The Ministry of Economic Affairs yesterday said it plans to propose revisions to the Mining Act (礦業法) next month, so they are unlikely to be reviewed in the legislature this session.
“We understand that the public wants the ministry to revise the act as soon as possible, but the ministry has its administrative procedures to go through before sending a draft to the Cabinet,” Bureau of Mines Secretary-General Hsu Ming-hung (徐銘宏) told reporters on the sidelines of a protest by environmentalists in front of the ministry in Taipei.
Environmentalist groups, including the Citizen of the Earth, Taiwan, the Wild at Heart Legal Defense Association, Taiwan and the Taiwan Society of Wilderness, yesterday urged the ministry to revise the act to forbid cement makers from extending their mining rights without undergoing environmental assessments.
The ministry on March 14 approved an extension to Asia Cement Corp’s (亞泥) mining rights in eastern Taiwan by 20 years.
On March 20, the legislature’s Economics Committee demanded that the ministry not approve any mining rights extensions before an amendment to the act is made.
The regulations allow cement makers to extend their mining rights without environmental assessments, and environmentalists claim that the ministry intentionally protected Asia Cement’s interests by abiding by the law instead of waiting for a revision of the act.
The ministry said it is reviewing its approval procedure and doing a safety assessment on Asia Cement’s projects in accordance with a request from the Economics Committee.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to
The US stock market has been on a tear, yet the country’s economy is in the dumps. So why do so many people believe — undoubtedly incorrectly — that the stock market has decoupled from reality? The economy many people experience, while bleak, is local, personal and, for the most part, either not publicly traded or plays only a small part in the stock market’s moves. To explain why these personal experiences have so little effect on equity markets, we must look more closely at the market role of the weakest industry sectors. The surprising conclusion: The most visible and economically vulnerable