EU, China plan summit in March, Borrell saysAFP, BREST, FranceThe EU and China are planning to hold a summit in late March, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said on Friday amid concerns over a Chinese blockade of Lithuania’s exports. It will give me a chance to travel to China to prepare for it,” Borrell announced after an informal meeting of EU foreign ministers in Brest, France. The last EU-China summit took place via videoconference in June 2020 between the presidents of the EU institutions and Chinese leaders. EU High Representative for Foreign Affairs and Security Policy Josep Borrell speaks at a news conference with French Minister of Foreign Affairs Jean-Yves Le Drian, not pictured, in Brest, France, on Friday. The summit “will be an important moment to see where we are in our relations with China.

Dow closes lower due to bank resultsGAINS POSTED: The NASDAQ and the S&P 500 rallied in the afternoon, assisted by rate-sensitive growth sectors, with technology moving up 0.89 percent by the closeReutersThe Dow on Friday closed lower dragged down by financial stocks as investors were disappointed by fourth quarter results from big US banks, which cast a shadow over the beginning of the earnings season. The S&P 500 bank subsector, which hit an intraday high in the previous session, closed down 1.7 percent. The sector has recently been outperforming the S&P as investors bet the US Federal Reserve’s expected interest rate hikes would boost bank profits. For the week, the S&P 500 fell 0.3 percent while the Dow fell 0.88 percent and the NASDAQ fell 0.28 percent. Analysts see S&P 500 companies earnings rising 23.1 percent in the fourth quarter, Institutional Brokers’ Estimate System data from Refinitiv showed.

The project was inspired by Japan’s ambitions to enhance its wood product brands and accelerate the development of its forestry industry. However, 93 percent of Taiwan’s forests are state-owned, whereas only 41 percent of Japan’s forests are owned by the government. Japan’s forestry industry, being mostly privately owned, is influential enough to exert a great deal of pressure on its government. This has allowed the Japanese government to revitalize its forestry industry and look after the interests of its workers. In contrast, Taiwan’s forestry industry has been weak since a logging ban was imposed in the 1990s.

Taiwan Resource Center set up in CzechBy Lin Chia-nan / Staff reporterThe 39th Taiwan Resource Center for Chinese Studies has been established at a university in the Czech Republic, with more set to be opened in Europe, the National Central Library (NCL) said yesterday. NCL Director-General Tseng Shu-hsien (曾淑賢) and Masaryk University rector Martin Bares on Monday last week signed an agreement to set up the Taiwan center as part of the university’s Asia Studies Centre, the library said in a news release. There are 22 Taiwan Resource Centers in Europe, including the new one; five in the US; 11 across Asia (including Russia); and one in Australia, the library’s Web site showed. Last year, four centers were set up in universities in Lithuania, France, Switzerland and Estonia. Most foreigners learn Chinese using simplified characters, but the Taiwan centers would allow them to access publications that use traditional characters and other cultural assets of Taiwan, Yen said.

NCKU, Tensor launch cubesat, satellite systemEXPERIMENTS IN SPACE: The university’s project aims to test new technology ahead of the launch of larger satellites by the National Space OrganizationBy Lin Chia-nan / Staff reporterTwo Taiwanese space technology products developed by National Cheng Kung University (NCKU) and start-up Tensor Tech Co were yesterday launched by a SpaceX Falcon 9 rocket from Florida in a joint mission. Among them was a cubesat — a small research satellite — named Iris-A, developed by NCKU electrical engineering professor Juang Jyh-ching (莊智清). The launch mission also involves a novel attitude determination and control system (ADCS) developed by Tensor Tech, installed on Polish firm SatRevolution’s cubesat named Stork-1. “This ADCS is actuated using a spherical motor with a rotor that can spin on multiple axes,” Tensor Tech said in a statement. Founded in 2019, Tensor Tech branched from the laboratory of NCKU electrical engineering professor Hsieh Min-fu (謝旻甫), Yen said, adding that local electronics firms are its main investors.

China tipped to follow US’ lead on releasing crude oilReutersChina will release crude oil from its national strategic stockpiles around the Lunar New Year holiday, which starts on Feb. 1, as part of a plan coordinated by the US with other major consumers to reduce global prices, sources told reporters. The sources, who have knowledge of talks between the world’s top two crude consumers, said China agreed late last year to release an unspecified amount of oil depending on price levels. A crude oil tanker is pictured at Qingdao Port in China’s Shandong Province on April 21, 2019. China in September conducted its first-ever public crude reserves auction of about 7.4 million barrels, about half a day’s consumption in the country. Benchmark Brent crude futures was at US$84.79 a barrel and US West Texas Intermediate crude at US$82.23 a barrel at 7:30am GMT.

Citigroup to sell Southeast Asian assetsBloombergCitigroup Inc on Thursday agreed to sell consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank (UOB) Ltd for about S$4.9 billion (US$3.6 billion) as Citigroup chief executive officer Jane Fraser continues her push to simplify the New York-based bank. United Overseas Bank is to pay Citigroup a cash consideration for the net assets of the acquired businesses, plus a premium of S$915 million, Citigroup said in a statement. The transaction includes Citigroup’s retail banking and credit card businesses in all four countries, but excludes its institutional offerings. Citigroup expects roughly 5,000 employees to transfer to United Overseas Bank after the deal closes, the statement said. This week, the firm announced that it would also seek to exit its consumer, small-business and middle-market banking businesses in Mexico.

Rolls of steel are stacked inside a China Steel Corp factory in Kaohsiung on Aug. 26, 2016. However, global steel supply might fall as China continues to lower its steel output to meet its target of carbon neutrality, it said, adding that South Korea is also reducing its steel manufacturing to curb carbon emissions. South Korea’s Pohang Iron and Steel Co last month terminated a furnace with a capacity of 1 million tonnes per year, China Steel said. Luxembourg-based ArcelorMittal SA is to raise prices of some steel materials by 30 to 50 euros per tonne, China Steel said. Steel prices have also increased in northern and southern Europe, it said.

Lenders asked to reclaim loans on unused plotsBy Crystal Hsu / Staff reporterThe central bank yesterday asked local lenders and cooperatives to reclaim loans and raise interest rates on loans involving land plots where construction has not started 18 months or more after purchase, citing the need to curb land hoarding. Central Bank Governor Yang Chin-long speaks at a news conference in Taipei on Dec. 16 last year. Lenders should reclaim loans on long-idle plots and raise interest rates on borrowers unless they have compelling reasons that make the delay necessary, the central bank said. The central bank said lenders must boost responsible lending by following up on land loans through on-site inspections and other measures to document construction progress. The central bank reiterated that it would closely monitor real-estate lending and the property market as a whole, and would, if necessary, introduce more restrictions.

COVID-19: Port congestion in Ningbo growing over trucking banBloombergShipping firms are scrambling to switch to other Chinese ports to avoid delays at the Port of Ningbo-Zhoushan, which suspended some trucking services after an outbreak of COVID-19, freight forwarders and experts have said. Those diversions are adding to a new wave of congestion facing China’s ports as an increasing number of cities deal with COVID-19 outbreaks. Police officers check information on the smartphone of a truck driver at a checkpoint in Ningbo, China, on Dec. 18 last year. Meanwhile, the northern Chinese city of Tianjin ordered workers to take a half-day break for COVID-19 testing, as officials try to contain an outbreak involving the Omicron variant of SARS-CoV-2. The influx of ships into Shanghai has delayed sailing schedules for container ships by about one week, freight forwarders said.

The TAIEX moves higher for the fourth consecutive sessionStaff writer, with CNAThe TAIEX yesterday moved higher for the fourth consecutive session as the financial sector was boosted by hopes that the US Federal Reserve would initiate a rate-hike cycle this year, which would push up financial institutions’ returns from overseas investments, dealers said. The TAIEX closed up 61.53 points, or 0.33 percent, at 18,436.93. Without the financial sector, the main board rose only 13.13 points, or 0.08 percent, from a session earlier. In addition, Cathay Financial Holding Co (國泰金控) rose 4.17 percent to close at NT$67.4, Mega Financial Holding Co (兆豐金控) gained 2.3 percent to close at NT$37.85 and Fubon Financial Holding Co (富邦金控) added 2 percent to close at NT$81.6. “For the TAIEX, strong technical support is expected in the event of any volatility at around 18,000 points, the 20-day moving average.”

Fab spending tipped to exceed recordEMERGING TECH: The semiconductor equipment industry has had unprecedented growth, with increased spending in six of the past seven years, the CEO of SEMI said Global fab equipment spending at front-end facilities is expected to grow at an annual pace of 10 percent this year to a record of more than US$98 billion, with South Korea taking the lead, followed by Taiwan, SEMI said in a quarterly report yesterday. That means that world fab equipment spending is to grow for a third straight year, following a 39 percent jump last year and 17 percent growth in 2020, the global semiconductor trade association said in a statement. The industry previously had three consecutive years of growth from 2016 to 2018, more than 20 years after logging a three-yearBy Lisa Wang

China’s maritime claims unlawful: US reportAFP, WASHINGTONThe US on Wednesday laid out its most detailed case yet against Beijing’s “unlawful” claims in the South China Sea, rejecting the geographic and historic bases for its vast, divisive map. “The overall effect of these maritime claims is that the PRC unlawfully claims sovereignty or some form of exclusive jurisdiction over most of the South China Sea,” the paper said, referring to the People’s Republic of China. In 2016, an international court sided with the Philippines in its complaints over China’s claims. The state department paper said that such historical-based claims had “no legal basis” and that China had not offered specifics. The South China Sea is home to valuable oil and gas deposits and shipping lanes, and Beijing’s neighbors have frequently voiced concern that their giant neighbor was seeking to expand its reach.

ANALYSIS: India’s new rules to free resourcesReuters, NEW DELHIIndia has eased its COVID-19 rules on testing, quarantine and hospital admissions in a bid to free up resources for its neediest people, a strategy hailed by experts even though it carries the risk of a heavy undercount of infections and deaths. “That strategy did not work and wasted resources,” he added, saying serological surveys had shown it had detected only a fraction of infections. India’s tally of infections crossed 36 million yesterday with 247,417 new cases, although daily testing has stayed well below the capacity of more than 2 million. “It will be harder to predict upcoming hotspots and epicenters,” she added, which would leave authorities less time to marshal resources against the disease. It said the gap between actual and reported daily cases would widen when the virus reaches smaller towns and villages.

Shiffrin takes record 47th World Cup slalom victory‘GEEKING OUT’: Shiffrin couldn’t believe it when the race was moved to a long, steep piste usually reserved for men’s races, saying it was a privilege to race thereReuters, SCHLADMING, AustriaMikaela Shiffrin on Tuesday won the last FIS Alpine Ski World Cup women’s slalom before the Beijing Olympics to take her 47th victory in the discipline and smash a record the US skier had shared with Swedish great Ingemar Stenmark. The US’ Mikaela Shiffrin competes in the FIS Ski World Cup women’s slalom in Schladming, Austria, on Tuesday. It’s like it didn’t happen.”The American now has 73 World Cup wins in total, 13 short of Stenmark’s all-time record. Vlhova, last to go, saw her 0.42 second advantage melt away as she finished 0.15 behind the American overall World Cup leader. The next women’s World Cup races are a downhill and Super-G in Zauchensee, Austria, at the weekend.