Fortunes of China’s rich plunge as economy slows
The Hurun Rich List, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan (US$689.3 million), said only 1,305 people made the mark this year, down 11 percent from last year. “This year has seen the biggest fall in the Hurun China Rich List of the last 24 years,” said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report, which compiles the list and is named after Hoogewerf’s Chinese name, Hu Run (胡潤). The founder of TikTok owner ByteDance Ltd (字節跳動), Zhang Yiming (張一鳴), took second place, but saw his wealth fall 28 percent to US$35 billion due to a drop in ByteDance’s valuation. In third place was Zeng Yuqun (曾毓群), chairman of battery giant Contemporary Amperex Technology Co Ltd (寧德時代新能源). Tencent founder Pony Ma (馬化騰) posted the second largest drop in wealth of US$14.6 billion amid sliding tech stock prices, to take fifth place on the list.
Source:Taipei Times
November 08, 2022 23:26 UTC
Fewer furloughed as restrictions ease
Fewer furloughed as restrictions easeStaff writer, with CNAThe number of workers on official furlough programs fell by more than 1,400 during the past week as the tourism sector received a boost from eased border controls, the Ministry of Labor said. Ministry-compiled data showed that the number of workers placed on furlough programs was 15,782 as of Monday, down 1,433 from 17,215 as of Oct. 31. With eased COVID-19 restrictions boosting domestic consumption, the number of workers placed on unpaid leave programs in retail and wholesale businesses fell to 1,315 from 1,556, the data showed. Most of the enterprises implementing furlough programs are small firms that employ fewer than 50 people. Unpaid leave programs typically last for less than three months, with employees taking five to eight days of unpaid leave per month, the ministry said.
Source:Taipei Times
November 08, 2022 23:26 UTC
Electric vehicle sales in Taiwan to rise 31% this year: ITRI
Electric vehicle sales in Taiwan to rise 31% this year: ITRIBy Lisa Wang / Staff reporterSales of fully electric vehicles (EVs) in Taiwan are to experience rapid growth over the next three years, expecting to account for about 30 percent of new vehicle sales as early as next year, jumping from 15.2 percent last year, the Industrial Technology Research Institute (ITRI, 工業技術研究院) said yesterday. Sales of new EVs in Taiwan this year are to surge 31 percent year-on-year to 89,000 units, comprising about 20.3 percent of total sales of 438,000 new vehicles, the ITRI said. New EV sales are to comprise 24 percent of total new vehicle sales next year and reach about 29.6 percent in 2024 after seeing a 22.52 percent year-on-year growth to 136,000 units, the ITRI said. Overall new vehicle sales are to grow 2 percent to 458,000 units in 2024, it added. With EV sales growing rapidly, Taiwan should build a resilient power grid given that the vehicles are likely to create a massive demand for electricity, ITRI president Edwin Liu (劉文雄) said.
Source:Taipei Times
November 08, 2022 00:03 UTC
Fed not being followed in ‘messier’ world economy
While both the Fed and the Bank of England raised interest rates by 75 basis points, their respective leaders struck different tones about what lies ahead. “These economies will suffer recession long before the Fed has caused a US economic downturn,” he said. Bloomberg Economics predicts that the global central bank rate could reach 5.5 percent in the middle of next year, up from 2.9 percent at the end of last year. In advanced economies alone, a jump to 3.5 percent from 0.1 percent is expected. The Fed benchmark in a year’s time is expected to be 2.5 percentage points above the average across other major advanced economies, the widest gap since at least 2004.
Source:Taipei Times
November 07, 2022 03:17 UTC
Largan reports 23-month sales high on phone orders
Largan reports 23-month sales high on phone ordersStaff writer, with CNALargan Precision Co (大立光), a supplier of smartphone camera lenses to Apple Inc, on Saturday reported that its sales for last month are its highest in 23 months after new phone launches increased orders. The company posted NT$5.21 billion (US$161.88 million) in consolidated sales, up 24 percent from a year earlier and also up 2 percent from a month earlier, it said in a statement. Last month’s sales were the company’s highest since November 2020, when its revenue was NT$5.24 billion, company data showed. Lenses with a resolution of 20 megapixels or more — a higher-margin product and one of Largan’s specialties — accounted for 10 to 20 percent of Largan’s sales last month, the company said. Sales for this month are expected to remain little changed from last month as clients continue to launch new smartphones, Largan said.
Source:Taipei Times
November 06, 2022 23:32 UTC
Net outflows reverse after short-selling restrictions
Net outflows reverse after short-selling restrictionsStaff writer, with CNAForeign institutional investors registered net fund inflows last month, reversing four consecutive months of net fund outflows, after the Financial Supervisory Commission introduced restrictions on short selling on the stock market at the beginning of the month. Data compiled by the commission showed foreign institutional investors recorded US$456 million in net fund inflows last month after US$577 million in net fund outflows in September. In a rush to park funds in US dollar denominated assets, foreign institutional investors recorded US$22.02 billion in net fund outflows in the first 10 months of this year. From January to last month, foreign institutional investors sold a net NT$1.19 trillion (US$36.97 billion) on the local equity market, the commission said. The National Stabilization Fund’s governing committee on July 12 authorized a NT$500 billion fund to shore up share prices.
Source:Taipei Times
November 06, 2022 21:17 UTC
Copper soars most since 2009, supply still tight
Copper soars most since 2009, supply still tightBloombergCopper jumped the most since January 2009 as optimism about a relaxation in China’s COVID-19 policies and a steep decline in the US dollar set off a scorching run-up across industrial metals markets already facing tight supply. Copper closed 7.1 percent higher on the London Metal Exchange, while zinc rose 5.7 percent and aluminum rallied 4 percent. Copper rose as high as US$8,121 a ton (US$8251 a tonne), before closing at US$8,099 a ton, in the biggest daily gain since January 2009. Supply worries are also rising to the fore in the zinc market. Despite the zinc market’s tight dynamics, prices had tumbled during a broad retreat in metals markets as worries about demand mounted in the past few months.
Source:Taipei Times
November 06, 2022 02:46 UTC
How mixing farms with forests can help the UK reach net zero
How mixing farms with forests can help the UK reach net zeroBy Rachel Parsons / Thomson Reuters Foundation, PETERBOROUGH, EnglandStephen Briggs popped open his pocket knife, carved a wedge from a small pink and green apple and took a bite. Yet agriculture experts say it is poised to make a comeback as part of the government’s tree-planting campaign to help meet its climate target of net zero carbon emissions by 2050. “Nature doesn’t do monoculture,” said Briggs, an early adopter of the practice who is advising the government on agroforestry standards. The UK committed more than ￡500 million (US$569 million) to planting 30,000 hectares of trees per year between 2020 and 2025. However, even proponents of agroforestry say making the practice more widespread would not be easy — not least because there is a lack of available trees to plant.
Source:Taipei Times
November 05, 2022 23:35 UTC
EDITORIAL: Local candidates need screening
The Taiwan Anti-Corruption and Whistleblower Protection Association on Wednesday released its findings on the criminal records of city or county councilor candidates in this month’s local elections. Association chairman Huang Kuo-chang (黃國昌), a former lawmaker, reported that among the 1,677 councilor candidates, 195 — 11.6 percent — have been prosecuted or have criminal records. Twelve cities and counties have more than 10 percent of councilor candidates with criminal records, and only Penghu County has none. The report examined whether local councilor candidates have been criminally prosecuted, have a criminal conviction record or have been blacklisted by the Criminal Investigation Bureau’s Chihping anti-gangster program. Care should be taken to examine candidates’ records.
Source:Taipei Times
November 05, 2022 22:16 UTC
Invasion threat increasing: Joseph Wu
Xi’s consolidation of power at the Chinese Communist Party’s (CCP) 20th National Congress and his policy pronouncements at the event indicate that the invasion threat is increasing, the article cites Wu as saying in Taipei on Friday last week. Minister of Foreign Affairs Joseph Wu gestures during an interview with the Washington Post on Friday last week. “It might show that Xi Jinping does not trust the bureaucracy in making Taiwan policy, and he seems to have his own small circle in thinking about Taiwan,” Wu was quoted as saying. Xi would then be near the end of his third presidential term and he could desire to cement his historical legacy by invading Taiwan, Wu said. However, if Taiwan falls, China would be emboldened to make further advances, Wu added.
Source:Taipei Times
November 05, 2022 08:12 UTC
Death penalty cases and new law
Death penalty cases and new lawBy MariaWilkinsonFor the first time since the Legislative Yuan passed the new Constitutional Court Procedure Act (憲法訴訟法) in 2019, the Judicial Yuan on Oct. 24 heard a case involving a death penalty inmate. The court chose only Huang Chun-chi’s (黃春棋) death penalty appeal out of the 38 death penalty cases that applied, along with a corruption case and an innocence case to represent the entirety of multiple claims. The Taiwan Alliance to End the Death Penalty submitted a brief to the Constitutional Court. According to the US Supreme Court’s “death is different” jurisprudence, the death penalty is “qualitatively different” from all other punishments, so there should be more robust safeguards to examine such cases. Maria Wilkinson is an English correspondent for the Taiwan Alliance to End the Death Penalty.
Source:Taipei Times
November 05, 2022 04:07 UTC
Elan Microelectronics shares plunge on weak guidance, contract penalty
Elan Microelectronics shares plunge on weak guidance, contract penaltyBy Lisa Wang / Staff reporterShares of Elan Microelectronics Corp (義隆電子) yesterday tumbled 4.22 percent after the chip designer gave a gloomy financial forecast for this quarter given weaker-than-expected demand for notebook computers and penalties for not exercising a contract signed with its chip supplier. As customer demand has weakened significantly, Elan said it opted not to honor a three-year chip supply agreement with a foundry service provider, making it the nation’s first chip designer to default on a chip supply contract. “Our orders from Chromebook makers are only half of that last year.”As customer demand dipped, Elan chose to default on the supply contract and book the full penalty this quarter, Yeh said. “All of our product lines have shown weak momentum in the fourth quarter compared with the third quarter,” he said. Last quarter, Elan reported that net profit contracted 33 percent to NT$522 million from NT$784 million in the third quarter.
Source:Taipei Times
November 05, 2022 03:57 UTC
Prosecutors, III investigating Kao controversies
Prosecutors, III investigating Kao controversiesBy Jason Pan / Staff reporterPublic prosecutors have initiated an investigation into allegations of wage fraud by Taiwan People’s Party (TPP) Hsinchu mayoral candidate Ann Kao (高虹安), while officials at the Institute for Information Industry (III) are looking to sue Kao for breach of trust over alleged illegal transfer of patents to benefit a private company. The latest allegations came from her rival for the Hsinchu mayoral post — Chinese Nationalist Party (KMT) Hsinchu mayoral candidate Lin Keng-jen (林耕仁). Taiwan People’s Party Legislator Ann Kao speaks to reporters in Hsinchu County in an undated photograph. Lin and other KMT members also accused Kao of illegally transferring two III patents to Servtech Co, a Taipei-based software company that Kao said she cofounded. In addition, III vice president Hsiao Po-jen (蕭博仁) yesterday said that the institute is looking to file a breach-of-trust lawsuit against Kao and is gathering evidence.
Source:Taipei Times
November 04, 2022 02:29 UTC
Top China PC maker posts earnings above estimates
Top China PC maker posts earnings above estimatesBloombergLenovo Group Ltd’s (聯想) earnings climbed 6 percent after China’s top PC maker relied on cost reductions and new businesses to weather an unprecedented slump in global computing demand. Photo: ReutersLenovo and rivals Dell Technologies Inc and HP Inc are struggling with a global PC market that saw its steepest quarterly drop on record — the fourth straight decline in shipments. The effect on Lenovo’s sales is limited because such products are only a small part of the company’s business in China, Yang said. Lenovo last quarter lowered spending on research and development as well as advertising and promotions to support its profit margins. The company has been counting on growth from businesses beyond its core division — such as in servers, cloud computing and data storage — to help offset worsening PC sales.
Source:Taipei Times
November 04, 2022 02:25 UTC
Jaw’s sharing proposal draws ire
Former Taipei deputy mayor Vivian Huang, on bike, announces her “healthy city” platform as part of her campaign for Taipei mayor at her office in Taipei’s Daan District yesterday. Photo: CNAImplied in the proposal would be that Huang and Hsinchu City Councilor Lin Ken-jeng (林耕仁), the KMT’s Hsinchu mayoral candidate, would not be given support by their own parties. Do you also agree that residents’ rights and interests can be politically exchanged so you can become mayor?” she asked. Jaw’s remark neglected people’s opinions and showed that he thought of them only as pawns, she wrote. KMT Chairman Eric Chu (朱立倫), who was campaigning with Lin in Hsinchu, said that it would be impossible for Huang to agree with Jaw’s proposal or for the KMT to make such a sacrifice.
Source:Taipei Times
November 03, 2022 05:05 UTC