Category: Uncategorized

  • Taiwan President Tsai resigns as chair of ruling party after it suffers major defeat in local elections

    Taiwan President Tsai resigns as chair of ruling party after it suffers major defeat in local elections

    Taiwan’s President Tsai Ing-wen has resigned as chairman of the ruling party after it suffered a major defeat in Saturday’s local elections seen as a midterm test of her rule.

    In particular, her independence-leaning Democratic Progressive Party (DPP) lost the closely watched mayoral seat in the capital city, which was won by the rising star of the opposition Kuomintang (KMT), Mr Chiang Wan-an.

    About an hour after Mr Chiang claimed victory in Taipei, Ms Tsai announced she was stepping down as chairman to take responsibility for the DPP’s poor performance.

    “We humbly accept the outcome, and accept the decision of the Taiwanese people,” she said at a press conference, bowing deeply. She added that Premier Su Tseng-chang also offered to resign, but she has asked him to stay on.

    Mr Chiang had beaten both the DPP’s candidate, the former health minister Chen Shih-chung who was the face of Taiwan’s Covid-19 fight, as well as independent candidate Huang Shan-shan, who was the city’s former deputy mayor.

    “I will lead Taipei to realise its potential…. I want the world to see Taipei’s greatness,” the 43-year-old mayor-elect said in his victory speech while thanking his cheering supporters.

    Mr Chiang is set to replace Mr Ko Wen-je of the small Taiwan People’s Party (TPP), who cannot stand again after two terms in office.

    This contest was in the limelight, not only because it was for the highest post in the capital city, but also as it has been seen as a stepping stone to the presidency.

    The Taipei mayoral race was part of the island’s municipal elections where voters elect officials spread across nine levels of administration, ranging from neighbourhood chiefs to city councillors to mayors. More than 19 million Taiwanese, or 82 per cent of the population, were eligible to vote, including 760,000 first-time voters.

    In total, the KMT claimed victory in 13 of the 21 city mayor and county chief seats up for grabs, compared with the DPP’s five. Independent candidates took two seats, while the TPP took the mayorship in Hsinchu.

    Besides Taipei, the KMT’s Simon Chang snatched the Taoyuan mayorship from the DPP, whose office-holder Cheng Wen-tsan had reached his two-term limit. The fight to retain this seat had been challenging for the ruling party throughout its campaign after its original nominee, Mr Lin Chih-chien, was forced to withdraw following a plagiarism scandal.

    While these elections focus on local issues such as a neighbourhood’s road improvement work or a city’s recycling efforts, they have important implications for the different political parties as they set the stage for Taiwan’s presidential and legislative elections in 2024. Ms Tsai must step down then as president as she cannot stand again because of term limits.

    The local elections also have little to do with issues such as cross-strait tensions, though the DPP had attempted to bring the China factor into its campaign.

    Beijing, which views Taiwan as a breakaway province to be reunified with the mainland one day, by force if necessary, has stepped up military pressure on the island in the wake of United States House Speaker Nancy Pelosi’s visit in August, which China viewed as an infringement of its territorial integrity.

    The DPP played up its strategy of “resisting China and protecting Taiwan” at a time of Chinese aggression in the hope that this would work to its advantage against the Beijing-friendly KMT.

    “Taiwan is facing strong external pressure. The expansion of Chinese authoritarianism is challenging the people of Taiwan every day to adhere to the bottom line of freedom and democracy,” Ms Tsai told supporters late on Friday. She has also said multiple times on the campaign trail that the election results will influence how the world views Taiwan.

    But experts noted how this campaign strategy never took off at these elections.

    “At the local elections, voters don’t really care about party identification. They care more about personalities and the competency of specific candidates,” said Professor Wang Yeh-lih, a National Taiwan University political scientist.

    Along with the local government elections, a referendum was held asking if the voting age should be lowered from 20 to 18. But it fell short of the threshold needed to pass, dealing a blow to groups pushing to bring the island’s voting age in line with most other democracies.

  • Central bank digital currency (CBDC)

    Central bank digital currency (CBDC)

    We are building the capability to issue a digital version of the Canadian dollar—known as a central bank digital currency (CBDC)—that Canadians can trust and rely on so we can be ready should the need arise. Currently, we do not have plans to issue a digital currency. Ultimately, Parliament and the Government of Canada will determine if or when to issue a CBDC.

    https://www.bankofcanada.ca/research/digital-currencies-and-fintech/projects/central-bank-digital-currency/

    WATCH THIS:

    https://www.google.com/search?q=Central+Bank+Digital+Currency+UK+Youtube&rlz=1C1ONGR_enCA1025CA1025&sxsrf=ALiCzsaO7McxtxF1keDl4-R3nmi3CfBDbw:1669498894333&ei=DoiCY_75E9ucptQPnNqMaA&start=10&sa=N&ved=2ahUKEwj-uLKE6Mz7AhVbjokEHRwtAw0Q8NMDegQIBRAW&biw=1536&bih=743&dpr=1.25#fpstate=ive&vld=cid:9a80030c,vid:GaMORJCLNdM

  • Calendar: Nov 28 – Dec 2

    Calendar: Nov 28 – Dec 2

    Monday, November 28

    (830 am ET) Canada current account balance

    Earnings include: Pinduoduo Inc.

    ==

    Tuesday, November 29

    Japan jobless rate and retail sales for October

    Euro area economic and consumer confidence indexes

    (830 am ET) Canada real GDP for the third quarter. BMO expects an annualized growth rate of 1.5%, with a flat reading for September.

    (9 am ET) U.S. S&P CoreLogic Case-Shiller 20-city Home Price Index for September. Consensus is for a 1.2% drop from August, but with prices up 10.7% year over year. Also FHFA House Price Index to be released.

    (10 am ET) U.S. Conference Board consumer confidence index for November. Consensus is for the index to fall to 100 from October’s 102.5.

    Earnings include: Bank of Nova Scotia; Hewlett Packard Enterprise Co.; Intuit Inc.; Shaw Communications Inc.; Workday Inc.

    ==

    Wednesday, November 30

    China PMIs and industrial production

    Euro area CPI for November, plus German unemployment data and the latest GDP readings from France and Italy.

    (815 am ET) U.S. ADP National Employment Report for November.

    (830 am ET) U.S. real GDP for the third quarter. Consensus is for annualized growth of 2.7%.

    (830 am ET) U.S. goods trade deficit for October.

    (830 am ET) U.S. wholesale and retail inventories.

    (945 am ET) Chicago PMI

    (10 am ET) U.S. pending home sales for October. Consensus is for a 5.2% decline.

    (10 am ET) U.S. job openings and labor turnover survey.

    (130 pm ET) Fed Chair Powell speaks in Washington on the economic outlook

    (2pm ET) U.S. Fed Beige Book

    Earnings include: BRP Inc.; National Bank of Canada; Royal Bank of Canada; Salesforce Inc.

    ==

    Thursday, December 1

    China Caixin manufacturing PMI for November. Japan capital spending, manufacturing PMI and consumer confidence data.

    Euro area jobless rate for October, plus German retail sales. UK manufacturing PMI for November and nationwide house prices.

    (830 am ET) Canada labour productivity for the third quarter.

    (930 am ET) S&P global manufacturing PMI for Canada for November.

    (830 am ET) U.S. initial jobless claims.

    (830 am ET) U.S. personal spending and personal income for October. Consensus is for rise of 0.8% and 0.4%, respectively.

    (830 am ET) U.S. core PCE price index for October. Consensus is for a rise of 0.3% on a monthly basis, or 5% from a year earlier.

    (945 am ET) U.S. S&P global manufacturing PMI for November.

    (10 am ET) U.S. construction spending for October. Consensus is for a drop of 0.2%.

    North American auto sales

    Earnings include: Bank of Montreal; Canadian Imperial Bank of Commerce; Dollar General Corp.; Toronto-Dominion Bank

    ==

    Friday, December 2

    Euro area producer price index, Germany trade surplus and France industrial production data.

    (830 am ET) Canada employment for November. BMO expects net job gains of 10,000 – well below the gains of 108,300 in October. It expects the unemployment rate to rise to 5.3% from 5.2%. Consensus is for average hourly wages to be up 5.4% from a year earlier, slightly below October’s 5.6% gain.

    (830 am ET) U.S. nonfarm payrolls for November. Consensus is for net job gains of 200,000, below October’s gains of 261,000, with the unemployment rate holding steady at 3.7%. Average hourly earnings are forecast to be up 4.6% from a year ago.

    Earnings include: Canadian Western Bank; Marvell Technology Group Ltd.

    Sunday, December 5

    OPEC+ meeting

  • Beijing grinds to a near halt as China’s capital city battles Covid with more lockdowns

    Beijing grinds to a near halt as China’s capital city battles Covid with more lockdowns

    • More and more apartment compounds in Beijing on Friday forbade residents from leaving for at least a few days.
    • “You constantly hear of someone going into lockdown and you have this constant feeling that you’re going to be next,” Joerg Wuttke, president of the EU Chamber of Commerce in China, said Friday.
    • It was not clear how many people were affected at a city level, and to what degree stay-in-place measures were being enforced.

    https://www.cnbc.com/2022/11/25/chinas-capital-city-beijing-battles-covid-with-more-apartment-lockdowns.html

  • Oil falls as supply-disruption fears ease amid Russian price cap talks

    Oil falls as supply-disruption fears ease amid Russian price cap talks

    PUBLISHED THU, NOV 24 202212:05 AM EST

    • Oil prices fell on Thursday, extending losses from the previous session, as fears of supply disruption eased on news that the Group of Seven (G7) nations were considering a high price cap on Russian oil.
    • A greater-than-expected build-up in U.S. gasoline inventories added to downward pressure.

    https://www.cnbc.com/2022/11/24/oil-falls-as-supply-disruption-fears-ease-amid-russian-price-cap-talks.html

  • Apple and Elon Musk’s Twitter are on a collision course

    Apple and Elon Musk’s Twitter are on a collision course

    • Musk wants to vastly increase the amount of money the company makes through subscriptions while opening up the site to more “free speech.”
    • This creates a risk that Twitter could violate Apple or Google’s app rules in a way that slows down the company or even gets its software booted from app stores.
    • Battle lines are being drawn. Last week, Musk complained about app store fees, which are between 15% and 30% of digital sales, in a tweet.

    https://www.cnbc.com/2022/11/23/apple-and-elon-musks-twitter-are-on-a-collision-course.html

  • China may have ‘passed the point of no return’ as Covid infections soar

    China may have ‘passed the point of no return’ as Covid infections soar

    • In the last few days, the mainland China daily Covid case count has climbed to around or more than 28,000 — near levels seen in April during a stringent lockdown in Shanghai, according to CNBC calculations of Wind Information data.
    • “China might have already passed the point of no return, as it’s unlikely to achieve zero Covid again without another Shanghai-style hard lockdown,” Macquarie’s Chief China Economist Larry Hu said in a report Tuesday.
    • In GDP terms, nearly 20% of China’s economy was negatively affected by Covid controls as of Monday, close to the high of 21.2% recorded in mid-April during Shanghai’s lockdown, Nomura’s Chief China Economist Ting Lu said, citing the firm’s model.

    https://www.cnbc.com/2022/11/23/china-may-have-passed-the-point-of-no-return-as-covid-infections-soar.html