Elephants player, remembered his friend fondly as “good humored.”The CTBC Brothers management in a statement extended its condolences to the Wang family.
Source:Taipei Times
August 30, 2021 15:56 UTC
Huarong reports US$15.9 billion loss
Huarong reports US$15.9 billion loss‘HARSH LESSON’: Huarong Asset Management has secured a rescue package from large financial firms and is to apply for temporary tolerance with capital measuresBloombergChina Huarong Asset Management Co’s (中國華融資產管理) long-delayed results for last year showed a record loss, with leverage hitting 1,333 times and capital buffers far short of the regulatory minimum, emphasizing the difficult task ahead for the bad-debt manager that recently secured a government bailout. Huarong reported a 102.9 billion yuan (US$15.9 billion) loss for all of last year, slashing shareholder equity by nearly 85 percent, an exchange filing showed on Sunday. The company booked 107.8 billion yuan in impairments and suffered a 12.5 billion yuan loss on financial assets. The logo of China Huarong Asset Management Co is pictured outside its office building in Beijing on April 16. Photo: ReutersAfter five months of turmoil since it delayed its earnings report in March, China’s biggest bad-debt manager this month secured a rescue package from some of the nation’s biggest financial firms.
Source:Taipei Times
August 30, 2021 15:56 UTC
Recovery in global trade hit by East Asia outbreaks
Recovery in global trade hit by East Asia outbreaksSLOWDOWN: The three-month outlook for Taiwan’s export orders has fallen from annual growth of 70 percent to only 20 percent, Llewellyn Consulting saidThe GuardianA recovery in global trade during the summer is beginning to wane, according to some early warning signs pointing to the negative effects of widespread COVID-19 outbreaks in the manufacturing centers of east Asia. A dramatic decline in exports from Taiwan, which makes many of the computer chips used in vehicles and mobile phones, has combined with temporary port closures and lockdowns in Australia, China and Japan to cut the level of global trade. After an 18-month backlog, the fall in export orders was likely to restrict the capacity of automakers and other manufacturers over the coming months. “Another drag on world trade has been the persistent shortage of semiconductor chips, which are nowadays a crucial input into motor vehicle manufacturing. Given Taiwan’s pivotal role in the global semiconductor industry, the decline in its export orders since February is a harbinger of some further slowing in world trade growth,” it said.
Source:Taipei Times
August 30, 2021 15:56 UTC
Chipmakers’ shares rise on contracts
Shares of UMC, the nation’s second-largest contract chipmaker, rose 1.78 percent to close at NT$62.8 in Taipei trading, while Vanguard International Semiconductor Corp (世界先進), a supplier of display driver ICs and power management chips, saw shares rise 0.34 percent to NT$149. Powerchip Semiconductor Manufacturing Corp’s (力積電) shares climbed 0.88 percent to NT$66.61. Photo: Grace Hung, Taipei TimesThe new contracts would take effect next year, the report said. As chip shortages are expected to continue into next year, UMC last month said that more customers were discussing longer-term supply contracts to secure capacity at agreed prices and volumes. “The P6 [fab’s capacity] is covered by the contracts,” UMC told investors last month, adding that customers are required to put down an initial payment to secure capacity.
Source:Taipei Times
August 30, 2021 15:56 UTC
CSC eyes major emissions reduction
CSC eyes major emissions reductionGREEN ENERGY FIRM: The company aims to reduce emissions by 7 percent by 2025 and reach carbon neutrality by 2050, chairman Wong Chao-tung saidBy Angelica Oung / Staff reporterThe nation’s largest steelmaker, China Steel Corp (CSC, 中鋼), is setting ambitious carbon emission reduction goals, chairman Wong Chao-tung (翁朝棟) said yesterday. “Apart from semiconductors, the green energy industry is the most hopeful bright spot for Taiwanese industry,” he said. According to Japanese news reports, CSC’s market value has risen to make it the sixth-largest in the world. Shares of CSC yesterday rose 1.63 percent to end at NT$37.5 in Taipei trading, giving the company a market value of NT$590.1 billion (US$21.22 billion). “For a steel producer that only makes 10 million tonnes of steel per year to achieve such a high market value is remarkable,” Wong said.
Source:Taipei Times
August 30, 2021 15:56 UTC
Meituan shrugs off antitrust probe
Meituan shrugs off antitrust probeBloombergMeituan (美團) reported revenue that beat estimates, showing how Beijing’s ongoing antitrust probe into the Internet giant has yet to weigh on its growth prospects. China’s largest food delivery platform reported sales of 43.8 billion yuan (US$6.77 billion) for the April-to-June quarter, compared with the 42.4 billion yuan average of analyst’s estimates. The company posted a third straight quarterly net loss of 3.4 billion yuan. A Meituan delivery worker has his temperature checked as he enters a shopping complex in Beijing on July 15 last year. Meituan and its peers have announced major philanthropic projects, heeding Beijing’s call to redistribute wealth.
Source:Taipei Times
August 30, 2021 15:56 UTC
TAIEX climbs as concern over US rate hike eases
TAIEX climbs as concern over US rate hike easesStaff writer, with CNALocal shares moved sharply higher yesterday as buying emerged after US Federal Reserve Chair Jerome Powell struck a dovish tone on monetary policy at the annual symposium in Jackson Hole, Wyoming, on Friday. While interest was seen almost across the board, late-session buying was more apparent in the financial sector and the bellwether electronics sector, pushing the TAIEX to end up 186.59 points, or 1.08 percent, at 17,396.52. Turnover was NT$269.49 billion (US$9.69 billion), with foreign institutional investors buying a net NT$21.23 billion of shares on the main board, Taiwan Stock Exchange data showed. Dealers said the electronics sector also drove the TAIEX higher, with the sub-index rising 1.08 percent on late-session buying. “Despite the gains on the TAIEX, turnover remained below the NT$300 billion mark, indicating that many investors stayed on the sidelines,” Tsai said.
Source:Taipei Times
August 30, 2021 15:56 UTC