Ministry urges calm amid TAIEX rout
Ministry urges calm amid TAIEX routECONOMIC BACKBONE: While restrictions would weigh on catering and tourism, high-tech firms in the Hsinchu Science Park might face fewer disruptions, an official saidBy Chen Cheng-hui / Staff reporterThe Ministry of Finance on Saturday urged investors to stay calm after a spike in domestic COVID-19 infections and a global technology shares selloff unnerved the local stock market last week. Deputy Minister of Finance Frank Juan speaks at a meeting of the legislature’s Finance Committee on Nov. 4 last year. Photo: CNAThe NT$500 billion (US$17.85 billion) fund was set up by the government as a buffer against unexpected external factors disrupting the local stock market. Juan said that government agencies would hold meetings soon to discuss necessary stock market measures, including lowering the maximum allowable daily drop in equities, to help stabilize the market. Domestic consumption, including catering and tourism, would likely be affected in the short term due to the tighter COVID-19 restrictions, he said, but added that import and export sectors, and manufacturing would not be affected.
Source:Taipei Times
May 16, 2021 15:56 UTC
Pineapple exports exceed 18,222 tonnes, COA says
Pineapple exports exceed 18,222 tonnes, COA saysBy Yang Yuan-ting / Staff reporterTaiwan had exported 18,222 tonnes of pineapples this year as of Wednesday, with 61.9 percent sold to Japan, the Council of Agriculture (COA) said yesterday, adding that South Korea and the US are also new markets for the fruit. After China suspended imports of Taiwanese pineapples from March, the council has worked to expand other export channels. Japanese produce supplier Farmind last month purchased 3,000 tonnes of Taiwanese pineapples and sent fruit slices to supermarkets and convenience stores across the country, he said. South Korea used to import pineapples from the Philippines and Indonesia, but recently Seoul has shown a favorable response to Taiwanese pineapples, Lin said. The council would work with some businesses to promote the fruit in South Korea, a prioritized market next year, he added.
Source:Taipei Times
May 15, 2021 15:56 UTC
COVID-19: Hoarders hit stores, despite calls not to
Earlier in the day, the Central Epidemic Command Center reported 180 new domestically transmitted cases, most of them in Taipei and New Taipei City. Despite the government urging the public to stop hoarding daily necessities, shelves were stripped bare while cashiers were working as fast as they could. The Centers for Disease Control and Chunghwa Post have 800 million masks in storage, while daily production capacity is 40 million, Su said. Photo: Fang Pin-chao, Taipei TimesThere are 315,000 specialized masks in storage, along with 2.7 million whole-body protection suits, and 13 million isolation gowns, Su added. The nation has an abundance of pandemic-related goods in storage and the public should rest easy, he added.
Source:Taipei Times
May 15, 2021 15:56 UTC
Amendments seek to ease razing of aging buildings
Amendments seek to ease razing of aging buildingsDANGEROUS STRUCTURES: Under the new rules, local officials could demolish buildings considered a danger to the public with majority approval from its ownersStaff writer, with CNALegislators on Friday passed revisions to the Urban Renewal Act (都市更新條例) to encourage the reconstruction of aging buildings by offering incentives and streamlining procedures. There are more than 36,200 such buildings with six or more floors built before the regulations went into effect in December 1999, the ministry said. The amendments would help resolve issues with urban renewal projects for apartment buildings that have already been approved to be razed, but some owners of units in the buildings refuse to allow the building to be demolished. Local governments would have the authority to identify unsafe properties built with sea sand, because they have the experience to deal with the issue, the ministry said. Another revision provides an incentive to owners of units in substandard or unsafe buildings to rebuild, by increasing the maximum floor area allowed for any new construction.
Source:Taipei Times
May 15, 2021 15:56 UTC
COVID-19: Consumers’ Foundation against plan to skip phase 3 trials for local vaccines
COVID-19: Consumers’ Foundation against plan to skip phase 3 trials for local vaccinesBy Yang Mien-chieh and Jake Chung / Staff reporter, with staff writerThe Consumers’ Foundation is opposing plans for locally developed vaccines to bypass phase 3 clinical trials. The center has said that Taiwan has received 199,200 AstraZeneca vaccine doses from COVAX, which expire on May 31, and 117,000 doses directly from AstraZeneca, which expire on June 15. Taiwan has signed deals to buy 10 million doses of the AstraZeneca vaccine, 5.05 million Moderna doses, and 4.76 million doses of unspecified brands through the COVAX program, which has so far allocated 1.02 million AstraZeneca shots to Taiwan. It urged local pharmaceutical companies to emulate South Korean companies, which have obtained the rights to manufacture AstraZeneca vaccines. Plans to order 20 million doses of vaccines researched in Taiwan and manufactured by local companies have yet to be realized, as local vaccines are still undergoing phase 2 clinical trials, the foundation said.
Source:Taipei Times
May 15, 2021 15:56 UTC
Taiwan in Time: Burning for freedom
That day is now observed as National Freedom of Speech Day, and it would be pretty hard to find someone in Taiwan who doesn’t know Deng today. This statue of Chan Yi-hua was erected in 2007 in his hometown of Jhuci Township, Chiayi County. This image of Chan Yi-hua’s self-immolation was taken by photographer Pan Hsiao-hsia. This sign was seen outside of the Presidential Office on the 30th anniversary of Chan Yi-hua’s death. This piece shown last year at the Tainan Art Museum features democracy activists Deng Nan-jung and Chan Yi-hua as door gods.
Source:Taipei Times
May 15, 2021 15:56 UTC
Canada already recognizes Taiwan
For Canada to “recognize” Taiwan as things stand would be to re-recognize the Republic of China (ROC) from which it broke diplomatic ties in 1970. Canada’s “one China” policy already recognizes “Taiwan,” but not the ROC. After 50 years of the “one China” policy, Canada has far better relations with Taiwan than with the PRC. For 50 years Canada has always referred to Taiwan as “Taiwan,” not the “ROC” or “Chinese Taipei.” Nonetheless, Canadian governments always drag their feet on any advance in these relations. Canada can do several things to strengthen its relationship, give real support to Taiwan and help create the conditions for future Canadian “recognition of an independent state of Taiwan” when political developments in Taiwan make this possible.
Source:Taipei Times
May 14, 2021 16:07 UTC
ITRI revises chip industry forecast upward
ITRI revises chip industry forecast upwardINFLUENCE OF TWO: An analyst said that MediaTek and TSMC have performed much better than was expected, prompting a much bigger forecast for all local designersBy Lisa Wang / Staff reporterThe Industrial Technology Research Institute (ITRI, 工研院) yesterday revised upward its growth forecast for Taiwan’s chip industry, expecting production value to increase 18 percent to NT$3.81 trillion (US$136.01 billion) this year from NT$3.22 trillion last year. “MediaTek and TSMC have performed way better than we expected,” ITRI analyst Jerry Peng (彭茂榮) said in an e-mail to the Taipei Times. TSMC’s first-quarter revenue rose 17.6 percent annually to NT$262.41 billion, with expected growth of about 20 percent this year, TSMC said. Peng said he adjusted his output growth forecast for local chip designers to 30.5 percent annually this year, compared with a previous estimate of 10.9 percent. Three months ago, ITRI estimated that chipmakers’ production value would grow 8 percent and memorychip makers’ output 4 percent this year.
Source:Taipei Times
May 14, 2021 15:56 UTC
COVID-19: CECC virus restrictions hurt sports’ bottom line
Starting with Thursday’s Game 3, the league and teams will lose nearly NT$10 million in revenue per game, Chen said. In Game 3, the Fubon Braves took a 2-1 lead in the series, in a hard-fought overtime win against the Dreamers. The SBL championship finals start today, with Taiwan Beer taking on the Yulon Dinos, with Game 2 tomorrow. Taiwan Beer and the Dinos finished first and second in the standings respectively, wrapping up the season last month. Taiwan Beer nailed down the top position early, with 31 wins against 9 defeats, while the Dinos chalked up a 26-14 record.
Source:Taipei Times
May 14, 2021 15:56 UTC
Unlock identities of political oppressors: association
Unlock identities of political oppressors: associationBy Lu Yi-hsuan and Jake Chung / Staff reporter, with staff writerThe Taiwan Association of University Professors on Monday urged President Tsai Ing-wen (蔡英文) to order intelligence units to open to victims of political oppression or their kin the files on their oppressors so that they might know their names and identity. Shielding these people is tantamount to letting the perpetrators escape justice, the group said. All information given to the Transitional Justice Commission has had the names of individuals involved redacted or omitted, contravening the Act on Promoting Transitional Justice (促進轉型正義條例), association chairman Hsu Wen-tang (許文堂) told a news conference in Taipei. Only by delivering justice to the victims or their surviving kin can wounds be healed and lead to forgiveness, the association said. Leaving files classified and shielding the informants’ identities prevent true reconciliation, Fan said, adding that victims or surviving kin should have full access to the files.
Source:Taipei Times
May 14, 2021 15:56 UTC
Taipei to offer testing to migrants without papers
The new measure is to encourage unlicensed migrant workers to get tested at a time when Taipei has been affected by COVID-19 cluster infections, especially in Wanhua District (萬華), Ko said. People yesterday line up at a COVID-19 testing site in Taipei’s Wanhua District as medical workers arrive to open the station. Taipei would open four rapid testing stations in the Heping and Zhongxing branches of Taipei City Hospital, in West Garden Hospital, and at the Bopiliao Historic Block, he said. Taipei authorities have ordered all 172 hostess teahouses in Wanhua to shut down for three days for disinfection and to conduct contact tracing of confirmed cases. The Taipei Department of Environmental Protection yesterday announced a temporary halt to a single-use utensils ban, citing disease prevention concerns.
Source:Taipei Times
May 14, 2021 15:56 UTC
Crunch worsening, Hon Hai says
The logo and name of Hon Hai Precision Industry Co, also known as Foxconn, is pictured outside a company office in Taipei on Jan. 4. While prices of components and raw materials have increased, the impact on Hon Hai will be limited, Liu said. To reduce its reliance on consumer electronics, Hon Hai has been searching for new growth drivers and it has identified electric vehicles as a key emerging industry. Hon Hai said in a statement that it has signed a framework agreement with Fisker to establish an electric vehicle production site in the US with both sides using the MIH Open Platform promoted by Hon Hai for EV development. Fisker is expected to secure semiconductor supplies through its partnership with the company, Hon Hai said.
Source:Taipei Times
May 14, 2021 15:56 UTC
Economics minister must resign: KMT
The outages affected 8.46 million customers, Taiwan Power Co said, adding that a short-term rolling blackout was initiated across the country as an emergency measure after four generators tripped at the Singda Power Plant in Kaohsiung. Chinese Nationalist Party (KMT) legislators Yang Chiung-ying, left, and Jennifer Chen, right, listen yesterday as KMT legislative caucus secretary-general Cheng Li-wun demands the resignation of Minister of Economic Affairs Wang Mei-hua at a news conference at the legislature in Taipei. Thermal power, which reached 80.64 percent during Ma’s administration, increased to 82.24 percent last year, Huang said, adding that the numbers indicate the country is suffering from insufficient power generation. Citing a power outage on Aug. 15, 2017, Cheng Chao-hsin (鄭照新), another committee deputy director-general, said the Tsai administration at the time had also claimed that it was not a problem with power generation, but the distribution network. KMT Culture and Communications Committee director-general Alicia Wang (王育敏) said that someone in the Tsai administration should step down for the five-hour rolling blackout.
Source:Taipei Times
May 14, 2021 15:56 UTC
Citibank Taiwan, DBS Bank Taiwan hit for AML failings
Citibank Taiwan, DBS Bank Taiwan hit for AML failingsBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said. The commission yesterday fined Citibank Taiwan Ltd NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. Citibank Taiwan also failed to set up a system to specifically monitor clients that were cryptocurrency exchanges, also a breach of AML regulations, it added. DBS Bank Taiwan was penalized for similar breaches, the commission said.
Source:Taipei Times
May 13, 2021 15:56 UTC
Executive Yuan raises relief fund to NT$630 billion
Executive Yuan raises relief fund to NT$630 billionBy Jonathan Chin / Staff writer, with CNAThe Executive Yuan yesterday approved a draft bill to expand a COVID-19 stimulus package, increasing its spending limit from NT$420 billion to NT$630 billion (US$15 billion to US$22.5 billion) and extending it to June 30 next year. Premier Su Tseng-chang (蘇貞昌) approved the bill at a Cabinet meeting, Executive Yuan spokesman Lo Ping-cheng (羅秉成) told a news conference. The program duration should be extended by 12 months and the spending limit be increased by NT$210 billion, Lo cited Su as saying. The legislature might, if necessary, hold the reading in an extraordinary session, Lo Chih-cheng added. Taiwan People’s Party deputy caucus convener Ann Kao (高虹安) said that the Executive Yuan should report on effects of the program before proposing an increased budget.
Source:Taipei Times
May 13, 2021 15:56 UTC