Eric Chu to take KMT helm next week
Eric Chu to take KMT helm next weekStaff writer, with CNAChinese Nationalist Party (KMT) chairman-elect Eric Chu (朱立倫) is to assume leadership of the party at a ceremony on Tuesday next week, a KMT official said on Wednesday. Chu, who won the KMT chairperson election on Saturday last week, is to take over from KMT Chairman Johnny Chiang (江啟臣). The handover date was decided on Wednesday at a meeting of the KMT’s Central Standing Committee, which also confirmed the results of the chairperson election and approved Chiang’s resignation, the KMT official said. Chinese Nationalist Party (KMT) chairman-elect Eric Chu, right, grasps the hand of KMT Legislator Chiang Wan-an at an event in Taipei on Wednesday thanking party members for voting for him in the chairperson election. The committee decided to hold a ceremony on Tuesday next week, at which Chiang would hand over the party leadership seal to Chu, who previously served as KMT chairperson from 2015 to 2016, the party official added.
Source:Taipei Times
September 30, 2021 15:56 UTC
Local economist wins APEC prize
Local economist wins APEC prizeINCLUSIVE LABOR: Taiwanese economist Lin Ming-jen worked with two other researchers on ‘How Much Do Long-Term Care Needs Affect Female Labor Supply?’By Lin Chia-nan / Staff reporterA study coauthored by Taiwanese economist Lin Ming-jen (林明仁) that examines long-term care needs and women in the workplace has won this year’s APEC Healthy Women, Healthy Economies Research Prize. The study, titled “How Much Do Long-Term Care Needs Affect Female Labor Supply?”, has yet to be formally published, Lin told the Taipei Times by telephone yesterday. Taiwanese economist Lin Ming-jen talks with colleagues at the Ministry of Science and Technology in Taipei yesterday. Married daughters are 15 percent less likely to participate in the labor market than married sons when parents have long-term care needs, Lin said. The research prize winner was awarded US$20,000, while the two runners-up — from China and Singapore — received US$5,000 each, APEC said.
Source:Taipei Times
September 28, 2021 15:56 UTC
Taiwan’s free quarantine leaves little cause for complaint
Taiwan’s free quarantine leaves little cause for complaintDespite horror stories and complaints, government facilities are more than adequateBy James Baron / Contributing ReporterI’m writing this on a beachfront balcony with a spectacular ocean view. In March 2020, the BBC caused a kerfuffle by quoting the mother of a British tourist who had bemoaned the “prison-like” and “filthy” conditions of a quarantine facility in Hualien. In addition, CDC staff came to carry out two PCR tests on the first full day of our and the penultimate morning. Although CDC staff didn’t reveal our destination, this stretch of coast is distinctive. Of course, all bets are off in this COVID era as governments strive to strike a balance, but — based on my two weeks in quarantine — Taiwan continues to excel.
Source:Taipei Times
September 28, 2021 15:56 UTC
COVID-19: East Asia, Pacific face drop in GDP
COVID-19: East Asia, Pacific face drop in GDPReutersThe East Asia and Pacific region’s recovery has been undermined by the spread of the Delta variant of SARS-CoV-2, which is likely slowing economic growth and increasing inequality in the region, the World Bank said on Monday. Economic activity began to slow in the second quarter of this year, and growth forecasts have been downgraded for most countries in the region, the World Bank’s East Asia and Pacific Fall 2021 Economic Update said. Photo: Reuters“The economic recovery of developing East Asia and Pacific faces a reversal of fortune,” World Bank vice president for East Asia and Pacific Manuela Ferro said. “Whereas in 2020 the region contained COVID-19 while other regions of the world struggled, the rise in COVID-19 cases in 2021 has decreased growth prospects for 2021,” Ferro said. While that would not eliminate COVID-19 infections, it would significantly reduce mortality, allowing a resumption of economic activity.
Source:Taipei Times
September 28, 2021 15:56 UTC
LinkedIn is testing the idea of paid online events
LinkedIn is testing the idea of paid online eventsBloombergLinkedIn is testing the idea of letting users charge for virtual events hosted on its platform, potentially creating a new moneymaker for the social network and its users. Photo: ReutersThe move would build on the growth of LinkedIn Events, a program that saw participation surge during the COVID-19 pandemic. It added native live videostreaming last year to better handle virtual event hosts. Earlier this year, LinkedIn started offering hosts the ability to advertise their events. The company said it is exploring other new features — beyond potentially charging money — to make hosting events easier.
Source:Taipei Times
September 28, 2021 15:56 UTC
Chinese power cuts threaten growth
Chinese power cuts threaten growthMIXED MESSAGE: State Grid said that upcoming power outages to affect Beijing are part of ‘planned maintenance,’ despite media reports of a nationwide power crunchAFP, BEIJINGGoldman Sachs Group Inc yesterday lowered its annual economic growth forecast for China as nationwide power cuts hit millions of homes and halted production at factories, including some supplying Apple Inc and Tesla Inc.At least 17 provinces and regions — accounting for 66 percent of the country’s GDP — have announced some form of power cuts in the past few months, mainly targeting heavy industrial users, Bloomberg Intelligence data showed. Earlier this month, coal prices hit a record high, with restrictions imposed on businesses and homes amid the supply crunch. Still, China’s power demand in the first half of the year exceeded pre-pandemic levels, the Chinese National Energy Administration said. Goldman Sachs said it expects growth to come in at 7.8 percent, down from 8.2 percent, citing power cuts that led heavy industries to cut output, leading to “significant downside pressures.”It is the second bank to downgrade forecasts in as many days. It cut its annual GDP growth forecast to 7.7 percent.
Source:Taipei Times
September 28, 2021 15:56 UTC
Brent crude oil soars above US$80
Brent crude oil soars above US$80‘NOT TOPPED OUT’: An analyst said the oil rally ‘has still got some legs,’ as fundamentals are convincing, demand is recovering and backwardation is increasingBloombergBrent oil roared above US$80 a barrel on signs that demand is running ahead of supply, depleting inventories amid a global energy crunch. Photo: AFPOil has rallied this year as the rollout of vaccines to combat the COVID-19 pandemic aids energy demand, spurring a drop in US inventories. A dramatic surge in natural gas has stoked bets that crude will benefit from spillover demand as users seek alternatives. “It looks like the oil rally has still got some legs,” JTD Energy Services Pte lead strategist John Driscoll said. Crude demand could rise 500,000 barrels a day as high gas prices force a switch, Commonwealth Bank of Australia analyst Vivek Dhar said in a note.
Source:Taipei Times
September 28, 2021 15:56 UTC
Hon Hai developing improved battery for electric vehicles
Hon Hai developing improved battery for electric vehiclesBy Angelica Oung / Staff reporterHon Hai Precision Industry Co (鴻海精密) is developing a faster-charging, longer-lasting battery for electric vehicles (EV) using lithium iron phosphate thanks to new developments in anode materials, the company said yesterday. “We anticipate that our partnership would help Hon Hai establish a strong place in the global EV battery supply chain and become widely used in electric vehicles, electric buses and battery storage applications,” it said. The first application for the new lithium iron phosphate battery would be in electric buses, which the company has scheduled to reach the market in 2023, Hon Hai said. Hon Hai has stakes in Long Time Technology and Giga Solar Materials. China Steel Chemical is a subsidiary of China Steel Corp (中鋼) that focuses on specialty chemicals for the production of steel.
Source:Taipei Times
September 28, 2021 15:56 UTC
Toyota banks on mobility technology
Toyota banks on mobility technologyAP, TOKYOJapanese automaker Toyota Motor Corp is boosting acquisitions in mobility technology, adding Renovo Motors Inc, a Silicon Valley software developer, to its Woven Planet Holdings team, which is working on automated driving. The addition, announced yesterday, follows the purchase earlier this year of CARMERA Inc, a US venture that specializes in sophisticated road-mapping updates made cheaper and faster by using crowdsourced information obtained from millions of Internet-connected Toyota vehicles. Woven Planet, a wholly owned subsidiary of Toyota, earlier acquired San Francisco-based Lyft Inc’s self-driving division Level 5. “The big picture is Woven Planet creating a ‘dream team’ of software and vehicle engineering people globally to deliver the world’s programmable and safest mobility,” Kuffner told reporters. Kuffner declined to comment on an incident at the Paralympics Athletes Village in Tokyo last month, when a Toyota bus equipped with automated driving technology bumped into a Paralympian athlete and injured him.
Source:Taipei Times
September 28, 2021 15:56 UTC
Irving’s absence sparks questions about vaccine status
Irving’s absence sparks questions about vaccine statusThe GaurdianThe first signs that the NBA might have a COVID-19 vaccine problem on its hands have emerged after one of the league’s biggest stars, the Brooklyn Nets’ Kyrie Irving, did not attend his team’s media day. Irving’s teammate, Kevin Durant, was present at Monday’s media day, and said he was unconcerned about the point guard’s status. The NBA says 90 percent of its players are fully vaccinated, a higher rate than the US population as a whole. However, Rolling Stone has reported that a number of players are still refusing the vaccine on religious grounds or due to a belief in debunked conspiracy theories. The NBA does not prohibit unvaccinated athletes from playing, but they are subject to stricter protocols.
Source:Taipei Times
September 28, 2021 15:56 UTC
Ministry, AIT ink deal to maintain PAC-3 missiles
Ministry, AIT ink deal to maintain PAC-3 missilesBy Lo Tien-pin and Jonathan Chin / Staff reporter, with staff writerThe Ministry of National Defense and the American Institute in Taiwan (AIT) have inked a deal to maintain ground support equipment for US-made Patriot Advanced Capability-3 (PAC-3) missiles, as well as other missiles in Taiwan. The deal would provide maintenance services for US-made missiles, including the PAC-3 systems, until 2025, it said, adding that the Republic of China Air Force Command Headquarters would take charge of Taiwan’s contractual obligations. Photo copied by Wu Shu-wei, Taipei TimesThe deal is part of the PAC-3 sales package that includes the missiles, related systems, and maintenance and support services, a ministry official said on condition of anonymity. According to the package deal, Taiwan’s PAC-3 missile defense systems that are near the end of their service life would be returned to the US for refurbishment, they said. The PAC-3 is Taiwan’s primary missile defense system against the Chinese People’s Liberation Army’s (PLA) sophisticated missile arsenal, whose range covers all of Taiwan.
Source:Taipei Times
September 28, 2021 15:56 UTC
Ford announces US$11.4bn electric vehicle investment
Ford announces US$11.4bn electric vehicle investmentAFP, WASHINGTONUS automaker Ford Motor Co on Monday said it plans to invest US$11.4 billion in electric vehicle (EV) production, in a bid to position itself to lead the US’ shift away from fossil fuels. An artist’s rendition released on Monday depicts a Ford Motor Co-SK Innovation plant planned for Tennessee in 2025. Photo: ReutersIt is to invest US$7 billion, part of a US$30 billion investment already announced last spring, and SK Innovation will put up the remainder, the statement said. It would be the “largest, most advanced, most efficient auto production complex in its 118-year history” and would place the company at the forefront of the country’s shift to electric vehicles, Ford said. A Ford F-150 Lightning prototype is displayed at the Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 16.
Source:Taipei Times
September 28, 2021 15:56 UTC
Yungtay shares jump after takeover offer from Hitachi
Yungtay shares jump after takeover offer from HitachiBy Angelica Oung / Staff reporter, with CNAShares of Yungtay Engineering Co (永大機電) moved sharply higher yesterday after the company announced a day earlier that major shareholder Hitachi Ltd had offered to bring the Taiwanese elevator manufacturer fully under its ownership. Yungtay shares closed up 10 percent, the maximum daily increase, at NT$63.4, with 466 million shares changing hands on the Taiwan Stock Exchange (TWSE), where the benchmark TAIEX closed down 0.76 percent amid concerns over power rationing in China. Photo courtesy of Yungtay Engineering Co via CNAHitachi has agreed to launch a stock swap to buy Yungtay shares for NT$65.1 each, a 12.82 percent premium over its closing price of NT$57.5 on Monday, Lin said. At one point Pau Jar controlled the board, but as Hitachi steadily acquired Yungtay shares on the open market, the group led by Pau Jar steadily lost influence. The stake held by Pau Jar and its allies has shrunk to 7.86 percent.
Source:Taipei Times
September 28, 2021 15:56 UTC
China calls a WTO solar ruling favoring the US ‘dangerous’
China calls a WTO solar ruling favoring the US ‘dangerous’Reuters, GENEVA, SwitzerlandChina on Monday lambasted a WTO ruling in a row with the US over Washington’s measures to limit the import of solar panel cells, calling it “erroneous and dangerous.”A WTO panel handed a victory to the US earlier this month, rejecting all four of China’s claims and saying that the US measures did not breach global trade rules. At the private meeting, China’s delegate expressed “deep concern with the systematically harmful findings made by the panel report,” a statement released by the Chinese delegation said. The “safeguard” measures are due to be in place for four years, with annual reductions in the duty rates from an initial 30 percent. The duties have applied to solar modules and, beyond a set quota, to solar cells. China’s appeal will have no immediate effect, as the top WTO dispute settlement body does not have enough judges to function.
Source:Taipei Times
September 28, 2021 15:56 UTC
Taiwan is democracy ‘bright spot’: CNN
Taiwan is democracy ‘bright spot’: CNNHARD-WON FREEDOM: CNN’s Fareed Zakaria said that power has been increasingly consolidated in the hands of the public, with soaring engagement online and offlineBy Kayleigh Madjar / Staff writerTaiwan is a “bright spot” of democracy in a world becoming steadily less democratic, CNN’s Fareed Zakaria said on Sunday, before warning about its fragility in the face of autocratic adversity. CNN’s Fareed Zakaria, right, speaks with Financial Times associated editor Rana Foroohar during a CEO Dialogue forum hosted by APEC on Nov. 19 last year. Photo: Reuters“But amidst all this backsliding, there is one bright spot: Taiwan,” Zakaria said, citing last year’s Democracy Index by the Economist Intelligence Unit. “The success of this election is a testament to the strength of Taiwan’s democracy,” which only began electing lawmakers in 1992, Zakaria said. Taiwan’s COVID-19 response then “boosted trust in the government even further,” he said.
Source:Taipei Times
September 28, 2021 15:56 UTC