SEF chief to head Presidential Office
Lee replaces Su Jia-chyuan (蘇嘉全), who resigned on Sunday, after his nephew, Democratic Progressive Party (DPP) Legislator Su Chen-ching (蘇震清), was implicated in a bribery case. President Tsai Ing-wen, left, announces the appointment of Straits Exchange Foundation Chairman David Lee as Presidential Office secretary-general at a news conference yesterday at the Presidential Office in Taipei. Photo: Chien Jung-fong, Taipei TimesSu Chen-ching is accused of taking bribes from businessman Lee Heng-lung (李恆隆) to lobby for a legal amendment. David Lee, who was the National Security Council secretary-general until he was appointed to head the SEF in May, is an “important partner” in the nation’s politics, Tsai said. David Lee’s first task in his new post at the Presidential Office would be to organize a state funeral for former president Lee Teng-hui (李登輝), Tsai said.
Source:Taipei Times
August 03, 2020 15:56 UTC
Shares fall sharply on virus fears
The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign institutional investors sold a net NT$30.4 billion worth of shares on the main board, Taiwan Stock Exchange data showed. “The infection sources of the three cases remain unknown, which raises fears over the domestic situation, although the nation has not officially reported any domestic cases” since April 12, Huang said. “When investors sold TSMC, they shifted their buying to its smaller rival United Microelectronics Corp (UMC, 聯電) today, giving some support to the broader market,” Huang said. However, concerns over the spread of the virus boosted the biotech sector, where shares in Chunghwa Chemical Synthesis & Biotech Co (中化合成生技) rose 5.2 percent and Adimmune Corp (國光生技) soared 10 percent.
Source:Taipei Times
August 03, 2020 15:56 UTC
Focus on zero cases ‘not useful’
Focus on zero cases ‘not useful’NEW ERA: Taiwan, which has controlled its virus outbreak, now faces the challenge of safely resuming economic exchanges with other nations, Chang Shan-chwen saidBy Lee I-chia / Staff reporterPeople should not focus entirely on having zero new confirmed COVID-19 cases in Taiwan, but neglect overall control over the disease situation, Central Epidemic Command Center (CECC) specialist advisory panel convener Chang Shan-chwen (張上淳) said yesterday. That included amending regulations to set up a more efficient and centralized disease control command system, enhancing infection controls at healthcare facilities and setting up a mask rationing policy, he said. “However, the global COVID-19 situation is still severe, so the CECC is being very careful in easing border controls,” Chou said. They were prepared for possible local outbreaks, but the nation kept the disease situation under control much better than they had expected, he said. “If people always want to see zero new cases, then the government will not dare to ease [disease prevention] policies, but this might have a negative effect on the economy,” he said.
Source:Taipei Times
August 03, 2020 15:56 UTC
Three insurers cut declared interest rates this month
Three insurers cut declared interest rates this monthBy Kao Shih-ching / Staff reporterCathay Life Insurance Co (國泰人壽), Taiwan Life Insurance Co (台灣人壽) and China Life Insurance Co (中國人壽) this month cut their declared interest rates for interest-sensitive products due to lower bond yields. The declared rates are used by insurers to calculate policyholders’ distributions, based primarily on their investment returns. However, three other major insurers — Nan Shan Life Insurance Co (南山人壽), Shin Kong Life Insurance Co (新光人壽) and Fubon Life Insurance Co (富邦人壽) — kept their declared rates unchanged for this month. But we would review routinely if their changes are reasonable,” Tsai said, referring to a new rule that took effect last month requiring insurers to set up a mechanism to smoothen their declared rates. Insurers cannot intentionally raise their declared rates just to poach clients, he added.
Source:Taipei Times
August 03, 2020 15:56 UTC
Last poll results released before Kaohsiung election
Last poll results released before Kaohsiung electionBy Tu Chu-min / Staff reporterKaohsiung City Councilor Wu Yi-jheng (吳益政) of the Taiwan People’s Party (TPP) is closing in on Kaohsiung City Councilor Jane Lee (李眉蓁) of the Chinese Nationalist Party (KMT), although they both trail far behind former vice premier Chen Chi-mai (陳其邁), the Democratic Progressive Party’s candidate for the Kaohsiung mayoral by-election, an opinion poll found. Wu’s campaign office yesterday held a news conference to announce the survey results, as polls cannot be released 10 days before an election, which means as of 12am tomorrow for the Kaohsiung vote on Saturday next week. Former vice premier Chen Chi-mai, in white in the back of the truck, the Democratic Progressive Party Kaohsiung mayoral by-election candidate, waves to supporters yesterday while stumping in the city. Meanwhile, Lee said the final poll of the city’s residents would be on the results of the Aug. 15 vote. Kaohsiung City Councilor Wu Yi-jheng, back row, center, the Taiwan People’s Party Kaohsiung mayoral by-election candidate, joins supporters outside the Control Yuan in Taipei yesterday to urge Control Yuan President Chen Chu to push the central government to return tax revenues for the years 2010 to 2015 to the Kaohsiung City Government.
Source:Taipei Times
August 03, 2020 15:56 UTC
DPP drafts anti-corruption rules after bribery case
DPP drafts anti-corruption rules after bribery caseBy Hsieh Chun-lin, Yang Chun-hui and Dennis Xie / Staff reporters, with staff writerThe Democratic Progressive Party (DPP) is drafting anti-corruption rules in the wake of DPP Legislator Su Chen-ching’s (蘇震清) alleged involvement in a bribery case. The Democratic Progressive Party logo is displayed at the entrance to its headquarters in Taipei in an undated photograph. Photo: Su Fun-her, Taipei TimesThe DPP’s anti-corruption rules are to be divided into two parts. Su and his wife had NT$75.28 million in savings, as well as five entries of debt that totaled more than NT$200 million, it showed. The report showed that Chen had 44 plots of land in Miaoli County and NT$1.3 million in savings, NT$100,000 in securities and NT$16.37 million in debt.
Source:Taipei Times
August 03, 2020 15:56 UTC
KMT institute’s students call for minimum wage hike
KMT institute’s students call for minimum wage hikeBy Sherry Hsiao / Staff reporterStudents of the Chinese Nationalist Party’s (KMT) Institute of Revolutionary Practice yesterday presented proposals for labor policy, including raising the monthly minimum wage to NT$32,000 (US$1,084). They suggested a “three two plan” — raising the minimum monthly wage to NT$32,000 and the minimum hourly wage to NT$200 in two stages over three years. Technological advancements should make it possible to reduce employees’ working hours, the students said. Their plan proposes that weekly working hours be lowered to 32 hours by 2032. The students said they believe that commuting times should be included in working hours, with an upper limit to be set.
Source:Taipei Times
August 03, 2020 15:56 UTC
Manufacturing PMI picks up on new orders: CIER
The index rose 6.9 points from one month earlier, driven by a hefty increase in new orders across industries, the Taipei-based think tank said. The sub-index on new business orders rose 14.1 points to 56.7, while the reading on industrial production added 13 points to 58.3, the monthly survey found. All sectors reported an increase in new business orders and almost all ramped up production, except companies that supply electrical and machinery equipment, it said. IHS Markit yesterday announced similar findings, with its Taiwan manufacturing PMI survey coming in at 50.6. The six-month business outlook index by CIER rose 5.2 to 49.3, but electronics suppliers logged an under-par showing of 45.7.
Source:Taipei Times
August 03, 2020 15:56 UTC
NCC’s acting chair becomes chairman, outlines his goals
NCC’s acting chair becomes chairman, outlines his goalsBy Shelley Shan / Staff reporterThe National Communications Commission plans to amend three key media laws to address a series of challenges facing the cable television industry, newly installed Chairman Chen Yaw-shyang (陳耀祥) said yesterday. We would also stipulate supporting measures to be implemented when the nation enforces a tiered-pricing policy for cable services,” Chen said in a speech at the inauguration of the new commission members. National Communications Commission Chairman Chen Yaw-shyang speaks at the inauguration of new commission members at the Ministry of Transportion and Communications’ Convention Center in Taipei yesterday. “We would gather opinions and revise the draft act if necessary before submitting it to the Executive Yuan,” he said. The commission is also drafting a digital communications act (數位通訊傳播法) to promote the development of innovative applications under the principle of Internet governance, Chen said.
Source:Taipei Times
August 03, 2020 15:56 UTC
TAIWAN CAPITAL MARKET FORUM: Effective use of liquidity key to development, Hsu says
TAIWAN CAPITAL MARKET FORUM: Effective use of liquidity key to development, Hsu saysBy Chen Cheng-hui / Staff reporterTaiwan’s abundant liquidity is the largest niche for the development of the local capital market, and effective use of the funds and directing them into investments would lead to the positive development of the market, Taiwan Stock Exchange (TWSE) chairman Hsu Jan-yau (許璋瑤) said at a financial forum in Taipei on Friday. Hsu told the 2020 Taiwan Capital Market Forum that the nation has ample liquidity, with NT$45 trillion (US$1.53 trillion) held by banks, NT$30 trillion by insurance companies, NT$42 trillion in the capital market and a massive sum in the social insurance system. Taiwan Stock Exchange chairman Hsu Jan-yau speaks at the 2020 Taiwan Capital Market Forum in Taipei on Friday. Photo: Liu Hsin-de, Taipei TimesForty percent of listed companies have reported rising revenues this year, and 385 of the listed companies have posted dividend yields higher than 4 percent, despite the challenging economic conditions worldwide, he said. Funds raised by all listed companies last year totaled NT$500 billion and their brand value totaled US$9.6 billion, Chien said.
Source:Taipei Times
August 02, 2020 15:56 UTC
Taichung clinic shut in poison probe
Taichung clinic shut in poison probeCHINESE MEDICINE PRESCRIPTIONS: Blood tests showed that Taichung City Councilor Chang Yen-tung and his father had dangerously high levels of lead in their bodiesBy Lee I-chia / Staff reporterThe Taichung Health Bureau yesterday suspended operations at a Chinese medicine clinic for a month and fined the owner, after a preliminary investigation into the lead poisoning of Taichung City Councilor Chang Yen-tung’s (張彥彤) family indicated the source was herbal medicine prescribed for them at the clinic. He, his sister and parents all reportedly suffered from lead poisoning, he said. A Chinese medicine clinic pharmacist in Taichung on Thursday pours out herbal powder. Hung Tung-jung (洪東榮), a doctor in China Medical University’s toxicology department, on Saturday said that the public should ensure that prescribed Chinese herbal medicine is from manufacturers awarded the good manufacturing practice (GMP) certificate and should not take products or herbal medicine from dubious sources. In the late stages of lead poisoning, a person could develop unsteadiness or other problems walking, muscle atrophy, or complete paralysis, Hung said.
Source:Taipei Times
August 02, 2020 15:56 UTC
Nankang says blaze did not hurt tire operations
Nankang says blaze did not hurt tire operationsBy Chen Cheng-hui / Staff reporterThe cause of a fire late on Saturday at a Nankang Rubber Tire Corp (南港輪胎) plant in Hsinchu County’s Sinfeng Township (新豐) is under investigation, but the blaze is not expected to have a major effect on operations, the company said yesterday. There were no casualties and damage to the plant was limited, the nation’s second-largest tire maker said in a regulatory filing. A fire rages at Nankang Rubber Tire Corp’s plant in Hsinchu County’s Sinfeng Township late on Saturday night. Photo: Huang Mei-chu, Taipei TimesA preliminary investigation indicated the fire broke out in a machinery room on the top floor of a building outside the production plant, Nankang said. Nankang has yet to release its financial results for last quarter.
Source:Taipei Times
August 02, 2020 15:56 UTC
NPP suspends chairman over probe
NPP suspends chairman over probe‘ZERO TOLERANCE’: Chiu Hsien-chih has taken over as the party’s acting chairman, and said he would work on the party’s ability to detect and address corruptionBy Wu Su-wei and Dennis Xie / Staff reporter, with staff writerThe New Power Party (NPP) on Saturday suspended party chairman Hsu Yung-ming (徐永明) over his alleged involvement in a bribery case. The NPP said it has appointed caucus whip Chiu Hsien-chih (邱顯智) as acting chairman until an intra-party election for chairperson is held early next year. New Power Party caucus whip Chiu Hsien-chih speaks in Taipei on July 13. Photo: Liao Chen-huei, Taipei TimesChiu was NPP chairman from March to August last year. As to whether Hsu would be stripped of his party membership, Chiu said that its disciplinary committee was following party regulations in suspending Hsu’s chairman position for the moment.
Source:Taipei Times
August 02, 2020 15:56 UTC
Lite-On’s Q2 profits surpass expectations
Tom Soong is the son of Raymond Soong, while Chiu formerly served in the company’s optoelectronics branch. With more contributions from its cloud computing, PC and optoelectronics businesses, the company’s revenue for last quarter reached NT$41.796 billion, a quarterly increase of 28.3 percent, the statement said. By segment, the information technology unit remained Lite-On’s biggest business with a sales contribution of 68 percent last quarter. In the first half of the year, the company’s revenue dropped 13.16 percent annually to NT$74.37 billion. In the third quarter, Lite-On expects its optoelectronics, cloud computing, 5G, AIoT and gaming businesses to grow more than in the second quarter, with demand for products related to the PC sector likely to remain stable.
Source:Taipei Times
August 02, 2020 15:56 UTC
Court hears request to detain lawmakers
Court hears request to detain lawmakersStaff writer, with CNAA detention hearing yesterday afternoon to review prosecutors’ request to detain five incumbent and former lawmakers accused of bribery was still ongoing as of press time last night. Prosecutors asked the Taipei District Court to detain them, citing the seriousness of the crimes and the possibility that they could collude to destroy evidence, or flee the nation. The entrance to the Taipei District Court is pictured on July 12. Prosecutors on Saturday asked the court to detain Lee. Lee has denied he paid bribes to lawmakers, describing the money as a loan to Su, without elaborating.
Source:Taipei Times
August 02, 2020 15:56 UTC