Cathay Financial raises forecast
Cathay Financial’s previous projections were 1.7 percent for this year and 2.9 percent for next year. Despite the expected improvement, Cathay Financial — the nation’s largest financial institution by market value — agreed with international research bodies that the global economy needs more time to recover to pre-pandemic levels, citing economic reports for this and next year. National Central University professor of economics Hsu Chih-chiang, who heads a research team commissioned by Cathay Financial Holding Co, speaks to reporters in Taipei yesterday. Photo: Allen Wu, Taipei Times“That view accounted for our relatively conservative forecast,” said National Central University professor of economics Hsu Chih-chiang (徐之強), who heads a research team commissioned by Cathay Financial. The situation is favorable for global trade flows, allowing exports and imports next year to expand 4.33 percent and 4.4 percent respectively, Hsu said.
Source:Taipei Times
December 22, 2020 15:56 UTC
Ministry confirms it held talks with US lawmakers on renaming TECRO
Ministry confirms it held talks with US lawmakers on renaming TECROStaff writer, with CNAThe Ministry of Foreign Affairs on Monday confirmed that it had held talks with members of the US Congress on changing the name of its office in Washington to the “Taiwan Representative Office,” but said that there was no “definite timeline” for a change. In the letter, the lawmakers said that referring to Taiwan as “Taipei” contradicts language used in the 1979 Taiwan Relations Act and by the US Department of State, and fails to accurately reflect the strong ties between the US and Taiwan. Deputy Minister of Foreign Affairs Harry Tseng speaks at a news conference in Taipei on Nov. 26. Photo: Peter Lo, Taipei Times‘SENSITIVE’ ISSUEAsked about the letter at the Legislative Yuan in Taipei on Monday, Deputy Minister of Foreign Affairs Harry Tseng (曾厚仁) said that the ministry had been pushing for the office’s name to be changed. The issue is “sensitive” and must wait until the “time is right,” Tseng added.
Source:Taipei Times
December 22, 2020 15:56 UTC
Tatung chairman exits after 50 days
Tatung chairman exits after 50 daysEXECUTIVES CLASH: Lin Wen-yuan said that he had ‘minor differences of opinion’ with Shanyuan Group chairman Wang Kuang-hsiang, Tatung Co’s leading investorBy Angelica Oung / Staff reporterAfter just 50 days on the job, Tatung Co (大同) chairman Lin Wen-yuan (林文淵) has been dismissed. Lin said that he had “minor differences of opinion” with Tatung’s leading investor, Shanyuan Group (三圓建設) chairman Wang Kuang-hsiang (王光祥), who informed Lin on Monday last week that he would be replaced. Tatung Co chairman Lin Wen-yuan speaks at a news conference in Taipei yesterday. When asked to name a point of friction with Wang, Lin said that Wang wants to be Tatung vice chairman. “It is not as bad as that, but it might be difficult for us to work together in the future,” Lin Wen-yuan said.
Source:Taipei Times
December 22, 2020 15:56 UTC
Minister faces ire over Chinese firm’s stake in oil field
Minister faces ire over Chinese firm’s stake in oil fieldBy Angelica Oung / Staff reporterCPC Corp, Taiwan’s (CPC, 台灣中油) sale of a 35 percent interest in its Chad oil field to a Chinese company sparked harsh questioning of Minister of Economic Affairs Wang Mei-hua (王美花) in the Legislative Yuan on Monday. Minister of Economic Affairs Wang Mei-hua attends a meeting of the legislature’s Economics Committee in Taipei on Monday. Photo: George Tsorng, Taipei Times“Shouldn’t the ministry form a committee to get to the bottom of this issue?” Yang asked. At the time, Paul Chen (陳綠蔚) was CPC president and Lin Sheng-chung (林聖忠) was chairman, but both have since retired. The Oryx Oilfield is CPC’s first successful attempt to independently prospect and develop an oil field overseas.
Source:Taipei Times
December 22, 2020 15:56 UTC
Federation to publish first report on Taiwan’s birds
Federation to publish first report on Taiwan’s birdsMILESTONE: The report highlights threats such as the degradation of wetlands, and compiles long-term data gathered by researchers, citizen scientists and birdersBy Lin Chia-nan / Staff reporterThe Taiwan Wild Bird Federation yesterday said that it would publish the nation’s first comprehensive report on the 674 wild bird species documented in Taiwan and the threats facing them, hailing it as a milestone for the nation’s biodiversity conservation efforts. The State of Taiwan’s Birds 2020 report compiles long-term observation data collected by researchers, citizen scientists and birders, with the earliest data sets dating to 1972, federation secretary-general Allen Lyu (呂翊維) said. Of the 674 wild bird species documented in Taiwan, 52 are threatened, while the populations of 29 breeding birds and 15 migratory waterbirds are declining, Lyu said. The report highlights threats faced by the birds, including climate change, invasive bird species, loss and degradation of wetlands, poisoning, the wild bird trade and seabird bycatch, he said. Migratory birds that winter in Taiwan come from northern countries, so Taiwan’s data are helpful for other countries, he said.
Source:Taipei Times
December 22, 2020 15:56 UTC
Most people happy with Tsai administration: survey
Most people happy with Tsai administration: surveyBy Yang Chun-hui / Staff reporterMore than 60 percent of people were satisfied with President Tsai Ing-wen’s (蔡英文) administration this year, due to its performance handling the COVID-19 pandemic, economic growth and international affairs, a survey released yesterday by the Democratic Progressive Party (DPP) said. Democratic Progressive Party (DPP) Legislator Lo Chih-cheng, left, and DPP caucus whip Cheng Yun-peng hold a news conference at the party’s headquarters in Taipei yesterday. Regarding the Tsai administration’s overall governance this year, 60.9 percent of respondents gave a “satisfied” rating, while 36.6 percent were not satisfied. “The survey results showed the whole nation has coalesced around the battle against COVID-19,” DPP Legislator Cheng Yun-peng (鄭運鵬) told a news conference. More than 50 percent of respondents were satisfied with the administration regarding international affairs, national defense and cross-strait relations, DPP Legislator Lo Chih-cheng (羅致政) said.
Source:Taipei Times
December 21, 2020 15:56 UTC
US Imports: If pork proven safe, I will eat it, critic says
Su has previously said ractopamine causes autism and that it is 250 times more toxic than the drug MDMA, commonly known as ecstasy, among other claims. From left, Civil Alliance Against Poisoned Pork spokesman Lee Chien-cheng, farmers’ advocate Yang Ju-men, alliance member Wang Wen-hsin, clinical psychiatrist Su Wei-shuo and others hold a news conference outside the American Institute in Taiwan in Taipei’s Neihu District yesterday. Su also expressed concerns about the potential effect of imported pork on the price of locally produced pork. Chen said that the ministry had clarified the issue numerous times, and has no choice but to take legal action agasint Su. If Su could issue a clear correction, the ministry would not rule out dropping the case, he added.
Source:Taipei Times
December 21, 2020 15:56 UTC
Taiwan’s IPO activity to rebound next year: EY
Taiwan’s IPO activity to rebound next year: EYECONOMIC RECOVERY: The number of IPO deals could reach 50 next year, from 10 this year, as 18 firms have already filed applications, Ernst & Young Taiwan saidBy Crystal Hsu / Staff reporterThe nation’s initial public offering (IPO) activity is set to rebound next year after taking a hit from the COVID-19 pandemic this year, with technology and biotech companies expected to dominate the market, consulting firm Ernst & Young (EY) Taiwan said yesterday. As of yesterday, there had been 10 IPOs in the nation that raised a total of NT$6.74 billion (US$236.3 million) this year, Ernst & Young Taiwan assurance head Lin Tu (涂嘉玲) told a media briefing. A woman walks past an electronic display showing share prices at a brokerage firm in Taipei on March 20. The number of IPOs could reach 50 next year, as 18 firms have already filed applications and could win listing approval next quarter, Tu said. Positive vaccine results would speed up the global economic recovery and boost IPO activity, Tu said.
Source:Taipei Times
December 21, 2020 15:56 UTC
Luxury consumption
Taiwan put on US’ currency watchlistWARNING NOTICE: A US Treasury report cited the nation’s ‘persistently’ large current account surplus and its foreign-exchange intervention in March as reasons for the move The US Department of the Treasury on Wednesday added Taiwan to a list of countries being monitored for currency manipulation, the first time the nation has made the list since 2017. The department issued its semiannual report to the US Congress on the policies of the US’ top 20 trading partners, which said that Vietnam and Switzerland had met the criteria for being labeled currency manipulators. The manipulator designation has no specific or immediate consequence, beyond short-term market impacts, but US law requires the government to engage with the listed nations to address the perceived exchange-rate imbalance. Penalties, including exclusion from US
Source:Taipei Times
December 21, 2020 15:56 UTC
Fubon Financial rejects rumors on Jih Sun deal
Fubon Financial rejects rumors on Jih Sun dealSPECULATION: Fubon Financial said if it wanted to help Tomorrow Holding dispose of its assets, it would have acquired it directly, instead of going through Jih SunStaff writer, with CNAFubon Financial Holding Co (富邦金控) yesterday dismissed speculation that its bid to acquire smaller rival Jih Sun Financial Holding Co (日盛金控) is aimed at helping a Chinese shareholder dispose of his assets for cash. The Fubon Financial Holding Co headquarters is pictured in Taipei on Dec. 20, 2011. Photo: Lin Cheng-kun, Taipei TimesThe financial terms of the acquisition deal are fair to all Jih Sun shareholders, no matter whether they are majority or minority shareholders, Fubon Financial said, assuring that the acquisition process would be transparent. Kao said that as Fubon Financial has considerable investments in China, the company would have no choice but to yield to pressure from China. Under the tender offer, Fubon Financial would acquire a 50.01 percent stake in Jih Sun for NT$24.53 billion (US$860 million), or NT$13 per share.
Source:Taipei Times
December 21, 2020 15:56 UTC
Tsai envisions a people-centric ‘smart society’
Tsai envisions a people-centric ‘smart society’By Yang Mien-chieh and Kayleigh Madjar / Staff reporter, with staff writerScientific and technological development over the next decade would strive to create a people-centered “smart society” that improves quality of life for all, President Tsai Ing-wen (蔡英文) said at the opening of the 11th quadrennial National Science and Technology Conference yesterday. In their opening remarks, Tsai and Premier Su Tseng-chang (蘇貞昌) shared their vision for “innovative, inclusive and sustainable” technological development. President Tsai Ing-wen delivers a speech at the 11th quadrennial National Science and Technology Conference in Taipei yesterday. It is the government’s responsibility to create a suitable environment for scientific and technological innovation, she added. Technological development has a strong bearing on quality of life, as well as overall economic development, he said.
Source:Taipei Times
December 21, 2020 15:56 UTC
US Imports: Do not throw entrails at pork debate, speaker pleads
US Imports: Do not throw entrails at pork debate, speaker pleadsBy Jason Pan and Sherry Hsiao / Staff reportersLegislative Speaker You Si-kun yesterday asked Chinese Nationalist Party (KMT) lawmakers not to throw pig entrails during a legislative session later this week to deliberate on the government’s decision to allow imports of US pork containing ractopamine residue. On Friday, a consensus was reached during cross-caucus negotiations that the legislature would on Thursday review nine administrative directives related to allowing imports of US pork containing traces of the feed additive. The KMT caucus has said that it would protest the issue inside and outside the Legislative Yuan, and would mobilize party supporters. “If that happens again, with foreign and domestic media making reports ... it would be very harmful for Taiwan’s international image,” You added. Lu at the meeting told Christensen that the Taichung City Council, as well as the city’s residents, were opposed to lifting the ban on US pork containing ractopamine.
Source:Taipei Times
December 21, 2020 15:56 UTC
Fattening up Taiwan: the nation’s childhood obesity problem
Childhood obesity is subset of a problem now common in all developed countries, so prevalent there are scholarly journals devoted entirely to studies of the issue. The International Obesity taskforce similarly observed that Taiwan ranked 7th among developed countries in childhood obesity, with rates as high as 29 percent. As with many other sociodemographic variables in Taiwan, the south is harder hit, with the highest childhood obesity rates in Taiwan. Childhood obesity is a growing problem in Taiwan. Childhood obesity also has a range of negative psychological effects, such as lowered self-esteem and body image.
Source:Taipei Times
December 20, 2020 15:56 UTC
INTERVIEW: Taipei hotel launches despite pandemic
“We entertained the idea of pushing back the opening, but believed it is time to introduce Resonance Taipei after seven years of preparation,” she said. Hotel Resonance Taipei general manager Tiffany Lin poses in an undated photograph. Its film box-like exterior design sets Resonance Taipei apart from well-established facilities such as the Sheraton Grand Taipei Hotel (台北喜來登大飯店), Palais de Chine (君品酒店), Hua Shan Din (華山町) and Hotel Cozzi (和逸), which are all within walking distance, Lin said. It is the developer’s second hospitality venture after W Hotel in the city’s prime Xinyi District (信義), and Hilton’s third property after Hilton Taipei Sinban Hotel (希爾頓酒店) in New Taipei City and DoubleTree by Hilton Taipei in Taipei’s Zhongshan District (中山), Lin said. Resonance Taipei is seeking first to gain name recognition, taking all necessary steps to ensure lodging safety for domestic travelers, she said.
Source:Taipei Times
December 20, 2020 15:56 UTC
Taichung land values to increase 1.48%
Taichung land values to increase 1.48%REPORT: The land values for the city’s 29 administrative districts would be mostly flat or slightly raised next year, except for Beitun District, which would see an increase of 7.12%By Chen Cheng-hui / Staff reporterGovernment-assessed land values in Taichung would increase annually by an average of 1.48 percent next year, with the value of Shin Kong Mitsukoshi Department Store’s (新光三越百貨) in Xitun District (西屯) remaining the highest in the city for the 15th consecutive year, the Taichung Land Administration Bureau said. Based on the bureau’s statement, the government-assessed land values for the city’s 29 administrative districts would be mostly flat or slightly higher next year from this year, with value adjustments ranging from 0.05 percent to 1.68 percent. Following the value adjustments next year, the government-accessed land value in Taichung would reach 90.34 percent of the market value, the bureau’s director-general Wu Tsun-chin (吳存金) said in the statement. In Taipei, Taipei 101 has the highest land value for the eighth consecutive year, at NT$1.83 million per square meter, or NT$6.07 million per ping, the Taipei City Government’s Department of Land Administration reported. Land value data are important because capital gains levies on property transactions — the land value increment tax — are based on assessed values rather than sale prices, while the data are also used to determine compensation in cases where private land is expropriated by the government for public use.
Source:Taipei Times
December 20, 2020 15:56 UTC