Taiwan News Morning Briefing - March 14
Taiwan News
2014-03-14 09:02 AM
Market & Commodity

Taiwan stock market (TAIEX) opened 50 points, or 0.57 percent, lower on Friday at 8,697 on turnover of NT$2.40 billion.

■ Stocks were closing sharply lower as tensions flare up over Russia's presence in Ukraine. The Dow Jones industrial average fell 231 points, or 1.4 percent, to close at 16,108 Thursday, its worst loss in six weeks. The Standard & Poor's 500 index fell 21 points, or 1.2 percent, to 1,846. The Nasdaq composite fell 62 points, or 1.5 percent, to 4,260. (AP)

■ Benchmark U.S. crude for April delivery rose 21 cents to US$98.20 a barrel on the New York Mercantile Exchange. On Wednesday, the Nymex contract fell $2.04 to close at $97.99, its first close below $100 in a month. (AP)

World News

■ A Malaysia Airlines plane sent signals to a satellite for four hours after the aircraft went missing, an indication that it was still flying for hundreds of miles or more, a U.S. official briefed on the search said Thursday. (AP)

■ A 6.1 magnitude earthquake struck early Friday in the sea that separates three of Japan's main islands, about 100 miles southwest of Hiroshima, the Japan Meteorological Agency said.

■ Russia's communications agency has banned four websites notable for their criticism of the government, including one run by opposition figure and former chess champion Garry Kasparov. (AP)

■ The head of the International Monetary Fund says an IMF fact-finding team in Ukraine will begin negotiations with authorities to develop an economic reform program that could lead to financial help from the lending organization. (AP)

Local News

■ The Legislative Yuan started another day of review of the service trade pact with China Thursday amid widespread feuding. Opposition DPP legislators all left their seats soon after the opening, while ruling KMT legislators occupied the podium. The meeting ended up with an early intermission as the confrontation remained. (Taiwan News)

■ As anticipation for new phones continue to simmer, HTC is once again the favorite amongst foreign investors. In the past 4 trading sessions, foreign investors successively purchased close to 10 million HTC shares. Shares stayed strong throughout the trading day, topping NT$150 (above its short/mid-term moving average) and closed at NT$148. (Taiwan News)

■ The benefits of mobile phone chip manufacture MediaTek’s (2454) acquisition of MStar Semiconductor are demonstrated with a record high consolidated revenue of NT$ 15.73 billion for February. Institutional investors forecast continued optimism for MediaTek’s operational outlook. (Taiwan News)

■ The Executive Yuan on Thursday approved three draft amendments that will increase the personal freedom and rights of foreign nationals, pending passage in the Legislature. The amendments also cover the rights of immigrants from China, Hong Kong and Macao and include matters regarding deportation. (CNA)

■ An estimated 1,400 passengers were affected when four trains were delayed due to a problem with a switch near Taiwan High Speed Rail's Taipei station Thursday afternoon, according to the bullet train operator. (CNA)

■ An Air Force major and a karaoke club owner have been indicted for disclosing military secrets to China, prosecutors in Kaohsiung said Thursday. Maj. Hao Chih-hsiung, who served at the Air Force base in Pingtung County, and local businessman Wan Tsung-lin are accused of selling China classified information about Taiwan's E-2K early warning aircraft. (CNA)

■ Yen Da-ho, currently chief prosecutor of the Supreme Prosecutors Office, has been nominated to be the next state prosecutor-general, the Presidential Office announced Thursday. If the nomination is approved by the Legislature, Yen will succeed 64-year-old Huang Shyh-ming, whose four-year term expires in April. (CNA)

Taiwan's consumer price index (CPI) is likely to rise in March in reflection of higher pork prices, after a slight drop the previous month, a top government statistician said Thursday. (CNA)

■ A board representative of the Taipei-based China Aviation Development Foundation (CADF), one of the major shareholders of the Taiwan High Speed Rail Corp. (THSRC), was named Thursday as chairman of Taiwan's only high-speed rail operator. During a meeting of the company's board of directors that day, Tony Fan was elected to lead the THSRC after former head Ou Chin-der's abrupt resignation earlier this month. (CNA)

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