The army is today to begin live-fire exercises in Pingtung County using all of its helicopter models to test its combat readiness, a military source said yesterday. The Aviation and Special Forces Command is to conduct the annual “Mighty Eagle” exercises until Wednesday at Jiupeng Base in Manjhou Township (滿州), the source said. All of the army’s helicopter series are to participate in the exercises, the source said, listing the AH-64E Apache and AH-1W SuperCobra attack helicopters, the OH-58D Kiowa Warrior reconnaissance helicopter, the CH-47 Chinook heavy-lift helicopter and the UH-1H Iroquois utility helicopter. During the daytime portion of the drills, the helicopters are to fire cannons, as well as Hellfire and Stinger missiles, at targets at sea and in the air, while at night, the Apaches would fire Hellfire missiles at targets, the source said. Mighty Eagle is the command’s major helicopter drill, which is usually held in the second half of the year to test the aircraft’s capabilities with precision weapons systems. Separately, a military source on Saturday said that two Sikorsky UH-60M Black Hawk helicopters from the air force’s Air Rescue Group conducted live-fire drills in Penghu County on Monday and Tuesday last week. The exercises involving the Black Hawks, which were armed with M240 machine guns, were the first such drills since the Air Rescue Group was formed in 1950, the military official said. Although the group is primarily tasked with noncombat missions, the live-fire drills were intended to simulate a wartime rescue mission conducted under enemy fire, the official said. No further details were given and the air force declined to comment. The Air Rescue Group operates 14 UH-60M helicopters. The Ministry of the Interior’s National Airborne Service Corps also has 14 of the models, while the army has 30.
Guansin Borough (關新) in Hsinchu City had the highest average annual household income among all villages in Taiwan in 2020, Ministry of Finance data showed. The average annual household income in Guansin was more than NT$3 million (US$100,823), income tax data released last week showed. The data, which cover about 6.46 million households, mean that Guansin has retained its ranking as the richest village in Taiwan, the ministry said. Located in the city’s East District (東區), Guansin is home to many technology professionals who work in the nearby Hsinchu Science Park (新竹科學園區), where tech firms such as Taiwan Semiconductor Manufacturing Co (台積電) have production bases. Yongfu (永福) in Taipei’s Shilin District (士林) was the second-richest borough, with an average annual household income of NT$2.854 million, followed by Zihli (自立) in Kaohsiung’s Zuoying District (左營) with NT$2.707 million, Jhongsin (中興) in Hsinchu County’s Jhubei City with NT$2.393 million and Tongping (東平), also in Jhubei, with NT$2.378 million, the ministry said. High household incomes in Jhongsin and Tongping boroughs also reflect their proximity to the Hsinchu Science Park, observers said. Entrepreneurs have been moving to Yongfu since the completion of several high-rise residential complexes there, which has boosted the borough’s average household income, they said. Zihli’s ranking was based on the only two household incomes that were reported in 2020, the ministry said. In terms of median household income, Guansin topped the rankings with NT$2.492 million, while the figure was only NT$658,000 in Yongfu, despite its high average household income, indicating a large wealth gap, the ministry said. Hsinchu City topped the list of wealthiest cities with an average annual household income of NT$1.127 million, while Taipei was second with NT$1.068 million, followed by Hsinchu County with NT$1.004 million, the data showed. Hsinchu City also ranked first regarding the average household wage, with NT$900,000, ahead of Hsinchu County with NT$817,000 and Taipei
‘HORROR MOVIE’: A man drowned in a river and nearly 20 roads were closed, while emergency services fielded thousands of calls for assistance amid torrential rains
Sydney residents were warned of another day of devastating flooding today after large parts of the New South Wales coast were lashed with torrential rain yesterday. Thousands of people across the Greater Sydney region were under evacuation orders and more than 130 rescues took place as an east-coast low, which is expected to persist until tomorrow, brought widespread rain, thunderstorms and flash flooding to parts of the state. Authorities said the effects could be more severe than the past three major weather events. More than 40 evacuation orders and 44 evacuation warnings had been issued to communities in the Greater Sydney region, while about 3,111 requests for assistance had been made to the State Emergency Service (SES). Residents were told to delay nonessential travel in affected areas, potentially throwing the school holiday plans of thousands into chaos. “If you were safe in 2021, do not assume you will be safe tonight,” state Emergency Services Minister Steph Cooke said yesterday evening, referring to floods that hit the same area last year. “This is a rapidly evolving situation and we could see areas impacted that we haven’t seen before. It was a long night last night, it’s been a very long day today and tonight will be a long night for our emergency services [and] volunteers,” she said. SES Commissioner Carlene York said the situation could get “significantly worse” over the course of yesterday evening, affecting “hundreds to thousands” of homes. “I don’t want to be reporting any loss of life,” she said. Amid the extreme weather, a man drowned in the Parramatta River after a kayak capsized yesterday afternoon. Camden City Council Mayor Therese Fedeli spent yesterday afternoon looking at pictures of the rising flood waters on social media. She said it felt like watching a horror movie unfold. “I’m devastated ... and you can’t get out
North Korea yesterday slammed the US, South Korea and Japan for pushing to boost their trilateral military cooperation targeting the North, warning that the move is prompting urgent calls for the country to reinforce its military capability. The statement came as North Korea’s neighbors say the country is ready for its first nuclear test in five years as part of its provocative run of weapons tests this year. “The prevailing situation more urgently calls for building up the country’s defense to actively cope with the rapid aggravation of the security environment of the Korean Peninsula and the rest of the world,” the North Korean Ministry of Foreign Affairs said in a statement, without elaborating how it would boost its military capacity. The statement took issue with a trilateral meeting among the US, South Korean and Japanese leaders on the sidelines of a NATO summit last week, during which they underscored the need to strengthen their cooperation to deal with North Korean nuclear threats. “The chief executives of the US, Japan and South Korea put their heads together for confrontation with [North Korea] and discussed the dangerous joint military countermeasures against it including the launch of tripartite joint military exercises,” the statement said. It accused the US of exaggerating rumors about North Korean threats “to provide an excuse for attaining military supremacy over the Asia-Pacific region including the Korean Peninsula.” North Korea claimed the recent NATO summit proves an alleged US plan to contain Russia and China by achieving the “militarization of Europe” and forming a NATO-like alliance in Asia. It said “the reckless military moves of the US and its vassal forces” could lead to dangerous consequences such as a nuclear war simultaneously taking place in Europe and the Asia-Pacific region.
CALL FOR DIALOGUE: The leaders of the two countries highlighted the importance of peace and stability in the Taiwan Strait in a joint statement following a meeting
The UK and New Zealand are committed to a stable Indo-Pacific region, and emphasize the importance of peace and stability across the Taiwan Strait, the leaders of the two countries said in a joint statement on Friday. British Prime Minister Boris Johnson and New Zealand Prime Minister Jacinda Ardern issued the statement after meeting in London to discuss bilateral relations. The UK and New Zealand “underscore the importance of peace and stability across the Taiwan Strait and encourage the peaceful resolution of cross-Strait issues via dialogue,” the statement said. The two also expressed their commitment to peace and stability in the Indo-Pacific region, while voicing support for freedom of navigation and overflight in the South China Sea and beyond, in accordance with the UN’s Convention on the Law of the Sea. They pledged to step up efforts to “support an international system that is based on the rule of law, free from illegal and unilateral aggression, and economic coercion, where human rights are upheld and the freedom and sovereignty of all countries are protected regardless of their size.” The two expressed “grave concerns” over “the erosion of rights and freedoms in Hong Kong” as Chinese and Hong Kong authorities marked the 25th anniversary of the handover of the former British colony to Beijing on Friday. Ardern was in the UK for the final leg of her visit to Europe. She also addressed the NATO summit in Madrid on Thursday, expressing concern that China has become “more assertive and more willing to challenge international rules and norms.” “We must stand firm on the rules-based order, call for diplomatic engagement, and speak out against human rights abuses at all times when and where we see them,” she said. British Secretary of State for Foreign, Commonwealth and Development Affairs Liz Truss told the NATO summit on Wednesday that “the free
‘CCP AGGRESSION’: The bill aims to ensure that arms already purchased by Taiwan and other regional allies are tracked and delivered as efficiently as possible
Two US lawmakers on Thursday introduced a bill to the US Congress to track and expedite the delivery of US arms sold to Taiwan amid growing tensions between Taipei and Beijing. The arms exports delivery solutions act was introduced by Republican US representatives Young Kim and Michael McCaul, who are both on the US House of Representatives Foreign Affairs Committee. The bill seeks to ensure that “defense equipment already purchased from the US by Taiwan and other allies in the [Indo-Pacific] region are tracked and delivered as efficiently as possible as the Chinese Communist Party [CCP] eyes further aggression,” Kim said in a statement. “Delayed deliveries of congressionally approved sales to Taiwan are undermining our ability to deter an attack from China,” McCaul said. “This is incredibly concerning as China ramps up its belligerence towards Taiwan.” China says it wants to unify with Taiwan through peaceful means, although it has not denounced the use of force to achieve that goal. It has stepped up economic, political and military pressure on Taipei over the past few years, as the Democratic Progressive Party government refuses to accept the so-called “1992 consensus.” Beijing has also accused Taipei and Washington of trying to alter the “status quo” in the Taiwan Strait. It has repeatedly sent military aircraft into Taiwan’s air defense identification zone, drawing condemnations from Taipei and Washington. As a result, some US lawmakers have spoken out in favor of prioritizing weapons sales and deliveries to Taiwan. The bill would require US President Joe Biden’s administration to submit a report to Congress before March 1 next year listing the approved sales of US defense articles or services worth US$25 million or more to Taiwan, Japan, South Korea, Australia and New Zealand that have not been fully delivered. The report should provide reasons for any changes or delays on the
Health authorities in Africa have said they are treating the expanding monkeypox outbreak there as an emergency and called on rich countries to share the world’s limited supply of vaccines in an effort to avoid the glaring equity problems seen during the COVID-19 pandemic. Monkeypox has been sickening people in parts of Central and West Africa for decades, but the lack of laboratory diagnosis and weak surveillance means many cases are going undetected across the continent. “This particular outbreak for us means an emergency,” Africa Centers for Disease Control acting director Ahmed Ogwell said. “We want to be able to address monkeypox as an emergency now so that it does not cause more pain and suffering,” he said. Globally, more than 5,000 cases of monkeypox have been reported in 51 countries, according to the US Centers for Disease Control and Prevention. The majority of those cases are in Europe. No deaths beyond Africa have been reported. Within Africa, the WHO said monkeypox has spread to countries where it has not previously been seen, including South Africa, Ghana and Morocco. However, more than 90 percent of the continent’s infections are in the Democratic Republic of the Congo and Nigeria, WHO Regional Office for Africa director Matshidiso Moeti said. She said that given the limited global supplies of vaccines to fight monkeypox, the WHO was in talks with manufacturers and countries with stockpiles to see if they might be shared. “We would like to see the global spotlight on monkeypox act as a catalyst to beat this disease once and for all in Africa,” she told a news briefing on Thursday. The WHO said that similar to the scramble last year for COVID-19 vaccines, countries with supplies of vaccines to stop monkeypox are not yet sharing them with African countries. “We do not have any donations that have
The US on Friday announced that it would provide Ukraine with US$820 million in new military aid, including new surface-to-air missile systems and counter-artillery radars to respond to Russia’s heavy reliance on long-range strikes in the war. Russia has in the past few days launched dozens of missiles across Ukraine and pinned down Ukrainian forces with continuous fire for sometimes hours at a time. Ukraine’s leaders have publicly called on Western allies to quickly send more ammunition and advanced systems that would help them narrow the gap in equipment and personnel. All told, the US has committed more than US$8.8 billion in weapons and military training to Ukraine, whose leaders have sought more help from Western allies to repel larger and heavily equipped Russian forces. About US$7 billion of that aid has been announced since Russia’s February invasion. “We are going to support Ukraine as long as it takes,” US President Joe Biden told a news conference this week during the NATO summit in Madrid. He said that Russia had already suffered a blow to its international standing and major damage to its economy from Western sanctions imposed over the invasion. The US is giving Ukrainians “the capacity” so that “they can continue to resist the Russian aggression,” Biden said. “And so I don’t know how it’s going to end, but it will not end with a Russian defeat of Ukraine in Ukraine.” Much of the aid formally announced on Friday would take weeks or months to reach Ukraine. As part of the new package, the US would purchase two systems known as NASAMS, a Norwegian-developed anti-aircraft system that is used to protect the airspace around the White House and the US Capitol in Washington. A senior defense official told reporters that the NASAMS are intended to help Ukraine transition away from using Soviet-era air-defense systems
TikTok, the viral video-sharing app owned by China’s ByteDance Ltd (字節跳動), said that some employees outside the US can access information from US users, stoking further criticism from US lawmakers who have raised alarms about the social network’s data-sharing practices. The company’s comment came in a letter to nine US senators who accused TikTok and its parent of monitoring US citizens and demanded answers on what is becoming a familiar line of questioning for the company: Do China-based employees have access to US users’ data? What role do those employees play in shaping TikTok’s algorithm? Is any of that information shared with the Chinese government? China-based employees who clear a number of internal security protocols can access certain information on TikTok’s US users, including public videos and comments, TikTok chief executive officer Chew Shou Zi (周受資) said in letter dated Thursday obtained by Bloomberg News. None of that information is shared with the Chinese government and it is subject to “robust cybersecurity controls,” he said. The social network said it is working with the US government on strengthening data security about that information — particularly anything defined as “protected” by the Committee on Foreign Investment in the US. The new effort, called “Project Texas,” includes physically storing US information in data centers on US servers owned by software giant Oracle Corp. TikTok is also shifting its platform to Oracle’s cloud infrastructure, which means the app and the algorithm would be accessed and deployed for US users from domestic data centers. “TikTok’s response confirms our fears about the CCP’s [Chinese Communist Party’s] influence in the company were well founded,” US Senator Marsha Blackburn told Bloomberg on Friday. “The Chinese-run company should have come clean from the start, but it attempted to shroud its work in secrecy. Americans need to know if they are on TikTok, communist
NATIONAL ASSETS: Amendments proposed by the Ministry of Economic Affairs seek to clamp down on Chinese companies opening offices to poach Taiwanese tech talent
The Ministry of Economic Affairs yesterday announced a draft bill that would ban Chinese-funded companies from operating research and development (R&D) offices in Taiwan, while toughening rules governing Chinese for-profit businesses establishing subsidiaries in the nation. The draft amendments to the Measures to Approve Chinese For-profit Businesses Establishing Subsidiaries or Offices in Taiwan (大陸地區之營利事業在臺設立分公司或辦事處許可辦法) state that no Chinese-funded companies may perform R&D activities in Taiwan, with the bill defining “research” as “conducting or compiling market-related analysis and statistics,” the ministry said. If passed, the bill would change the name of the law to Measures for Approving Chinese For-profit Businesses or its For-profit Business in a Third-party Region Establishing Subsidiaries in Taiwan (大陸地區之營利事業或其於第三地區投資之營利事業在臺設立分公司或辦事處許可辦法), it said. The bill references the Measures Governing Investment Permits to the People of the Mainland Area (大陸地區人民來臺投資許可辦法) in defining what constitutes a “Chinese for-profit company.” If 30 percent of a company in a third-party region is directly or indirectly owned by a Chinese firm, or if a Chinese firm could control the entity in a third-party region, that company would be considered a Chinese for-profit enterprise and the Foreign Nationals Investment Act (外國人投資條例) would not apply to it, the ministry said. The draft amendments would also include clauses to further restrict Chinese companies from headhunting Taiwanese R&D talent, it said. The ministry cited a Ministry of Justice Investigation Bureau probe, which found that 10 Chinese companies had illegally established a subsidiary or R&D branch in Taiwan by pretending to be foreign investors or Taiwanese companies in an attempt to poach talent from Taiwan’s high-tech industries. The bureau report said that some Chinese companies attempted to pass themselves off as personal offices, subsidiaries of parent companies or belonging to companies established in a third-party region. Officials said that the draft amendments would allow the government to take a tougher stance on preventing Chinese companies from systematically
Freedom in Hong Kong has “vanished,” and China has failed to live up to its promise of 50 years without change, Premier Su Tseng-chang (蘇貞昌) said yesterday on the 25th anniversary of the territory’s return to Chinese rule. Chinese President Xi Jinping (習近平) was in Hong Kong to swear in its new leader, former Hong Kong secretary for security John Lee (李家超), who has been sanctioned by the US over his role in implementing the territory’s sweeping National Security Law. Most people in Taiwan have not shown interest in being governed by Beijing, and Taipei has repeatedly rejected China’s offer of “one country, two systems,” a model it promised to Hong Kong and Macau. Promises that life would continue normally for Hong Kong after the handover had not been kept, Su said. “It has only been 25 years, and the promise was for 50 years of no change,” he said. “The ‘dancing will go on and horses still run’ has disappeared,” he said, referring to former Chinese leader Deng Xiaoping’s (鄧小平) statement about how life would not change under Chinese rule, adding: “Even freedom and democracy have vanished.” “We also know that we must hold fast to Taiwanese sovereignty, freedom and democracy,” Su said. “China’s so-called ‘one country, two systems’ has simply not stood up to the test.” The Mainland Affairs Council yesterday urged Beijing to honor the Hong Kong Basic Act, and to reinstate freedom and rights to the people. Democracy, human rights, freedom and rule of law in Hong Kong have regressed over the past 25 years, and the international community has witnessed China’s reneging of the “one country, two systems” model, the council said in a statement. “No matter what the Chinese government says, it does nothing to hide the fact that Hong Kong’s democracy has been harmed,” it said Taiwanese have voiced their opposition toward the
OVER THE BORDER: Although Xi arrived in the territory on Thursday, he stayed the night in Shenzhen and did not attend the traditional flag-raising ceremonies, media said
There is no reason to change Hong Kong’s “one country, two systems” formula of governance, Chinese President Xi Jinping (習近平) said yesterday on a rare visit to the territory after swearing in its new chief executive, John Lee (李家超). Britain returned Hong Kong to Chinese rule on July 1, 1997, with Beijing promising wide-ranging autonomy, unfettered individual rights and judicial independence at least until 2047. China’s critics accuse authorities of trampling on those freedoms, unavailable on the authoritarian mainland, with Hong Kong’s National Security Law imposed by Beijing in 2020 after mass pro-democracy protests the year before. British Prime Minister Boris Johnson and US Secretary of State Antony Blinken on Thursday said that China had failed to meet its handover commitments. China and Hong Kong reject the accusations, saying the law “restored order from chaos.” Xi yesterday said that the “one country, two systems” formula was successful under China’s “comprehensive jurisdiction.” “For this kind of good system, there is no reason at all to change it. It must be maintained over the long term,” Xi said. “After experiencing wind and rain, everyone can painfully feel that Hong Kong cannot be chaotic, and must not become chaotic again... Hong Kong’s development cannot be delayed again, and any interference must be eliminated,” he said. At the swearing-in ceremonies, all officials, including Xi, wore masks and did not shake hands. Former police officer Lee, sanctioned by Washington over his role in implementing the security legislation, takes charge as the territory is facing an exodus of people and talent amid some of the toughest COVID-19 restrictions in the world. Authorities deployed a massive security force, blocking roads and the airspace around the picturesque Victoria Harbour, where the last colonial governor, Chris Patten, tearfully handed Hong Kong back to China at a rain-drenched ceremony in 1997. Red lanterns, Chinese and Hong Kong flags, and posters declaring
Taiwan should be included in talks about security in the Indo-Pacific region, former US national security adviser John Bolton said on Thursday, adding that the US’ policy of “strategic ambiguity” is long outdated. Bolton made the remarks in a videoconference with the Foreign Press Association, in which he discussed with association president Ian Williams how the US should respond to the security threats faced by Taiwan and Ukraine. Bolton called Moscow’s invasion of Ukraine “very disturbing,” as NATO has not been able to drive the Russians out of the country, and the effects of economic sanctions imposed by Western countries are limited. “I don’t think China really wants wars with Taiwan,” he said, adding that China might spark a crisis, such as by declaring a blockade that requires the US, Japan and Australia to come to Taiwan’s aid. If these countries take no action against China in such an event, “Taiwan will be in deep trouble,” he said. US President Joe Biden in May said that US forces would defend Taiwan in the event of a Chinese attack, but later clarified that the US’ policy of strategic ambiguity toward Taiwan “has not changed at all.” Beijing expressed its discontent over the statement, saying that recent military drills it conducted near Taiwan were a warning against Taiwan-US collusion. Bolton said that the US should fully recognize Taiwan, as it is an independent country “by any customary international law and definition,” and a “thriving democracy.” If the view offends Beijing, “so be it,” he said, adding that the US would not be told which countries to recognize. With the Quadrilateral Security Dialogue and the AUKUS security pact with Australia and the UK, the US should take the opportunity to integrate Taiwan into security discussions in the region, which could make the whole area more secure, he said. “Taiwan will be more secure
Missile strikes yesterday killed 19 people and wounded dozens in Ukraine’s Odessa region, a day after Russian troops abandoned positions on a strategic island in a major setback to the Kremlin’s invasion. Two children were among the dead and six among the injured, Ukrainian officials said, one day after US President Joe Biden announced US$800 million in new weapons for Kyiv at a NATO summit. The missiles slammed into an apartment building and a recreation center in the town of Serhiivka about 80km south of the Black Sea port of Odessa, which has become a strategic flash point in the conflict. “The death toll is 19 people,” Ukrainian State Emergency Service head Serhiy Kruk wrote on Facebook, adding that 38 people were wounded. The strikes were launched by aircraft that flew in from the Black Sea, Odessa Regional State Administration spokesman Serhiy Bratchuk said. “The worst-case scenario played out, and two strategic aircraft came to the Odessa region,” he said in a TV interview, adding they had fired “very heavy and very powerful” missiles. There was no immediate comment from Russia on the strikes, which followed global outrage earlier this week when a strike destroyed a shopping center in Kremenchuk, Ukraine, killing at least 18 civilians. Russian President Vladimir Putin has denied Moscow’s forces were responsible. “The cruel manner in which the Russian aggressor takes the deaths of civilians in its stride and is again speaking of collateral damages is inhuman and cynical,” German government spokesman Steffen Hebestreit said. “The Russian population too must finally face up to this truth,” he added. Ukrainian President Volodymyr Zelenskiy yesterday hailed a “new” chapter of “history” with the EU, after Brussels on Thursday last week granted Ukraine “candidate status” in Kyiv’s push to join the 27-member bloc, even if membership is likely years away. “We’re not close. Now we are together,” he told Ukraine’s
HYBRID THREAT: Lauding the alliance’s global vision in facing up to China’s challenges, MOFA said that Taiwan would continue to bolster cooperation with democratic allies
NATO has for the first time singled out China as one of its strategic priorities for the next decade, warning about its growing military ambitions, confrontational rhetoric toward Taiwan and other neighbors, and increasingly close ties to Russia. In Taipei, the Ministry of Foreign Affairs (MOFA) yesterday said it appreciates the alliance’s global vision in facing up squarely to the systemic challenges posed by China. While Russia’s war against Ukraine has dominated discussions at the NATO summit in Madrid, China on Wednesday earned a place among the Western alliance’s most worrying security concerns. “China is substantially building up its military forces, including nuclear weapons, bullying its neighbors, threatening Taiwan ... monitoring and controlling its own citizens through advanced technology, and spreading Russian lies and disinformation,” NATO Secretary-General Jens Stoltenberg said after presenting NATO’s 10-year Strategic Concept. “China is not our adversary, but we must be clear-eyed about the serious challenges it represents,” he said. The strategic document directed its harshest language at Russia, but the mere mention of China was significant; the 2010 document did not discuss China. The official turn by NATO puts the world’s largest military alliance based on the US armed forces on guard against China, which has the world’s second-largest economy and a rapidly growing military, both in numbers and in top-notch technology. “One of the things that [China is] doing is seeking to undermine the rules-based international order that we adhere to, that we believe in, that we helped build,” US Secretary of State Antony Blinken said. “And if China’s challenging it in one way or another, we will stand up to that.” “NATO will step up cooperation with our Indo-Pacific partners, including on cyberdefense, new technologies, maritime security, climate change and countering disinformation,” Stoltenberg said. “These global challenges demand global solutions,” he said, adding: “We will also do more with our
The Executive Yuan’s NT$30 billion (US$1.01 billion) rental subsidy program, which is estimated to benefit 500,000 families, will start accepting applications today, Premier Su Tseng-chang (蘇貞昌) said yesterday, adding that the money would be wired to the accounts of approved applicants on World Habitat Day, or Oct. 3. The policy’s looser regulations should make it easier for those who have had difficulty applying for government subsidies before, while landlords should also benefit from retaining tenants, Su said. The subsidy, a four-year program with an annual budget of NT$30 billion, is open to applicants who make three times the lowest wages in their area, the Ministry of the Interior said. People living in unsanctioned additions to top floors or unregistered buildings can also apply for the subsidy, the ministry said. People aged 35 or younger would receive a subsidy that is 1.2 times higher than the base amount, while newlyweds would receive up to 1.3 times more than the base, it said. Low-income households would receive 1.4 times more in subsidies, while families with small children would receive 1.4 times, with an increase of 0.2 times the base for each child born into the family after tomorrow, it said. Su said that despite such beneficial measures to implement housing justice, the government continues to be prudent in managing its budget, having paid off more debt this year than any year in the past two decades. Minister of the Interior Hsu Kuo-yung (徐國勇) said the policy is an important part of implementing housing justice, and is aimed at helping young and elderly people. Hsu added that he was confident that the government would be able to implement the policy to its fullest extent. Su has also approved the amendment of the College, Vocational High School, and Junior College Disadvantaged Students’ Off-campus Rental Subsidy program (大專校院弱勢學生校外租金補貼計畫). The program, based on different rates
Samsung Electronics Co yesterday commenced mass production of 3-nanometer chips that are more powerful and efficient than predecessors, beating rival Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to a key milestone in the race to build the most advanced chips in the world. South Korea’s largest company said in a statement that it was beginning with 3-nanometer semiconductors for high-performance and specialized low-power computing applications before expanding to mobile processors. By applying so-called Gate-All-Around transistor architecture, Samsung’s 3-nanometer products reduce power consumption by up to 45 percent and improve performance by 23 percent compared with 5-nanometer chips, it said. Samsung’s push to be first to market with the latest technology is essential in its uphill climb to match TSMC, which remains dominant in the contract chipmaking market. The Taiwanese firm accounts for more than half of the global foundry business by revenue and is the exclusive supplier of Apple Inc’s silicon processors for iPhones, iPads, MacBooks and desktop Mac PCs. TSMC has said its 3-nanometer technology would be the most advanced technology when it is introduced in the second half of this year. The technology would first be used to manufacture chips for high-performance-computing applications and smartphones, it said. TSMC also said it has seen stronger customer engagement for its 3-nanometer technology for the first year, compared with the previous-generation 5-nanometer technology. TSMC adopts a different approach in developing its 3-nanometer technology. The company said it adopts the FinFet transistor structure to deliver the best technology maturity, performance and cost for its customers. TSMC and Samsung are competing for large multiyear orders from the likes of Apple and Qualcomm Inc. Samsung is producing the 3-nanometer chips at its Hwaseong facilities and is expected to extend that production to its newest Pyeongtaek fab. “We will continue active innovation in competitive technology development and build processes that help expedite achieving maturity
UNDERPERFORMER: Foreign investors net sold about US$16 billion of Taiwanese stocks this quarter, the most among emerging Asian markets excluding China
The TAIEX yesterday slumped as it widened its decline from a January high to more than 19 percent and is just points away from a so-called bear market. The index closed 2.7 percent lower yesterday, making it the worst performer in Asia. It was dragged by chipmakers after Bank of America took a cautious view on the industry’s growth prospects. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which accounts for more than one-quarter of the index’s weighting, dropped 3.05 percent to close at NT$476 yesterday. The TAIEX tumbled 2.72 percent to 14,825.73. Facing headwinds of rate hikes by global central banks, tech-heavy stock markets in Taiwan and South Korea have been the worst performers in Asia this quarter, falling more than 15 percent. Foreign investors net sold about US$16 billion of Taiwanese stocks during the three-month period, the most among emerging markets in Asia excluding China. Deputy Minister of Finance Juan Ching-hwa (阮清華), executive secretary of the National Financial Stabilization Fund, said the fund would continue to closely monitor the stock market to see whether it needs to step in. The Taiwan Stock Exchange said in a statement that it would adopt stabilizing measures if there are “irrational” declines in the stock market. Societe Generale SA yesterday downgraded the nation’s stocks to “underweight” from “neutral,” citing external risks, including tighter financial conditions and fears of slower global growth. “Global tech stocks are facing P/E [price/earning] re-rating, mainly due to recession and inflation concerns,” Capital Securities Corp (群益金鼎證券) senior manager Diana Wu said. “It’s a global issue, as rate hikes normally hit tech stocks. Investors are withdrawing cash from TSMC and other Taiwan tech stocks.”
Ferdinand Marcos Jr, the namesake son of an ousted dictator, was yesterday sworn in as Philippine president in one of the greatest political comebacks in recent history that opponents say was pulled off by whitewashing his family’s image. His rise to power, 36 years after an army-backed “People Power” revolt booted his father from office, upends politics in the Asian democracy, where a public holiday, monuments and the Philippine constitution stand as reminders of the end of his father’s tyrannical rule. However, in his inaugural speech, Marcos Jr defended the legacy of his late father, who he said accomplished many things that were not done since the nation’s independence, adding that he would emulate him. “He got it done, sometimes with the needed support, sometimes without. So will it be with his son,” he said to applause from his supporters in the crowd. “You will get no excuses from me.” “My father built more and better roads, produced more rice than all administrations before his,” Marcos Jr said, while also praising the infrastructure projects by his equally controversial predecessor, Rodrigo Duterte. Calling for unity, he said: “We will go further together than against each other, pushing forward not pulling each other.” He did not touch on the human rights atrocities and plunder his father was accused of, saying he would not talk about the past, but the future. Rights advocates and survivors of the martial law era under his father protested Marcos Jr’s inauguration, which took place at a noontime ceremony at the steps of the National Museum in Manila. Thousands of police officers, including anti-riot contingents, SWAT commandos and snipers, were deployed in the bayside tourist district for security. Chinese Vice President Wang Qishan (王岐山) and US Vice President Kamala Harris’ husband, Doug Emhoff, were among foreign dignitaries attending. In Taipei, the Ministry of Foreign
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