Hotai eyeing 5 percent sales growth
Hotai is aiming to sell 164,000 vehicles this year — 155,000 sedans and crossovers, and 9,000 commercial vehicles — it said in the statement. “Through offering a comprehensive lineup of vehicles, Hotai is setting a goal of selling 155,000 units of sedans and crossovers. That would be the highest volume of such vehicles sold in Taiwan in the company’s history,” Hotai said in the statement. That would represent annual growth of 2.27 percent from 449,800 new vehicles sold last year. Hotai said the global chip crunch and the development of the COVID-19 pandemic would be major factors for the auto market this year.
Source:Taipei Times
February 08, 2022 22:08 UTC
Toshiba to split into two companies
Toshiba to split into two companiesSPIN-OFF: The Japanese company dropped its plan to split into three firms, citing higher-than-expected costs and an extensive process to list the two new entitiesAFP, TOKYOToshiba Corp yesterday announced plans to split into two companies, revising a controversial proposal to divide into three following a tumultuous period for the storied industrial conglomerate. The logo of Toshiba Corp at its headquarters in Tokyo is pictured yesterday. The firm also said it would unload its stake in air-conditioning business Toshiba Carrier Corp, and seek to sell its elevator and lighting units. Toshiba initially unveiled a plan to split into three in November last year, in what analysts called a test case for other Japanese giants. A two-way split instead “can significantly reduce separation costs, secure financial soundness for each company, and significantly reduce spin-off uncertainty,” the company said.
Source:Taipei Times
February 08, 2022 03:56 UTC
Mega, First aiming for stable earnings growth
Mega, First aiming for stable earnings growthFOCUS: Mega Financial said that rate hikes would allow it to pursue better asset returns, while First Financial said that it would work on deepening customer relationshipsBy Crystal Hsu / Staff reporterState-run Mega Financial Holding Co (兆豐金控) and First Financial Holding Co (第一金控) yesterday said that they are aiming for stable profit growth this year, despite lingering uncertainties. Mega Financial said that the operating environment would turn favorable for financial institutions this year after major central banks worldwide disclosed plans to raise interest rates, which would widen interest spreads and profit margins. Mega Financial chairman Michael Chang (張兆順) urged his colleagues to meet the growth challenges by embracing change. Mega Bank president Robert Tsai (蔡永義) said that the Fed could raise interest rates three to five times this year, which would benefit the Taiwanese lender’s operations. First Financial Holding said that it is seeking to bolster its operating resiliency and raise profit contributions from non-bank subsidiaries.
Source:Taipei Times
February 07, 2022 22:09 UTC
Cyclone Batsirai displaces 48,000 in Madagascar
Cyclone Batsirai displaces 48,000 in MadagascarAFP, MAHANORO, MadagascarCyclone Batsirai killed at least 10 people and displaced nearly 48,000 when it struck Madagascar overnight, the Madagascan National Office of Risk and Disaster Management said on Sunday. Parts of the country were lashed with heavy rains and wind before the cyclone made landfall in Mananjary. A girl holds a baby outside a damaged house in Fianarantsoa, Madagascar, on Sunday after Cyclone Batsirai caused flooding in the area. Batsirai made landfall late on Saturday as an “intense tropical cyclone,” packing winds of 165kph, said Faly Aritiana Fabien of the disaster management agency. The Meteo-France weather service had earlier predicted that Batsirai would pose a “very serious threat” to Madagascar.
Source:Taipei Times
February 07, 2022 22:09 UTC
EDITORIAL: Keep economic expectations in check
EDITORIAL: Keep economic expectations in checkThe nation’s economy expanded 4.88 percent in the fourth quarter of last year, bringing the year’s GDP growth to 6.28 percent, the Directorate-General of Budget, Accounting and Statistics reported late last month. The nation’s growth momentum surprisingly accelerated after GDP expanded 3.11 percent in 2020, due to robust exports and domestic investments. While their growth benefited from improved export performance and private consumption, the rise was boosted by a low comparison base. The Omicron variant is creating obstacles worldwide, with the global economy in a weaker position than previously expected, according to the IMF’s latest World Economic Outlook report released last month. Taiwan’s manufacturing sector is to remain one of the key pillars of the economy this year on the back of robust global demand.
Source:Taipei Times
February 07, 2022 04:02 UTC
Fuel prices to stay flat for second week in a row
Fuel prices to stay flat for second week in a rowBy Chen Cheng-hui / Staff reporterCPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would continue to keep gasoline and diesel prices unchanged this week for a second consecutive week. This is despite a seventh weekly rise in global crude oil prices amid tensions in Ukraine and a tight supply in the US. Global crude oil prices continued to climb last week on a combination of factors that included a cold snap in Texas and rising concerns about the state’s shale oil production. The refiner said its crude oil costs last week rose 2.1 percent, following an increase of 1.23 percent the previous week, based on its floating oil price formula. To comply with government policy, CPC said that it would not raise fuel prices so that consumer costs would remain stable through the Lunar New Year holiday.
Source:Taipei Times
February 07, 2022 02:25 UTC
China ignoring player’s human rights, coach says
China ignoring player’s human rights, coach saysReuters, BEIJINGThe coach of the Finnish men’s ice hockey team yesterday accused China of not respecting a player’s human rights, saying that Marko Anttila was being kept in COVID-19 isolation for no reason. Finland head coach Jukka Jalonen made the remark shortly after Germany said it was satisfied with a swift improvement of isolation conditions for their three athletes who tested positive for COVID-19 and are in quarantine. When Anttila arrived in China he tested positive and was immediately taken to an isolation hotel. “We know that he’s fully healthy and ready to go and that’s why we think that China, for some reason, they won’t respect his human rights and that’s not a great situation,” Jalonen said. “These isolation decisions are not based on medicine or science, it’s more cultural and political decisions,” Voltonen said.
Source:Taipei Times
February 06, 2022 22:01 UTC
US House backs sweeping China competition bill
US House backs sweeping China competition billReuters, WASHINGTONThe US House of Representatives on Friday narrowly passed a multibillion-dollar bill aimed at increasing US competitiveness with China and boosting domestic semiconductor manufacturing, despite Republican opposition. The House bill authorizes almost US$300 billion for research and development, including US$52 billion to subsidize semiconductor manufacturing and research into the key components. The House bill also includes some pro-Taiwan provisions previously initiated by lawmakers. These include the draft “Taiwan Fellowship Act,” “Taiwan Diplomatic Review Act,” “Taiwan Peace and Stability Act” and “Taiwan International Solidarity Act,” as well as the Taiwan Allies International Protection and Enhancement Initiative (TAIPEI) Act. The ministry said it would monitor the follow-up review of the House bill and maintain close contact with friends in Congress to deepen the close partnership between the two countries.
Source:Taipei Times
February 05, 2022 22:00 UTC
Australia’s cricket coach delivers shock resignation
Australia’s cricket coach delivers shock resignationAFP, SYDNEYAustralian men’s cricket coach Justin Langer yesterday announced his abrupt departure, just weeks after his side trounced archrivals England in a lopsided Ashes series and months after they won the T20 World Cup. Australia’s cricket coach Justin Langer speaks to reporters in the Albion suburb of Brisbane, Australia, on May 3, 2019. Sports management company DSEG announced Langer’s departure in a terse statement saying: “Our client Justin Langer has this morning tendered his resignation as coach of the Australian men’s cricket team.”“The resignation follows a meeting with Cricket Australia last evening. Langer took the job in 2018, with Australian cricket at its lowest ebb for decades in the wake of the sandpaper-gate cheating affair that shocked the country. Langer was part of a golden era for Australian cricket, with greats such as Shane Warne, Adam Gilchrist, Glenn McGrath and Ponting in the all-conquering team.
Source:Taipei Times
February 05, 2022 22:00 UTC
Village in India banking on tree mortgages
Village in India banking on tree mortgagesBy K. Rajendran / Thomson Reuters Foundation, WAYANAD DISTRICT, IndiaP. K. Madhavan stood proudly next to a young, sturdy mahogany tree, one of 100 he planted three years ago on his farm in Wayanad District in the southern Indian state of Kerala. Tea grows in a forest in Wayanad District, India, on Sept. 17 last year. Photo: AFPThe 84-year-old farmer is being paid to plant and protect trees through a “tree banking” scheme, the project at the heart of Meenangadi’s campaign to become India’s first carbon-neutral village. Wayanad District is suffering more than most, with the Kerala State Action Plan on Climate Change naming it as one of the state’s four hotspots. Vinayan, president of the village council.
Source:Taipei Times
February 05, 2022 16:41 UTC
Flight ordered for team in India
Flight ordered for team in IndiaPLAYERS TEST POSITIVE: Despite fears of the women’s team not being able to compete in the FIFA finals, the game will proceed, with a private flight after the final matchBy Jason Pan / Staff reporterFour members of the national women’s soccer team no longer had COVID-19 symptoms yesterday, while three only had mild symptoms, but top government officials have ordered a chartered flight to bring them back from India. Members of the Taiwan women’s soccer team celebrate beating Thailand at the Asian Football Confederation Women’s Asian Cup in Navi Mumbai, India, on Friday. Photo courtesy of the Chinese Taipei Football AssociationThe crucial playoff match takes place at 3:30pm Taiwan time, and is to be broadcast by Elta Sports and Public Television Service’s Channel 3, soccer officials have said. On Friday, it was reported that seven team members had tested positive for COVID-19, after undergoing a polymerase chain reaction (PCR) test. “Taiwan’s women’s team battled hard to win 3-0 against Thailand on Friday, despite being short seven players...
Source:Taipei Times
February 05, 2022 16:41 UTC
S Korea inflation pressuring BOK
S Korea inflation pressuring BOKBloombergSouth Korean consumer prices stayed well above the Bank of Korea’s (BOK) target last month, data released yesterday showed, keeping the pressure on policymakers to continue tightening as central banks move to tamp down inflation. Consumer prices rose 3.6 percent from a year earlier, edging down from a 3.7 percent gain in December last year, according to BOK data, which ran hotter than economists had expected. An employee works on the production line manufacturing Hyundai Motor Co Ioniq 5 electric vehicles at the company’s plant in Ulsan, South Korea, on Jan. 20. “This doesn’t mean the BOK will hike its rate again this month, after having moved in January,” strategist Roh Hyun-woo at Hanwha Asset Management said of Korea’s inflation figures. Food and beverage prices increased 5.5 percent from a year earlier, while utility costs rose 3.3 percent.
Source:Taipei Times
February 05, 2022 03:58 UTC
India turns down Tesla Inc demand for EV tax break
India turns down Tesla Inc demand for EV tax breakBloombergIndia turned down a demand of Elon Musk’s Tesla Inc for tax breaks to import electric vehicles (EVs), saying that rules already allow bringing in partially built vehicles and assembling them locally at a lower levy. Tesla has yet to present a plan for local manufacturing and procurement from India, even after the government asked for it, Johri said. India has asked Tesla to consider importing so-called knocked-down units or partially built vehicles, which attract a lower import levy, instead of fully built units. Tesla should follow the lead of domestic companies such as Mahindra & Mahindra Ltd and Tata Motors Ltd, which are investing in building local capacity for electric vehicles, Johri said. “There are others importing completely built units.
Source:Taipei Times
February 04, 2022 22:12 UTC
Facebook’s parent faces historic drop as stock tanks
Meta’s stock information is displayed on a screen at the NASDAQ MarketSite in New York on Thursday. There is “continued concern that Facebook’s past challenges will follow Meta into the metaverse,” Forrester Research research director Mike Proulx said. App analytics company SensorTower said that 86 apps added “metaverse” to their title or description from November last year through last month. Stifel analyst Mark Kelley sought to calm investors, saying that Zuckerberg outlined not one, but seven investment priorities for the company this year. Kelley said he does not think that Meta’s initial goal of reaching 1 billion metaverse users is a stretch — and importantly, he believes only 40 percent would be gamers, signaling its broader appeal.
Source:Taipei Times
February 04, 2022 21:59 UTC
Shell boosts share buyback as oil, gas prices bolster profit
Shell boosts share buyback as oil, gas prices bolster profitBloombergShell PLC expanded its share buybacks after reporting profit that comfortably exceeded analyst estimates on the back of surging energy prices. The positive fourth-quarter earnings cap a tumultuous year in which Shell was targeted by activist investor Dan Loeb, relocated its headquarters to London and dropped “Royal Dutch” from its name. Yet the company has also been buoyed by surging oil and gas prices, causing the biggest annual share-price gain in five years. “Today we are stepping up our distributions with the announcement of an US$8.5 billion share buyback program.”Ever since Shell slashed its dividend in 2020 during the initial stages of the COVID-19 pandemic, Van Beurden has been seeking to lure back investors by improving returns. The company had already pledged to give back to investors US$5.5 billion of the cash proceeds from the sale of its Permian-basin oil assets.
Source:Taipei Times
February 04, 2022 00:57 UTC