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
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
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
Developers plan NT$150bn of projects in north
Developers plan NT$150bn of projects in northBy Crystal Hsu / Staff reporterDevelopers in northern Taiwan plan to launch NT$150 billion (US$5.39 billion) of presale and newly completed housing projects for the fall season, as the market regains some confidence amid a declining number of COVID-19 cases in Taiwan, the Chinese-language My Housing Monthly said. “There are nine projects with total sales exceeding NT$10 billion, indicating an evident recovery in confidence on the part of developers,” wrote Ho Shih-chang (何世昌), research manager at the publication. Residential and office buildings are pictured in Taipei’s Nangang District on Saturday. Most of the large projects are in the greater Taipei area — four in Taipei and three in New Taipei City — as the region sheds the COVID-19 hotspot label, encouraging developers to launch new projects, My Housing Monthly said. Town-making in Keelung drives massive residential projects with more than 1,000 apartment units that require relatively low down payments of NT$560,000, it said.
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
Tokyo 2020: Brazil target fifth five-a-side gold with ‘Paralympic Pele’
Tokyo 2020: Brazil target fifth five-a-side gold with ‘Paralympic Pele’AFP, TOKYOWith flicks and tricks aplenty, Brazil’s five-a-side soccer team are bringing a touch of samba magic to the Paralympics, as they target a fifth straight gold in Tokyo. The nation that gave the world the jogo bonito “beautiful game” has just as much panache in five-a-side, which is played by athletes with visual impairments. Photo: AFPThey started their campaign in Tokyo with a 3-0 win over China on Sunday, before yesterday beating Japan 4-0. Paralympic five-a-side is played with teams of four visually impaired outfield players, who wear blackout eyeshades, and a fully or partially sighted goalkeeper, who cannot leave his penalty area. He is looking to win his fourth Paralympic gold in Tokyo, and he breaks into a wide grin when his name is mentioned in the same breath as Brazilian legend Pele.
Source:Taipei Times
August 30, 2021 15:56 UTC
Goldman, JPMorgan hired for India’s blockbuster IPO
Goldman, JPMorgan hired for India’s blockbuster IPOBloombergGoldman Sachs Group Inc, JPMorgan Chase & Co and ICICI Securities Ltd were among banks picked to work on Life Insurance Corp of India’s (LIC) initial public offering (IPO), in what is set to be the nation’s biggest listing. Banks would start engaging with investors from next month, with a potential listing expected between January and March next year, one of the people said. Indian Prime Minister Narendra Modi’s government is pushing ahead with LIC’s IPO to help plug a widening budget gap. India might also allow foreign direct investment in LIC to ensure a diversified and strong demand across investors. The listing could value LIC at as much as US$261 billion, analysts at Jefferies India led by Prakhar Sharma wrote in a note in February.
Source:Taipei Times
August 30, 2021 03:33 UTC
China calls for strict regulation of restaurants
China calls for strict regulation of restaurantsReuters, SHANGHAIChina’s graft watchdog yesterday called for stricter supervision of restaurants that chase rapid success online after a series of food safety scandals, as regulators continue to ramp up pressure on social media and the tech sector. In a commentary on its Web site, the Chinese Central Commission for Discipline Inspection said so-called wanghong (網紅) restaurants — those with explosive online popularity — must ensure public safety. Authorities should strictly investigate food safety problems and make the results of investigations public, it said. They should also step up supervision, including inspection, sampling, monitoring and media supervision. China has boosted efforts to bring its tech and social media firms under tighter control in the past few weeks, with regulations targeting “chaotic” celebrity fan culture and algorithms used by technology companies to drive their business.
Source:Taipei Times
August 30, 2021 00:45 UTC
Ian Easton On Taiwan: The wrong way to peace
Ian Easton On Taiwan: The wrong way to peaceOn Tuesday, August 3, 2021, the US State Department issued a string of tweets, listing all the countries that had received free COVID-19 vaccines from America. There was, however, one place on the State Department list where coercion reared its ugly head: the entry for Taiwan. INSULTING A FRIENDInitially, the State Department had given Taiwan the same full measure of dignity it accorded to every other country. That is the wrong way to peace. Ian Easton is a senior director at the Project 2049 Institute and author of The Chinese Invasion Threat: Taiwan’s Defense and American Strategy in Asia.
Source:Taipei Times
August 29, 2021 16:02 UTC
US warns of more attacks ahead of final evacuation
Photo: AFPMore than 100 people died in the attack, including 13 US service personnel, slowing down the airlift ahead of Biden’s deadline for evacuations to end by tomorrow. The Pentagon on Saturday said that retaliation drone strikes had killed two “high level” IS extremists in eastern Afghanistan, but Biden warned of more attacks from the group. “The situation on the ground continues to be extremely dangerous, and the threat of terrorist attacks on the airport remains high,” Biden said. Taliban fighters on Saturday escorted a stream of Afghans from buses to the main passenger terminal, handing them over to US forces for evacuation. US troops had started withdrawing, US Department of Defense spokesman John Kirby said, without saying how many were left.
Source:Taipei Times
August 29, 2021 16:02 UTC
EDITORIAL: Monetary policy vigilance needed
Nonetheless, Powell’s remarks suggested that he might want to give himself leeway to digest further data before normalizing the Fed’s monetary policy. At the same time, investors did not have to worry about an abrupt change in the Fed’s policy potentially stirring near-term volatility in the financial markets. The Bank of Korea on Thursday became the first Asian central bank to tighten its monetary policy during the COVID-19 pandemic, as it raised its repo rate by 25 basis points to 0.75 percent. Other Asian central banks might not follow Seoul’s example in the near term, as financial imbalance concerns were the main reason behind the South Korean central bank’s move. Apart from a mild and benign inflationary pressure, the central bank’s steady-handed policy is also supported by the uneven growth in Taiwan’s export-oriented and domestic demand-reliant sectors, Yang said.
Source:Taipei Times
August 29, 2021 16:02 UTC
COVID-19: Colleges can ask for virus tests from new students
COVID-19: Colleges can ask for virus tests from new studentsBy Rachel Lin / Staff reporterColleges can ask new students to be tested for COVID-19 before they move into their dorms next month, according to government guidelines obtained exclusively by the Liberty Times (the Taipei Times’ sister newspaper). The Ministry of Education’s guidelines on the prevention and management of COVID-19 on college campuses are expected to be released in the next few days. To protect the health and safety of faculty members and students, schools may include polymerase chain reaction (PCR) tests or rapid screening for COVID-19 in their health exams for new students, in accordance with the School Health Act (學校衛生法), the guidelines say. COVID-19 testing stations are set up on the National Yang Ming Chiao Tung University campus on Wednesday last week to offer free testing for university staff and students. Photo courtesy of National Yang Ming Chiao Tung UniversityHowever, those tests cannot be used as a requirement for students to be admitted, they say.
Source:Taipei Times
August 29, 2021 15:56 UTC
Yilan City artist’s watercolor exhibit inspires reflection
Yilan City artist’s watercolor exhibit inspires reflectionBy Tsai Yun-rung and Jonathan Chin / Staff reporter, with staff writerYilan City’s LANtern SPACE has opened an exhibition of local artist Lien Chih-feng’s watercolor paintings, the venue said on Saturday. Lien, the principal of Yilan Junior High School, said that he began painting 12 years ago and is entirely self-taught. He first started doodling when be became bored at school meetings, and drawing became a form of daily meditation, Lien said, adding that, over the years, he has produced about 1,000 creations, including watercolor paintings, sketches and prints. Yilan Junior High School principal and artist Lien Chih-feng poses with his paintings at LANtern SPACE in Yilan County on Saturday. Photo: Tsai Yun-jung, Taipei TimesSome of his works were printed on postcards and red envelopes that he gave to friends as gifts, he said.
Source:Taipei Times
August 29, 2021 15:56 UTC
New York Mets retire Koosman’s No. 36
New York Mets retire Koosman’s No. 36AP, NEW YORKWith Jerry Koosman on the mound, it was never too late for the 1969 New York Mets, and more than five decades later, the franchise rewarded the big-game left-hander with its highest distinction. Koosman on Saturday became the fifth player or coach to have his jersey retired by the Mets, with his No. “I know I’m joining a great crew that’s already had their numbers retired.”Former New York Mets pitcher Jerry Koosman, left, and former Mets catcher Mike Piazza talk during a ceremony at Citi Field in New York City on Saturday. Koosman pitched 12 seasons for the New York Mets.
Source:Taipei Times
August 29, 2021 15:56 UTC
Southbound Policy options discussed
Southbound Policy options discussedFRIDAY FORUM: Five years of the New Southbound Policy have seen benefits, although new ideas could improve its value in several areas, participants saidBy Lu Yi-hsuan, Lin Ching-hua and Jake Chung / Staff reporters, with staff writerA forum in Taipei on Friday discussed the future of the nation’s New Southbound Policy in a post-COVID-19 world. The policy, introduced in 2016, aims to boost interactions between Taiwan, ASEAN and South Asian nations in human resources, industry, investment, education, culture, tourism and agriculture. “It is of utmost importance that Taiwan’s New Southbound Policy find ways to connect with this trend,” Tien said. Such fields correspond with the government’s New Southbound Policy, he added. Non-governmental organizations such as the Taiwan-Asia Exchange Foundation can play a role in the policy’s influence, as foundations have a wider reach than the government, Deng said.
Source:Taipei Times
August 29, 2021 15:56 UTC