HSBC targets ‘mid-teens’ Asia returns amid pressure
HSBC targets ‘mid-teens’ Asia returns amid pressureBloombergHSBC Holdings PLC said it is targeting return on tangible equity for its Asia business that is in the “mid teens,” amid pressure from its top shareholder to improve returns. It has taken specific aim at the lender’s returns for Asia, which it said stood at 10.5 percent last year, compared with 13.8 percent for its Asian peers on average. HSBC Holdings PLC’s logo is displayed on its headquarters in Hong Kong on Aug. 4, 2020. The bank, which counts Hong Kong as its biggest market, has also been diversifying its presence in other markets in the region, amid rising geopolitical tension. The lender said it would be holding a week-long seminar for investors and analysts in Hong Kong and Singapore to discuss its ambitions.
Source:Taipei Times
May 16, 2023 02:05 UTC
EDITORIAL: Wealth fund proposal lacks reason
EDITORIAL: Wealth fund proposal lacks reasonSome opposition lawmakers have proposed tasking the central bank with creating a sovereign wealth fund financed by the nation’s foreign exchange reserves to boost investment returns. Taiwan has the world’s fourth-largest foreign exchange reserves, which last month rose for a record sixth consecutive month. Norway’s sovereign wealth fund, the Norwegian Government Pension Fund Global, the biggest of its kind, lost US$167 billion last year, with an annual return rate of minus-13.9 percent. Large foreign exchange reserves are a protection tool and can provide emergency capital for local lenders during tough times. Before the government can consider setting up a new sovereign wealth fund, there are several questions that need to be answered: What is the purpose of setting up a new fund?
Source:Taipei Times
May 15, 2023 21:40 UTC
Vietnam shoemaker to cut about 6,000 jobs on low demand
Vietnam shoemaker to cut about 6,000 jobs on low demandAFP, HANOIOne of Vietnam’s largest shoe manufacturers for brands such as Nike Inc and Adidas AG would cut thousands of jobs at the end of next month, blaming a slump in orders, Vietnamese state media reported on Saturday. Employees work at a shoe factory in Hanoi, Vietnam, on Dec. 29, 2020. Photo: ReutersPouYuen Vietnam Co, a unit of Taiwan-based Pou Chen Corp (寶成工業), told local authorities that it would lay off almost 6,000 workers with permanent contracts from the end of next month, VNExpress reported. “This will be the biggest layoff since PouYuen started its operation in Ho Chi Minh City in 1996,” it said. RISING unemploymentMore than 630,000 workers lost their jobs or had their hours cut in Vietnam last year, the Vietnamese Ministry of Labor, Invalids and Social Affairs said.
Source:Taipei Times
May 15, 2023 03:43 UTC
New Twitter CEO to ‘transform’ platform
New Twitter CEO to ‘transform’ platform‘EXCITED’: Elon Musk’s choice of an advertising veteran to take over the top job could indicate that the company aims to revamp its declining advertising revenueReutersNewly appointed Twitter Inc chief executive officer Linda Yaccarino on Saturday wrote on Twitter that she has been inspired by owner Elon Musk’s vision to create a brighter future, and is excited to help transform the social media platform. It was the first time Yaccarino has spoken publicly since the news broke on Thursday last week that she was in talks to become the next CEO of Twitter. I’m excited to help bring this vision to Twitter and transform this business together!” Yaccarino wrote. Since Musk acquired Twitter, advertisers have fled the platform, worried that their ads could appear next to inappropriate content after the company lost nearly 80 percent of its staff. Musk, who is also the CEO of electric-vehicle maker Tesla Inc, said that bringing Yaccarino on would help him devote more time to Tesla.
Source:Taipei Times
May 14, 2023 21:45 UTC
Fuel prices to rise due to US jobs data, OPEC cuts
Fuel prices to rise due to US jobs data, OPEC cutsBy Chen Cheng-hui / Staff reporterGasoline prices in the nation are to rise NT$0.2 per liter this week, while the cost of diesel fuel is to increase by NT$0.3 per liter, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) announced separately yesterday. The rises in fuel prices following drops of NT$1.0 per liter for gasoline and NT$0.2 per liter for diesel comes after international crude oil prices rose last week on the back of better-than-expected US employment figures for last month and an expanded output cut by OPEC+ this month, CPC said. CPC said that based on its floating oil price formula, the cost of crude oil was 1.15 percent higher last week than a week earlier. Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$28.8, NT$30.3 and NT$32.3 per liter for 92, 95 and 98-octane unleaded gasoline respectively, the companies said. The price of premium diesel is to increase to NT$27.6 per liter at CPC stations and to NT$27.4 at Formosa pumps, they said.
Source:Taipei Times
May 14, 2023 20:05 UTC
Stephen M. Young On Taiwan: Spring Thoughts on Taiwan’s Politics
Stephen M. Young On Taiwan: Spring Thoughts on Taiwan’s PoliticsHaving recently returned from a productive visit to Taiwan, hosted by the Global Taiwan Institute (GTI), I wanted to capture impressions of my favorite island while they are still fresh. Our delegation met with a broad range of key Taiwan figures, including those in the ruling DPP as well as the opposition KMT. Our visit included a lengthy and informal visit with President Tsai Ing-wen (蔡英文) at her residence, including an introduction to the presidential cats and dogs. We also saw a range of DPP officials, including Vice President William Lai (賴清德), Foreign Minister Joseph Wu (吳釗燮), and President Tsai. During the trip we had a relaxed exchange with President Tsai, who was looking forward to new adventures following the end of her second term in office in early 2024.
Source:Taipei Times
May 14, 2023 17:20 UTC
EDITORIAL: Tax agreement with US a win-win
The Taiwan Tax Agreement Act marks a step in US lawmakers’ efforts to call on Washington to address the tax issue with Taipei, after the US Senate reached a similar resolution in March. If Taipei and Washington can sign a tax agreement, the estimated withholding tax rate could be reduced, and Taiwanese and US businesses can avoid being double-taxed. A comprehensive tax agreement also includes clauses on exchanges of tax information, dispute resolution and combating tax evasion. If Taipei and Washington sign a tax agreement, Taiwan could also obtain tax information on Taiwanese in the US, as it would have a reciprocity mechanism. Considering the benefits of easing the tax burden and increasing information transparency, a bilateral tax agreement would create a win-win situation for Taiwan and the US.
Source:Taipei Times
May 14, 2023 16:59 UTC
Asian shares mostly fall on US bank, China fears
Asian shares mostly fall on US bank, China fearsAP, TOKYOAsian shares on Friday mostly declined on looming worries over US banks and lagging demand from China, the region’s major driver of growth. “Asian equities struggled for direction after weak inflation data in China pointed to weakening demand,” SPI Asset Management managing partner Stephen Innes said. In Taipei, the TAIEX closed down 12.28 points, or 0.08 percent, at 15,502.36, falling 0.8 percent from a week earlier. Japan’s benchmark Nikkei 225 gained 0.9 percent to finish at 29,388.30, as companies such as Nissan Motor Co gained after reporting relatively favorable earnings. India’s SENSEX gained 123.38 points, or 0.2 percent, to 62,027.90, rising 1.59 percent for the week.
Source:Taipei Times
May 14, 2023 03:32 UTC
Oil declines for fourth consecutive week on persistent demand concerns
Oil declines for fourth consecutive week on persistent demand concernsBloombergOil on Friday slumped near US$70 to mark a fourth-straight week of losses as concerns about demand growth persist. West Texas Intermediate for June delivery fell 1.17 percent to US$70.04 per barrel, down 1.82 percent from the previous week. Brent crude for July delivery fell 1.08 percent to US$74.17 per barrel, down 1.5 percent for the week. However, a strong dollar on Friday, which makes oil more expensive for holders of other currencies, wiped out those gains. Over the week, oil has been pressured by the physical market showing signs of weakness amid poor refining margins and lackluster buying in some areas.
Source:Taipei Times
May 14, 2023 03:32 UTC
El Salvador trade deal to be suspended
El Salvador trade deal to be suspended‘LIMITED IMPACT’: Premier Chen Chien-jen instructed ministries to help Taiwanese businesses explore other markets and procure goods from other FTA countriesStaff writer, with CNATaiwan would suspend implementation of a free-trade agreement (FTA) with El Salvador from Monday following a decision by the former diplomatic ally to repeal it, the Executive Yuan said on Thursday. The 2018 announcement was challenged in El Salvador, but its government received a favorable final ruling on Nov. 7, 2022, and subsequently announced the end of favorable tariffs on Taiwanese goods. Exports from Taiwan to El Salvador last year totaled US$81.58 million, or 0.02 percent of Taiwan’s overall exports, while imports from the Central American country totaled US$18.83 million, or 0.004 percent. Minister of Finance Chuang Tsui-yun (莊翠雲) told lawmakers on March 29 that the trade agreement is not linked to diplomatic ties. Minister of Economic Affairs Wang Mei-hua (王美花) told lawmakers the following day that the fate of the trade agreement would be discussed with Taiwan’s foreign ministry.
Source:Taipei Times
May 13, 2023 11:32 UTC
Astronomers puzzled by largest ever cosmic blast
Astronomers puzzled by largest ever cosmic blastAFP, PARISAstronomers yesterday said they have identified the largest cosmic explosion ever observed, a fireball 100 times the size of the solar system that suddenly began blazing in a distant universe more than three years ago. An illustration from Feb. 27, 2017, shows a tidal disruption event, which astronomers said could have caused AT2021lwx, the largest cosmic explosion ever observed. It was only when astronomers, including Wiseman, looked at it through more powerful telescopes that they realized what they had on their hands. Another possibility is what is called a tidal disruption event, when a star is torn apart as it is sucked into a supermassive black hole. The only somewhat comparable bright cosmic event is a quasar, when supermassive black holes swallow huge amounts of gas in the center of galaxies.
Source:Taipei Times
May 13, 2023 03:42 UTC
Adani’s firms consider fundraising
An Adani Group building is pictured on the outskirts of Ahmedabad, India, on April 13. A representative for the Adani Group declined to comment on the fundraising details. MSCI said that two Adani Group companies — Adani Transmission and Adani Total Gas Ltd — would be excluded from its India gauge at the end of this month. “Especially Adani Transmission, where there could also be some fundraising,” he added. An analysis by Bloomberg of exchange filings showed that Adani Enterprises and Adani Transmission have sought board approval for fundraising every year in April or May since at least 2019.
Source:Taipei Times
May 12, 2023 20:09 UTC
Japan, S Korea eye expert visit to Fukushima
Japan, S Korea eye expert visit to FukushimaAPOfficials from Japan and South Korea yesterday discussed a visit by South Korean experts to the tsunami-crippled Fukushima Dai-ichi nuclear power plant before it begins the controversial release of treated, but radioactive, water into the sea. Japanese Chief Cabinet Secretary Hirokazu Matsuno, right, shakes hands with South Korean Minister of Unification Kwon Young-se in Tokyo on March 27. South Korean Government Policy Coordination Office vice head Park Ku-yeon said Japan was reluctant to accept private experts, as it sees it as a government-to-government matter. Neighboring countries, including Taiwan, South Korea, China and Pacific Island nations, have also raised safety concerns. South Korea and China ban food imports from Fukushima and describe the water as “contaminated” instead of “treated,” despite Tokyo’s repeated protests.
Source:Taipei Times
May 12, 2023 16:57 UTC
Softbank records US$7.2bn full-year loss on tech woes
Softbank records US$7.2bn full-year loss on tech woesAFP, TOKYOSoftbank Group Corp yesterday reported an annual net loss of US$7.2 billion after a bruising year for the tech start-up sector in which it is heavily invested. The Vision Fund 1 and 2 vehicles were hit by the global tech rout, the company said in a statement. Photo: Reuters“Share prices of numerous public portfolio companies declined for the fiscal year amid the weakness in global stock markets, although share prices of several companies rose in the fourth quarter,” it said. Softbank Group billionaire founder Masayoshi Son, who for years touted AI as a revolutionary force in the way we use technology, gathered a group of engineers recently and spoke about ChatGPT’s possibilities, Miyakawa said. “We are dead positive on ChatGPT,” Miyakawa said.
Source:Taipei Times
May 11, 2023 21:35 UTC
‘BlackBerry’ film taps into device that ruled pre-iPhone era
Photo: APBut its legacy is worth remembering — and audiences will get a chance to learn more about its origins in the new film, BlackBerry. It’s the latest movie or TV series to delve into technology’s penchant for groundbreaking innovation, blind ambition, ego clashes and power struggles that turn into morality tales. “I think when he sees the film he is going to be quite charmed by how much of his original notes are in the film,” Johnson said of Wandel. Unlike Lazaridis and Fregin, Balsillie attended a recent showing of the film in Toronto and even walked the red carpet with Johnson and Howerton. “In many ways, (Jim) was the hero, he was the character who changed for the better (in the film),” Johnson said.
Source:Taipei Times
May 11, 2023 16:58 UTC