Asia GDP forecast cut as China sticks to ‘zero COVID’
Asia GDP forecast cut as China sticks to ‘zero COVID’ELEVATED RISKS: South Asia’s growth forecast was lowered to 6.5 percent this year and 7.1 percent next year, given the economic crisis in Sri Lanka and monetary woes in IndiaBloombergThe Asian Development Bank (ADB) cut this year’s GDP growth forecast in developing regions of Asia as China’s “zero COVID” approach to containing the virus creates ripple effects on regional supply chains and economic development. Growth in China, a key part of the developing Asia bloc, is expected to be weaker at 4 percent this year against a previous 5 percent expansion. Photo: AFPThe bank also slashed the forecast for East Asia — a region that includes Taiwan, China, Hong Kong, and South Korea — to 3.8 percent from 4.7 percent. Economic growth slowed sharply to 0.4 percent in the second quarter, when dozens of cities, including Shanghai and Changchun, imposed lockdowns. Many economists expect China is likely to miss this year’s 5.5 percent economic growth target by a significant margin.
Source:Taipei Times
July 22, 2022 04:01 UTC
The Liberty Times Editorial: Sri Lanka collapse a wake-up call
The Liberty Times Editorial: Sri Lanka collapse a wake-up callThe government of Sri Lanka early this month declared bankruptcy, saying that it cannot pay its external debts of more than US$50 billion. The investment and construction partnership between Sri Lanka and China started long before the Belt and Road Initiative. Sri Lanka occupies a strategic location at the southeastern edge of the Indian subcontinent. When people talk about failed Belt and Road Initiative projects, they often cite Sri Lanka as an example. When Sri Lanka sought an international emergency bailout, China faced the choice of whether to set a precedent by canceling Sri Lanka’s debt.
Source:Taipei Times
July 19, 2022 16:40 UTC
Social life helps orphaned elephants overcome loss: study
Social life helps orphaned elephants overcome loss: studyAFP, PARISOrphaned elephants manage to overcome the loss of their mother by living in a herd, highlighting the importance of a social life for the species, according to a study. Scientists investigated the consequences of a mother elephant’s death on her child by examining the level of stress hormones in the excrement of 37 young elephants in Kenya between 2015 and 2016. Among the young elephants, 25 had lost their mother between one and 19 years before from poaching or drought. The results could guide orphanages to provide companions of the same age to help orphaned elephants. The study also concluded that releasing groups of orphaned elephants together after they were linked during captivity could facilitate their transition to living in the wild.
Source:Taipei Times
July 19, 2022 04:01 UTC
Hand-wash only
Stabilization fund activated amid stock market rout‘GLOBAL UNCERTAINTY’: The TAIEX underperformed most of its Asian peers and has recorded the worst decline among global markets since Russia’s invasion of Ukraine The management committee of the National Stabilization Fund has activated the NT$500 billion (US$16.7 billion) fund to bolster the local stock market, the Ministry of Finance said in a statement yesterday. The announcement came after the TAIEX tumbled 25.19 percent from its peak this year, underperforming most of its Asian counterparts, amid mounting uncertainty about the global economy and geopolitical unrest, the ministry said. The TAIEX yesterday plunged 2.72 percent to close at 13,950.62 points, the lowest level in about two years, with a thin turnover of NT$199.67 billion. Weak investor confidence has triggered panic sell-offs, as the local stock market hasBy Lisa Wang
Source:Taipei Times
July 18, 2022 22:21 UTC
Mike Pompeo ready to compete for US presidency: report
Mike Pompeo ready to compete for US presidency: reportBy Lin Liang-sheng and Liu Tzu-hsuan / Staff reporter, with staff writerFormer US secretary of state Mike Pompeo on Saturday told British daily the Times that he was prepared to vie for the Republican nomination for US president in 2024. Former US secretary of state Mike Pompeo delivers a speech in Taipei on March 4. Photo: Chiang Ying-ying, APHe also warned against the negative effects that China attacking or occupying Taiwan would have on the US, saying that it could hurt the US economy or weaken the US’ influence in the Indo-Pacific region. Chinese Nationalist Party (KMT) Legislator Johnny Chiang (江啟臣) yesterday said that he was not surprised by Pompeo’s plan to compete for the nomination, as US President Joe Biden’s approval ratings are declining. Pompeo has remained publicly active after leaving office, which is “a gesture of preparing to run for the presidency,” Chiang added.
Source:Taipei Times
July 18, 2022 22:05 UTC
Taiwan, India will remember Abe
Taiwan, India will remember AbeBy Sana Hashmi 胡莎娜Former Japanese prime minister Shinzo Abe was assassinated in Nara, Japan, on July 8. As an Indian living in Taiwan whose work is deeply influenced by Abe’s policies on India and Taiwan, I understand why there are striking similarities between the responses of Indians and Taiwanese to his passing. Abe became more vocal on Taiwan after stepping down as prime minister in 2020. In India, Abe was well-known and respected. Abe believed in India and encouraged its leadership to play a greater role when the West was hardly paying attention to the country.
Source:Taipei Times
July 18, 2022 04:10 UTC
US dollar surge risks Asian stock exodus
The MSCI Asia ex-Japan Index has fallen 20 percent as foreign investors took US$71 billion out of emerging Asian stock markets outside China so far this year, already double last year’s outflows. Tech-heavy Asian markets such as South Korea and Taiwan look particularly vulnerable as higher global bond yields and recessionary headwinds are hurting valuations and the demand outlook. Further currency weakness could threaten the resilience their stock markets have shown this year. “From a flows and sentiment perspective, yes Asian stocks tend to underperform in the short term against a rising dollar,” said Christina Woon, investment director for Asia equities at Abrdn PLC. “You can also find a number of beneficiaries, such as exporters, or companies that have more domestically focused tailwinds where a stronger dollar is less of an issue,” she added.
Source:Taipei Times
July 18, 2022 03:54 UTC
EDITORIAL: Ko needs seriousness upgrade
“If the aircraft are disturbing Taiwan, why are they not being brought down?” he asked. When asked about the Twin-City Forum being brought forward from next month, he refused to reveal an exact date, saying it would be announced by Taipei and Shanghai after final negotiations. As the mayor of Taiwan’s capital, chairman of the Taiwan People’s Party and a possible presidential candidate, Ko’s words should be scrutinized and he should be held accountable for his actions. Ko must remember that he was elected in Taiwan’s capital and has a responsibility to honestly report to and be monitored by city councilors, who represent the people who voted for him. He was not elected by Shanghai, so he has no obligation to report to it first.
Source:Taipei Times
July 17, 2022 04:09 UTC
Taiwan’s Chen Szu-yu storms into WTT semi-finals
Taiwan’s Chen Szu-yu storms into WTT semi-finalsStaff writer, with CNATaiwanese table tennis player Chen Szu-yu and her doubles partner Lee Ho Ching from Hong Kong on Friday stormed into the women’s doubles semi-finals at the World Table Tennis (WTT) Star Contender European Summer Series in Hungary. Chen and Lee charged into the semi-finals by defeating Taiwan’s Cheng Hsien-tzu and Liu Hsing-yin in straight games 11-6, 11-8, 11-5 in a quarter-final match that lasted 24 minutes and 30 seconds at Budapest’s BOK Hall. At the quarter-finals match, Chen and Lee took a 9-3 lead in the first game before pocketing the opener. In the final game, Chen and Lee never looked back as they closed out the match, sending themselves to the semi-finals to face one of the strongest pairings in women’s doubles. The WTT Star Contender European Summer Series ends tomorrow, and carries a cash prize of US$10,000 and US$3,500 for singles and doubles winners respectively.
Source:Taipei Times
July 16, 2022 22:19 UTC
Fourteen people charged over theft of Catcher secrets
Fourteen people charged over theft of Catcher secretsStaff writer, with CNAFourteen people have been charged with stealing classified information from their former employer, Apple supplier Catcher Technology Co, to pass on to their new employer in China, the New Taipei District Prosecutors’ Office said on Friday. The 14 people are suspected of contravening the Trade Secrets Act (營業秘密法) and the Securities and Exchange Act (證券交易法), prosecutors said. They were charged with offenses related to breaching the trust of their former employer and leaking business secrets, prosecutors said. Before Cheng and the rest of the team left Catcher for Luxshare, they stole large amounts of R&D and management secrets, prosecutors said. Catcher said in a statement that it would pursue legal action against the 14 people, and reinforce its protocols to safeguard trade secrets and intellectual property.
Source:Taipei Times
July 16, 2022 22:19 UTC
US bill reinforces Taiwan defense ties
US bill reinforces Taiwan defense tiesANNUAL DEFENSE ACT: The bill, which still requires approval in the Senate, would require the US president to invite Taiwan to the 2024 Rim of the Pacific exercisesStaff writer, with CNA, WashingtonThe US House of Representatives on Thursday passed an annual defense policy bill with provisions to reinforce the country’s partnership with Taiwan, including requiring the US president to invite the nation’s military to join US-led drills in the Asia-Pacific region. The National Defense Authorization Act for Fiscal Year 2023, which authorizes annual programs and spending for the US Department of Defense and other US national security programs, was passed by 329 yes votes, while 101 representatives voted against the bill. Photo: ReutersThey included the Taiwan Peace and Stability Act, which focuses on enhancing deterrence measures in the Taiwan Strait; the Taiwan Fellowship Act, which is to give US policymakers the opportunity to live and work in Taiwan; and the Arms Exports Delivery Solutions Act, which seeks to track and expedite deliveries of US arms sales to Taiwan amid growing cross-strait tensions. The defense authorization act also requires the US government to assess Taiwan’s air defense capabilities and recommend ways to improve them, while requiring regular updates on the status of deliveries of US military assistance to Taiwan and efforts to expedite such deliveries. On June 16, the US Senate’s Armed Services Committee passed its own version of the defense authorization act, but the legislation is pending approval from the full Senate.
Source:Taipei Times
July 16, 2022 03:16 UTC
NCC bill lacks problem to solve
Shortly after in May 2019, the then-newly appointed NCC acting chairperson said the commission would propose a bill for regulating OTT media services. On an aspirational level, some stakeholders perhaps see the bill as a legal instrument specifically for streaming services to potentially stem piracy. Both the bill unveiled in June 2020 and the new bill, as presented in NCC statements, refer to this objective. For understandable reasons, the government has been careful about how “local content requirements” are worded. The existence of “made in Taiwan” content on Netflix and Disney+, again in the absence of government requirements, also suggests otherwise.
Source:Taipei Times
July 16, 2022 02:10 UTC
ChipMOS joins investment program, pledging NT$12.5bn to raise capacity
ChipMOS joins investment program, pledging NT$12.5bn to raise capacityBy Lisa Wang / Staff ReporterChipMOS Technologies Inc (南茂科技) has pledged to invest NT$12.5 billion (US$418.2 million) in expanding capacity in Taiwan, the Ministry of Economic Affairs announced yesterday as it approved the driver IC and memorychip tester and packager’s application to participate in a government incentive program. The capacity expansion would help ChipMOS explore new business opportunities in the 5G and automotive fields, the ministry said in a statement. A ChipMOS Technologies Inc plant is pictured at the Southern Taiwan Science Park in Tainan on Sept. 27, 2019. Photo: Yang Chin-cheng, Taipei TimesIt would be the firm’s second investment through the Invest Taiwan initiative, it added. Part of the investment would also be allocated to build solar energy facilities, it said.
Source:Taipei Times
July 15, 2022 02:39 UTC
S&P forecasts 2.8% GDP growth amid export jitters
S&P forecasts 2.8% GDP growth amid export jittersBy Crystal Hsu / Staff reporterS&P Global Ratings yesterday kept its forecast for Taiwan’s GDP growth this year at 2.8 percent, in contrast to last year’s 6.6 percent growth, as global inflation and geopolitical tensions hit export sectors while a recovery in domestic demand stalls. Persistent high inflationary pressure due to energy and raw material price increases, and supply chain disruptions pose the biggest challenge for Taiwanese companies and is squeezing their profit margin, Taiwan Ratings said. Taiwan’s export growth over the past couple of months and growing capital expenditure are showing signs of a slowdown, as economic uncertainties intensify, it said. Separately, Fitch Ratings said on Monday that the operating environment and credit profiles of local banks remained stable, despite interest rate hikes that affect property-related lending. Regulatory tightening in property loans since December 2020 would tame loan growth over the next 18 months, it said.
Source:Taipei Times
July 14, 2022 22:11 UTC
Ukrainian cricket administrators seek membership in ICC
Ukrainian cricket administrators seek membership in ICCReutersThe chief executive of Ukraine’s cricket board said it “ticks all the boxes” to become an associate member of the International Cricket Council (ICC) and that the game would not survive if it is denied entry. The Ukraine Cricket Federation (UCF) has been organizing cricket for the past two decades and has a pool of 15,000 students, most of them Indian, at the senior level. Its chief executive, Kobus Olivier, told reporters that it met all the ICC requirements before Russia invaded. If the ICC rejects its membership application the consequences for the game in Ukraine would be dire, Olivier said. ICC membership would make the UCF eligible for government funding and could attract new sponsors.
Source:Taipei Times
July 14, 2022 22:01 UTC