Optimism has returned to financial markets thanks to improved economic conditions, lower investor risk aversion, and the stabilization of the oil price, the Bank for International Settlements (BIS) said on Sunday. \nIn its quarterly review, the BIS, which acts as a central banker to central banks and holds a portion of 140 central banks' international reserves, said "doubts among investors about the strength of the global economy receded" in recent months, paving the way for firmer financial markets. \n"Investors regained their appetite for risk as news pointing to a firming of growth accumulated, most notably in the United States," it said. \nThat helped equities markets rally to the highest levels in years last month while volatility slumped as concerns about the oil supply lifted. Even some disappointing results by big companies did not dent the overall sentiment in stock markets. \nInvestors' greater appetite for risk spurred interest in emerging market debt, which helped drive the so-called interest rate spread between bonds from such countries and US government bonds to lows not seen for years. \nOn the currency market, the BIS blamed the dollar's swoon in recent months on concerns about the US current account deficit. \nAgainst a backdrop of improved macroeconomic conditions and lower investor risk aversion, the international bond market saw brisk activity. \nNew net issue of short-term and long-term debt securities stood at US$325 billion in the third quarter compared with US$352 billion the previous quarter. \n"This small decline reflects reduced activity by borrowers in the euro area, Japan and the emerging economies, which was not fully offset by increased borrowing by entities located in the United States and offshore centers," the BIS said. \nTrading in derivatives, which has boomed in recent years, fell in the third quarter from the previous quarter with the combined value in interest rate, stock index and currency contracts declining five percent to US$288 trillion. Currency contracts was the only category to grow.
‘HERO OF THE ERA’: President Tsai Ing-wen expressed deep sadness at Lee’s passing, and told the government to assist his family with all their needs Former president Lee Teng-hui (李登輝) passed away at 7:24pm yesterday at Taipei Veterans General Hospital. He was 97 years old. The hospital stated the cause of death as septic shock and multiple organ failure. Lee had been hospitalized there since February, when he choked on a mouthful of milk at home. He was later diagnosed with pulmonary infiltrates and aspiration pneumonia. The hospital said that Lee had been treated with antibiotics, but that his health had not improved, as his advanced age and diabetes had inhibited his immune system and led to recurring infections. During his hospitalization, Lee underwent daily kidney dialysis, which removed
‘WEAK POSITIVE’: The man arrived in Taiwan in May and was quarantined for two weeks, Chen Shih-chung said, adding that he might be infected a long time ago The government is considering tightening mask-wearing rules again in light of a potential domestic COVID-19 infection, Minister of Health and Welfare Chen Shih-chung (陳時中) said yesterday. The Central Epidemic Command Center (CECC) confirmed seven new COVID-19 cases, six of which are imported. The other case involves a Belgian engineer who entered Taiwan on May 3 and remained in quarantine until May 17, said Chen, who heads the CECC. Although the source of infection has yet to be identified, the case could end the nation’s record of not having any domestic cases in the previous 110 days. The Belgian, in his 20s, is a technician
ROAD TO HISTORY: When Lee Teng-hui joined the KMT, the likelihood of a Taiwanese becoming ROC president, much less its first directly elected one, was hard to imagine Lee Teng-hui (李登輝), who was born on Jan. 15, 1923, in the farming community of Sanshi Village, Taihoku Prefecture — now New Taipei City’s Sanzhi District (三芝) — during the Japanese colonial era, and rose to become mayor of Taipei and not only the Republic of China’s (ROC) first Taiwan-born president, but its first directly elected one as well. Educated in the Japanese educational system of the time, Lee, who spoke Japanese, Hoklo (also known as Taiwanese), Mandarin and English, won a scholarship to Kyoto Imperial University, but his studies were interrupted by World War II. He earned a bachelor’s
BRIBERY CASE: President Tsai Ing-wen accepted Su Jia-chyuan’s resignation as he said that he deeply regretted causing trouble for the president due to the investigation Presidential Office Secretary-General Su Jia-chyuan (蘇嘉全) yesterday resigned after his nephew, Democratic Progressive Party (DPP) Legislator Su Chen-ching (蘇震清), was implicated in a bribery case related to a dispute over the ownership of Pacific Sogo Department Store (太平洋崇光百貨). “I resigned from the post so that President Tsai Ing-wen (蔡英文) would not be bothered by it anymore, and the prosecutors can investigate the case in a fair and just manner. I thank President Tsai once again for supporting me. May the country continue to prosper under her leadership,” Su Jia-chyuan said in a statement. The Presidential Office said that Tsai has accepted