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Taiwan News Morning Briefing - May 20

Taiwan News Morning Briefing  - May 20

Market & Commodity ■ Taiwan stock market opened up 22.18 points, or 0.25 percent, on Tuesday's session at 8922.08, on turnover of NT$1.66 billion. ■ The weighted index on the Taiwan Stock Exchange opened flat on Monday and closed slightly higher by 11.45 points, or 0.13percent, to settle at 8,899.9 after moving between 8,877.46 and 8,912.35 on turnover amounted to NT$71.17 billion (US$2.36 billion). The analysts indicated that investors turned mostly cautious on the eve of the sixth anniversary of President Ma Ying-jeou’s inauguration. (Taiwan News) ■ U.S. stock market closed slightly higher as investors consider the latest news on corporate deals. The Dow Jones industrial average rose 20 points, or 0.1 percent, to close at 16,511 Monday. The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 1,885 and the Nasdaq composite rose 35 points, or 0.9 percent, to 4,125. Bond prices fell. The yield on the 10-year Treasury note rose to 2.54 percent. (AP) World News ■ Reuters reported that Thailand's army declared martial law on Tuesday to restore order after six months of anti-government protests which have left the country without a proper functioning government, but the move did not constitute a coup, military officials said. ■ Watched over by riot police, hundreds of Chinese workers leave Vietnam on ships chartered by their government after deadly unrest broke out last week amid a dispute over sovereignty claims in the South China Sea. The decision to evacuate workers by sea will play well in China, where the government is under pressure to look after its citizens abroad. (AP) ■ China criticizes the top official of the Association of Southeast Asian Nations for saying Beijing intruded in Vietnamese territory, and a Chinese official demands the group stay out of the dispute. (AP) ■ China says it has launched an international manhunt for the alleged mastermind behind an attack at a train station last month blamed on extremists from the Muslim Turkic Uighur ethnic group. (AP) ■ South Korea's president pledges to disband the coast guard amid mounting criticism of its failure to save hundreds of passengers trapped last month in a sinking ferry. (AP) ■ Indonesian presidential favorite Joko Widodo, also known as Jakarta's Obama, chooses former Vice President Jusuf Kalla as his running mate, making up a formidable ticket in July's elections in Southeast Asia's largest economy. Opinion polls show a Widodo-Kalla partnership coming out comfortably on top in elections scheduled for July 9. (AP) ■ The Justice Department on Monday charged Credit Suisse AG with helping wealthy Americans avoid paying taxes through offshore accounts, and a person familiar with the matter said the European bank has agreed to pay about $2.6 billion in penalties. (AP) Local News ■ Lin Hsin-yi, chairman of Formosa Plastics Group’s Ha Tinh Steel Plant, said Monday that he will meet with Vietnam’s Deputy Prime Minister and other high level officials and urge them to guarantee investment security and personal security of foreign investors and foreign workers in Vietnam. Lin added that he will demand compensation and reductions in tax rates to make up for losses suffered by the steel company in destructive riots last week. (Taiwan News) ■ At a time when passengers and other visitors to Taiwan Taoyuan International Airport are disconcerted by problems with the hardware and software at the airport, reports say the Ministry of Transportation is considering a raise in the rate. The increase would be a relatively hefty one – a hike of 67% from NT$300 to NT$500. (Taiwan News) ■ New rumors have surfaced regarding Asia Pacific Telecom’s search for potential merger suitors. Reportedly, Hon Hai (2317) is willing to partner with SBI Investments to acquire Asia Pacific private placement shares to obtain a 20% stake in Asia Pacific, become majority shareholder, and secure a controlling interest. However, Hon Hai remained silent Monday and had no comment. (Taiwan News) ■ Taiwan-listed companies, excluding financial holdings firms, reported an overall 8.97 percent average increase in pre-tax profits for the first quarter of 2014 thanks to good results in the semiconductor and optoelectronic sectors, the Taiwan Stock Exchange Corp. (TWSE) announced ■ The chairman of the Formosa Plastics Group's steel mill in Vietnam said Monday that his company will demand compensation and tax breaks from the Vietnamese government for losses caused during violent protests in the country last week. (CNA) ■ The situation in Vietnam has not reached a level that justifies banning Vietnamese workers from coming to Taiwan, Labor Minister Pan Shih-wei said Monday following attacks on Taiwanese businesses in the Southeast Asian country last week. (CNA) ■ Interior Minister Chen Wei-zen expressed support Monday for a proposal to lower Taiwan's voting age from 20 to 18 although such a change would require amending the Constitution, which could be a drawn-out process. (CNA)

Updated : 2021-07-30 05:55 GMT+08:00