South Korea export slump worsens due to Lunar New Year
BloombergA decline in South Korean exports worsened last month, despite signs of green shoots in global trade as the Lunar New Year holiday reduced the number of working days at the end of the month. Exports shrank 6.1 percent from a year earlier, following a 5.2 percent drop in December, the South Korean Ministry of Trade, Industry and Energy’s data showed on Saturday. Shipments of semiconductors, the country’s biggest export, contracted 3.4 percent, the smallest decrease since an 8.4 percent drop in December 2018. Exports to China, South Korea’s biggest trade partner, declined 10.5 percent, while shipments to the US fell 7 percent and those to Japan were down 6.4 percent. The economy grew 2 percent last year, the slowest pace since the global financial crisis, but momentum improved in the fourth quarter.
Source:Taipei Times
February 02, 2020 15:56 UTC
China plans US$173 trillion injection
BloombergChina’s central bank and other regulators announced a slew of targeted measures aimed at helping companies, banks and individuals hurt by the coronavirus outbreak. The central bank is today to supply 1.2 trillion yuan (US$172.99 billion) to money markets, the People’s Bank of China (PBOC) said in a statement yesterday. Banks were told they should not withdraw loans from firms affected by the virus, especially from smaller ones. In Saturday’s statement, financial institutions were told to maintain the pace of overall credit expansion and continue to lower borrowing costs across China, especially to manufacturers, and to small and private firms. The effect of the outbreak would be temporary, the Chinese economy would maintain good momentum, and financial regulators have “full confidence” they can keep the economy stable in the long term, the statement said.
Source:Taipei Times
February 02, 2020 15:56 UTC
Pompeo warns Kazakhs of China’s growing reach
AP, NUR-SULTANUS Secretary of State Mike Pompeo yesterday pressed Kazakhstan to be wary of Chinese investment and influence, urging the Central Asian nation and others to join calls demanding an end to China’s repression of minorities. Pompeo began his brief visit to the country by meeting with ethnic Kazakhs whose families have gone missing or been detained in China’s widespread crackdown on Muslims and other ethnic and religious minorities in its western Xinjiang region. Pompeo also congratulated Kazakhstan on its repatriation of Islamic State fighters from Iraq and Syria. Kazakhstan has taken back nearly 600 fighters and family members detained in areas formerly controlled by the group. In addition, Pompeo urged senior Kazakh officials to continue reforms that would allow greater US investment in the country.
Source:Taipei Times
February 02, 2020 15:56 UTC
Viral Outbreak: US pans UN over Taiwan’s exclusion amid virus fight
Japan, Canada, the EU and other world powers in the past week have also renewed their support for Taiwan’s inclusion in the annual World Health Assembly, the WHO’s decisionmaking body, as an observer amid the outbreak. The US State Department on Saturday criticized the ICAO for allegedly blocking users on Twitter who refer to Taiwan’s non-participation in the organization. The petition, initiated on Thursday by someone identified only as “C.C.,” had collected more than 120,000 signatures as of 2pm yesterday. According to the rules of the “We the People” Web site, a petition needs to gain at least 100,000 signatures within 30 days to obtain a White House review and response. The White House says it usually gives a response within 60 days, but it could take longer, depending on the issue and the volume of petitions submitted.
Source:Taipei Times
February 02, 2020 15:56 UTC
Downstream producers hit by virus outbreak
“We expect the impact on [PC] sales to last for at least a quarter,” Yuanta analysts led by Calvin Wei (魏建發) said in the note. The outbreak has also caused delays in component deliveries, the analysts said, adding that alternative supply sources are unclear, leading to uncertainty regarding the sales outlooks of major smartphone vendors. It would also affect global smartphone supply and manufacturing, because China makes 70 percent of all smartphones sold in the world, it said. “China smartphone shipments will be 5 percent less than expected in 2020. The viral outbreak has had a mixed effect on the networking and motherboard industries, Yuanta analysts said.
Source:Taipei Times
February 02, 2020 15:56 UTC
Chinese autocracy’s new disease
To maintain its authority, the Chinese Communist Party (CCP) must keep the public convinced that everything is going according to plan. The SARS epidemic of 2002-2003 could have been contained much sooner had Chinese officials, including the health minister, not deliberately concealed information from the public. Although there are important differences between today’s coronavirus epidemic and the SARS outbreak — including far greater technological capacity to monitor disease — they might have the CCP’s habit of cover-ups in common. Since then, Wuhan officials have downplayed the seriousness of the disease and deliberately sought to suppress news coverage. References to the new coronavirus rose slightly on Jan. 11, when the first death was reported, but then quickly disappeared again.
Source:Taipei Times
February 02, 2020 15:56 UTC
EDITORIAL: Investors, beware outbreak effects
Global equities have slumped across markets as the 2019 novel coronavirus (2019-nCoV) outbreak fanned concerns about near-term risks and triggered worries of far-reaching implications on China’s economy and the potential impact on the global economy. The outbreak is expected to hit China’s economy as consumers are urged to stay home, businesses are shut and public transportation is curbed. More importantly, a marked slowdown in the Chinese economy would likely challenge the country’s policymaking capability and execution of national plans. Concern over a viral outbreak would also deal a blow to Chinese President Xi Jinping’s (習近平) leadership and China’s political situation. The outbreak jeopardizes China’s global image, the morale of its citizens and the coherence of its society.
Source:Taipei Times
February 02, 2020 15:56 UTC
Wealth gap between generations detrimental
Leaving aside politics, the most obvious sign of the generational conflict in Taiwan is the uneven distribution of wealth. Large inheritances are the main cause of this extremely uneven distribution of wealth and the worsening gap between rich and poor. The government should promptly levy a wealth transfer tax on high-income groups, by raising the inheritance tax and implementing a minimum tax on high-income earners, to prevent the further widening of the wealth gap and achieve generational equity. In addition to shifting resources into welfare for the elderly, the government must also implement reasonable tax reform to address wealth distribution. That could perhaps reduce generational conflict and promote generational reconciliation.
Source:Taipei Times
February 02, 2020 15:56 UTC
Can heading a soccer ball lead to dementia? The evidence is growing 「頭槌」可能造成失智症？證據逐漸明朗
In 2017, researchers from University College London examined postmortem the brains of six former soccer players who had developed dementia. Last year a study by a team at Glasgow University found that former professional soccer players were three and a half times more likely to die from dementia and other serious neurological diseases. But according to Prof Michael Grey, who is leading a project on soccer and dementia at the University of East Anglia, heading the ball is the most obvious culprit. Assuming that heading the ball is the culprit, another question is how exactly these repeated impacts make the brain more vulnerable. They are hoping to track 100 ex-professional soccer players and 100 ex-rugby players, as well as hundreds of members of the public, over the coming decades.
Source:Taipei Times
February 01, 2020 16:07 UTC
Fukushima water release to sea is best option: panel
AP, TOKYOA Japanese government panel on Friday roughly accepted a draft proposal for releasing into the sea massive amounts of radioactive water being stored at the Fukushima Dai-ichi nuclear power plant. Fishers and residents fear possible health effects from releasing the radioactive water as well as harm to the region’s image, and fishing and farming industry. The ministry said the controlled release to the sea is superior than other methods, because its traveling route is predictable and easier to sample and monitor. Some said a release of the water should not be rushed or it would compromise Fukushima’s reconstruction. The report acknowledged that the water release would harm industries that still face reluctant consumers, despite diligent safety checks.
Source:Taipei Times
February 01, 2020 16:07 UTC
Japan sending warship to Middle East
BloombergThe centerpiece of Japan’s response to US calls for a Middle East security coalition — a single warship — is to set sail on a mission that highlights just how few US allies have signed up. France said it would deploy its Charles de Gaulle aircraft carrier to the Middle East from last month to April to support European countries. The US began recruiting backers for the security coalition last summer after a series of attacks on tankers near the gulf. Trump singled out Japan, which receives almost 90 percent of its oil from the Middle East, among the countries that were providing “zero compensation” for US protection. “By operating outside the US coalition, Japan and South Korea hope to minimize their military exposure, while also preserving diplomatic ties and economic relations with Iran — something Prime Minister Abe has so far dexterously achieved,” Townshend said.
Source:Taipei Times
February 01, 2020 16:07 UTC
US Senate rejects witnesses in Trump impeachment
AP, WASHINGTONThe US Senate late on Friday narrowly rejected Democratic demands to summon witnesses for US President Donald Trump’s impeachment trial, all but ensuring his acquittal in the third trial to threaten a US president’s removal in US history. Despite the Democrats’ singular focus on hearing new testimony, the Republican majority brushed past those demands to make this the first impeachment trial without witnesses. However, Republicans said Trump’s acquittal is justified and inevitable. Democratic caucus voting begins tomorrow in Iowa and four Democratic candidates have been chafing in the Senate chamber rather than campaigning. The Democrats had badly wanted testimony from Bolton, whose forthcoming book links Trump directly to the charges.
Source:Taipei Times
February 01, 2020 16:07 UTC
Italy bans Taiwan flights
After Italy on Friday confirmed two 2019 novel coronavirus (2019-nCoV) cases, it suspended all flights from Taiwan, China, Hong Kong and Macau until April 28. CAL operates three flights per week between Taoyuan and Rome, while EVA was set to start direct flights to Milan on Feb. 18. Ministry of Foreign Affairs spokeswoman Joanne Ou (歐江安) said in a statement on Friday that Italy has not restricted flights from other nations that have reported more infection cases than Taiwan; therefore, its ban on Taiwan cannot be said to be related to the rate of infection in Taiwan. The Italian government made a wrong decision based on wrong identification, she said. In related news, the Hanoi government last night lifted a ban on flights between Vietnam and Taiwan, reversing a decision it made yesterday afternoon, when it revoked permits for flights from Taiwan, China, Hong Kong and Macau.
Source:Taipei Times
February 01, 2020 15:56 UTC
KMT lawmakers urge reviews of masks for kids
If even masks for adults could not be purchased at these places, masks for children must be harder to find, Chiang said, adding that this has worried many parents. Judging by the production rate of masks, the output of children’s masks constitutes only about 10 percent of total output, translating to about 390,000 masks per day, KMT Legislator Yang Chiung-ying (楊瓊瓔) said. As parents of kindergarteners are frantically shopping for masks, the Cabinet should ensure sufficient supplies of children’s masks before elementary and junior-high-school students return to school, she said. The government could take the initiative to dispatch masks to schools when classes begin, she added. Classrooms could be vulnerable to cross-contamination and are potential vector sites for the virus, KMT Legislator Hsieh Yi-fong (謝衣鳳) said, adding that the situation could turn into community-wide outbreaks if the virus is taken home by schoolchildren.
Source:Taipei Times
February 01, 2020 15:56 UTC
Ministry revokes FAT’s flight permit
Staff writer, with CNAThe government has decided to revoke Far Eastern Air Transport’s (FAT) civil aviation flight permit after it made a surprise announcement in December that it was canceling its flights. Beyond revoking FAT’s flight permit, the ministry also fined the carrier NT$3 million (US$99,174). All of FAT’s air rights for domestic and international flights were revoked and would be reassigned to other carriers, the ministry said. While FAT repeatedly vowed to obtain new funds, the ministry said that the carrier failed to deliver on its promises. As for FAT’s employees, Deputy Minister of Labor Lin Ming-yu (林明裕) said that the Ministry of Labor would assist them in finding new jobs through a job-matching service.
Source:Taipei Times
February 01, 2020 15:56 UTC