Japan’s consumer prices cease their 13-month fall
Japan’s consumer prices cease their 13-month fallBloombergJapan’s consumer prices stopped falling last month for the first time in 13 months, ending the country’s longest deflationary stretch since 2011. Rising costs for hotels, processed food and energy cushioned the impact of mobile phone rates that have fallen sharply under pressure from outgoing Japanese Prime Minister Yoshihide Suga. “At least we can say prices aren’t falling, so the BOJ can continue to keep a close eye on it, without taking additional easing steps,” NLI Research Institute economist Taro Saito said. While producer prices have jumped, climbing 5.5 percent last month, most Japanese firms aren’t choosing to pass those costs on to customers. Global supply-chain snags and surging commodities prompted the Paris-based Organisation for Economic Co-operation and Development this week to raise its forecast for consumer price inflation this year and next in every G7 country, except Japan.
Source:Taipei Times
September 24, 2021 15:56 UTC
Police must crack down on online child abuse
Police must crack down on online child abuseBy Tsao Yao-chun 曹耀鈞Between 2017 and last year, the numbers of sexual exploitation cases involving children reported by local governments pointed to a growing trend. Seventy-two percent of the cases involved online crime, with most of the victims being junior-high school students. Examples are the “Nth Room” online sexual exploitation case in South Korea — which drew the attention of the country’s presidential office — as well as similar cases in Taiwan. Education authorities at every level are working hard to increase public awareness and provide more information about online security, including how to strengthen parents’ and children’s online security competence. The measures include online security training in junior-high school textbooks, inviting experts to schools to explain the legal ramifications and building dedicated information security Web sites.
Source:Taipei Times
September 24, 2021 15:56 UTC
Credit controls to reduce property purchases by 15%
Credit controls to reduce property purchases by 15%By Crystal Hsu / Staff reporterThe central bank’s latest credit controls would reduce property transactions by 10 to 15 percent this year, which would particularly affect people looking to move, developers and analysts said yesterday. However, the central bank described its adjustment as “minor.”The central bank previously directed its credit controls at corporate buyers, but shifted focus to individuals, Lai said, adding that the move would hurt real demand. Without grace periods, owners would pay NT$33,608 a month to cover interest and the principal of a NT$10 million loan, it said. Jessica Hsu (徐佳馨), head researcher at H&B Realty Co (住商不動產), said she was not surprised at the tightening measure, as real-estate lending has showed no signs of subsiding following two earlier waves of credit controls. Buyers of land plots in industrial parks must take action on their development plans within one year after purchase.
Source:Taipei Times
September 24, 2021 15:56 UTC
Darnold, defense lead Panthers to victory in Texas
Darnold, defense lead Panthers to victory in TexasAP, HOUSTON, TexasThanks to another efficient performance from Sam Darnold and continued dominant play by their defense, the Carolina Panthers are 3-0 for the first time since 2015, when they reached the Super Bowl. That combination was certainly too much for the Houston Texans on Thursday in Carolina’s 24-9 victory, but a hamstring injury to star running back Christian McCaffrey could cause serious adversity for Darnold and the Panthers’ offense going forward. Photo: AFPDarnold threw for 304 yards and ran for two touchdowns as the Panthers eased past the Texans despite losing McCaffrey early in the second quarter. Darnold topped 300 yards passing for the second straight game as he continues to revitalize his career with the Panthers after being cast aside by the New York Jets. “He handled himself well.”Darnold’s five-yard run put the Panthers ahead early and McCaffrey was injured on Carolina’s next drive.
Source:Taipei Times
September 24, 2021 15:56 UTC
Cross-platform e-payment to launch next month to boost digital payments
Cross-platform e-payment to launch next month to boost digital paymentsBy Kao Shih-ching / Staff reporterA new system established by Financial Information Service Co Ltd (FISC, 財金公司) is set to launch next month, allowing users to transfer money between different e-payment platforms, a change that would help boost digital payment transactions, the Financial Supervisory Commission said on Thursday. The nation’s eight e-payment companies with full operational licenses are required to join the “cross-platform e-payment system” before the end of this month, the commission told a news conference. All eight e-payment service providers have run tests of their interfaces with the FISC system and they are expected to join on time, the commission said. Should all eight e-payment companies join the system successfully, their combined 12 million users would benefit, as they would be able to transfer money more conveniently, it said. Currently transfers between e-payment users is only viable when the users use the same e-payment service provider — a Jko Pay user cannot currently transfer money to a user of Line Pay Money.
Source:Taipei Times
September 24, 2021 15:56 UTC
Supply disruption cuts Nike forecast
Supply disruption cuts Nike forecastBloombergNike Inc lowered its sales outlook as production and shipping delays hobbled the company’s efforts to meet strong demand for shoes and athletic wear. Sales this quarter could fall as factory closures in Vietnam prevent Nike from keeping up with consumer demand, the world’s largest athletic wear company said on Thursday. That means full-year growth would be in the mid-single digits rather than the low double digit percentage rate Nike targeted earlier. Nike does not expect the facilities to reopen until October, and they could require several months to ramp up manufacturing. Cuts in wholesale distribution have put renewed focus on Nike’s direct-to-consumer channel, which grew 25 percent this quarter on a constant-currency basis.
Source:Taipei Times
September 24, 2021 07:07 UTC
Fears grow as Evergrande misses interest deadline
A deadline for paying US$83.5 million in bond interest passed without remark from Evergrande, and bondholders had not been paid nor heard from the company, two people familiar with the situation told Reuters. Evergrande appointed financial advisers and warned of default last week, and world markets fell heavily on Monday amid fears of contagion, though they have since stabilized. Evergrande has promised to prioritize such investors and resolved one coupon payment on a domestic bond this week. However, it has said nothing about the offshore interest payment that was due on Thursday or a US$47.5 million payment due next week. Bloomberg Law also reported that regulators had asked Evergrande to avoid a near-term default, citing unnamed people familiar with the matter.
Source:Taipei Times
September 24, 2021 06:11 UTC
The Liberty Times Editorial: ‘Taiwan’ as name gaining steam
After Washington broke off formal diplomatic relations with Taipei in 1979, the Executive Yuan established the Coordination Council for North American Affairs to handle non-official relations with the US. Allowing TECRO to be renamed the Taiwan Representative Office is therefore right and proper, and would correct the oddity that is its current name. In December last year, 78 US representatives wrote a letter to then-US secretary of state Mike Pompeo requesting that he approve the name change of Taiwan’s representative office. In May, a bipartisan group of US representatives proposed the “Taiwan diplomatic review act,” which contained a clause on rectifying the name of Taiwan’s representative office. If Washington were to take the lead in allowing the renaming of Taiwan’s representative office, other nations such as Japan would surely follow suit.
Source:Taipei Times
September 23, 2021 16:06 UTC
Huaku scores NT$4.49bn Nangang development deal
Huaku scores NT$4.49bn Nangang development dealBy Crystal Hsu / Staff reporterHuaku Development Co (華固建設) yesterday won the auction for an 875 ping (2,887.5m2) plot in Taipei’s Nangang District (南港) at NT$4.49 billion (US$161.67 million). The price of NT$5.13 million per ping is a record for the area, as the district evolves into a first-tier area for property development. New buildings being constructed in Taipei’s Nangang District are pictured on Aug. 28. Photo: Hsu Yi-ping, Taipei TimesSinyi Realty Inc (信義房屋) head researcher Tseng Ching-der (曾敬德) said that the deal showed that Huaku is upbeat about property demand and prices in the district. Huaku is expected to ask NT$1.1 million per ping amid favorable development terms, real-estate consultancy REPro Knight Frank said.
Source:Taipei Times
September 23, 2021 15:56 UTC
COVID-19: Berlin pushes WHO head’s re-election bid: diplomats
COVID-19: Berlin pushes WHO head’s re-election bid: diplomatsReuters, GENEVA, Switzerland, and BERLINGermany is seeking support from other EU members to ensure a second term for WHO Director-General Tedros Adhanom Ghebreyesus, but African states have yet to show their cards, government sources and diplomats said on Wednesday. WHO Director-General Tedros Adhanom Ghebreyesus, second right, visits a 2022 FIFA World Cup residential complex that houses Afghan evacuees in Doha on Sunday. One African diplomat at the African Union said that the appointment of a new head of the WHO had not been discussed among member countries. However, African countries are expected to support Tedros’ re-election, and the senior diplomat was not aware of any other candidates from Africa or another region. It would be complicated for an African country other than his country of origin to take the initiative,” he said.
Source:Taipei Times
September 23, 2021 15:56 UTC
Joining CPTPP likely to boost GDP 2%
Minister Without Portfolio John Deng, center, and other government officials attend a news conference in Taipei yesterday. Photo: Lee Hsin-fang, Taipei TimesThe 11-member trade bloc recommended that Taiwan rush its application after China also applied for membership on Thursday last week. “We can expect a gain of about 2 percent to our GDP if we join the CPTPP, and a negative impact of 0.56 percent if we don’t,” he said. Kung’s modeling assumes that the UK, South Korea, Thailand, Indonesia and the Philippines would eventually join the trade bloc, even if Taiwan does not. “Our models show that CPTPP membership would hit agriculture, and the automotive and auto parts sectors the hardest,” Kung said.
Source:Taipei Times
September 23, 2021 15:56 UTC
COVID-1: US pledges 500m vaccines donation
America will become the arsenal for vaccines as we were the arsenal for democracy in World War II,” Biden said at the summit, which was held virtually at the White House. The pledge brings the total US commitment of donated vaccines to 1.1 billion — more than the rest of the world combined. A child reacts after receiving a dose of the Sinopharm COVID-19 vaccine at El Salvador’s main vaccination center in San Salvador on Wednesday. Photo: AFP“We’ve already shipped 160 million of these doses to 100 countries,” Biden said. After he spoke, Spain announced at the UN General Assembly in New York that it was boosting its commitment to 30 million vaccines, while Japan said it would increase its contribution to 60 million.
Source:Taipei Times
September 23, 2021 15:56 UTC
Agency cuts China growth forecast on property woes
Agency cuts China growth forecast on property woesEVERGRANDE ANXIETY: Fears over the real-estate giant’s collapse caused markets to tumble and are contributing to a decline in the property sectorAFP, BEIJINGFitch Ratings yesterday cut its growth forecast for China’s economy this year, citing a slowdown in the country’s colossal property sector, which is facing headwinds over faltering real-estate giant Evergrande Group (恆大集團). “Housing starts are falling and financial pressures are weighing on real-estate investment,” Fitch said in its latest report. “Residential investment directly accounts for around 10 percent of GDP, and property activity has large spillovers to other industries,” it added. A State Council meeting he chaired underlined measures to promote consumption, stabilize commodity prices, and maintain growth of foreign investment and trade. Chinese Estates said it had already sold 108.91 million shares, or 0.82 percent, of Evergrande’s issued share capital between Aug. 30 and Tuesday for HK$246.5 million (US$31.67 million).
Source:Taipei Times
September 23, 2021 15:56 UTC
Asian Development Bank raises its growth forecast
Asian Development Bank raises its growth forecastStaff writer, with CNAThe Asian Development Bank (ADB) on Wednesday raised its forecast for Taiwan’s GDP growth this year to 6.2 percent, saying that the country’s economic momentum is expected to continue into the second half of the year. In its latest Asian Development Outlook report, the ADB said the new forecast was an upgrade from its estimate in April of 4.6 percent growth, but it maintained its projected 3 percent growth for next year. In addition, capital formation expanded by 8.9 percent in the first six months, with massive investments in machinery, transportation equipment, 5G network development and infrastructure for green energy, among other areas, the bank said. “Growth will likely continue for the rest of this year,” the bank said, citing increased manufacturing activity in July, strong growth in industrial production, and solid export orders. The downside risks include possible new outbreaks of variants of SARS-CoV-2 and delays in the country’s vaccine rollout, it said.
Source:Taipei Times
September 22, 2021 15:56 UTC
No fruit double standard, says agriculture head
No fruit double standard, says agriculture headBy Shelley Shan / Staff reporterThe government does not have a double standard for China and New Zealand when responding to bans on Taiwanese fruit, Council of Agriculture (COA) Minister Chen Chi-chung (陳吉仲) said yesterday, adding that anyone making such an accusation is ignorant of international trade regulations. Photo: CNAThose who have accused the government of having double standards are completely ignorant of regulations governing international trade, Chen wrote on Facebook. We seek to enforce inspection and quarantine measures based on scientific evidence, while minimizing damage to bilateral trade,” Chen said. “However, China has been ambushing us by unilaterally banning imports of pineapples, wax apples and custard apples, which all took effect the day after the announcement. An undated photograph shows wax apples in Kaohsiung’s Liouguei District.
Source:Taipei Times
September 21, 2021 16:00 UTC