Asia-Pacific markets fell Wednesday, with stocks in South Korea and Taiwan leading declines as major tech firms including chipmakers came under pressure after Barclays downgraded Apple. Apple shares dropped least 4% on Tuesday…
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Taiwanese President Tsai Ing-wen expresses hopes for long-term peaceful coexistence with Beijing and emphasizes the importance of Taiwan’s democratic procedures in deciding future relations. Tsai also calls for the resumption of exchanges with China and emphasizes Taiwan’s commitment to defending democracy in the face of global conflicts.
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Taiwan detected 11 Chinese aircraft crossing the median line of the Taiwan Strait as the island’s election campaign intensified. The aircraft included J-10 and J-16 fighters, H-6 bombers, and early warning aircraft. The Taiwanese government, which rejects Beijing’s sovereignty claims, has repeatedly offered talks with China. The main opposition party, Kuomintang, supports close ties with Beijing and has pledged to reopen dialogue if it wins the election.
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US President Joe Biden and Chinese President Xi Jinping will meet before the APEC summit in San Francisco to address the tense rivalry between their countries. The summit aims to prevent conflict and will cover global issues such as the Middle East conflict, Russia’s invasion of Ukraine, Taiwan, human rights, and fair trade.
DBS Group Chief Executive Piyush Gupta remains optimistic about India’s economy and the bank’s expansion plans in the country. While acknowledging the challenges in China, Gupta expressed confidence in the long-term prospects in India. DBS aims to triple its India business in the next three to five years, reaching revenues of $1.3 billion to $1.5 billion. Additionally, Gupta mentioned Indonesia as a potential market for greater capital allocation. DBS’s wealth management business has experienced recent inflows from Asia, Middle East, and Europe, and Gupta believes net inflows will continue to be strong.
Terry Gou, the founder of Foxconn and major Apple supplier, has resigned as a company board member. Gou recently announced his bid to become Taiwan’s next president. The move comes after Gou stepped down as Foxconn’s chairman in 2019. Foxconn cited ‘personal reasons’ for Gou’s resignation and stated that he had handed over leadership four years ago. Gou’s campaign team has not commented on the resignation.
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Taiwan’s defence ministry has reported renewed Chinese military activity, including fighter jets crossing the sensitive median line of the Taiwan Strait. The ministry spotted 12 Chinese military aircraft, of which seven crossed the median line. Taiwan has complained about increased military pressure from Beijing in recent years. The ministry has called on Beijing to immediately stop such unilateral acts.
After the United States commenting upon China being “fundamentally irresponsible” for being heavily accountable for climate havoc, China has spoken for the former in regards to the Taiwan situation. Chinese ambassador Qin Gang, has commented against US, implying that it “must bear full responsibility for current situation across the Taiwan Straits”.
Shaktikanta Das, the Governor of Reserve Bank, admitted the ineffective nature of Taiwan’s meddling by China on Indian market. The Governor commented that the trade coming in from Taiwan to India is at a low of just 0.7%, including the capital flows from FDIs and other interests, which aren’t at an upsurge either. “Impact on India is expected to be very, very, very negligible” he exclaimed.
