This Week in Taiwan 0514-0520
May 14: The domestically-manufactured prototype of a submarine is expected to be launched in late September, and President Tsai Ing-wen will be invited to personally chair the ceremony. The Navy estimates that the submarine prototype will deploy 18 MK-48-6 heavy torpedoes in September 2024 and March 2025, with a maximum speed of 55 knots. The German-made SUT heavy torpedo used by submarines is 60 percent faster, and the maximum range is also increased by 25 percent.
May 16: The Legislative Yuan passed an amendment permitting same-sex couples to adopt unrelated children based on existing regulations of the Civil Code. In May 2019, the Legislative Yuan passed legislation permitting two people of the same sex to apply for household registration, effectively becoming the first country in Asia to legalize same-sex marriage.
May 16: Berkshire Hathaway founder Warren Buffett submitted a document to the U.S. Securities and Exchange Commission on May 15, showing that the company has cleared American Depository Receipt (ADR) holdings in the Taiwan Semiconductor Manufacturing Company (TSMC) in the first quarter. Berkshire invested $4.1 billion in the third quarter of last year to buy TSMC ADRs, holding 1.41 percent of its shares. It once ranked among the top 10 shareholders of TSMC but then sold 86 percent of its shares in the fourth quarter.
While attending the shareholders meeting on May 6, Mr. Buffett indicated that the relationship between the United States and China is becoming increasingly tense. Lamenting geopolitics, Mr. Buffett stated that he "feels better" investing in Japan than Taiwan.
May 16: It has been nearly seven years since President Tsai’s inauguration. According to the latest poll released by the Taiwan Public Opinion Foundation, the public is most satisfied with foreign relations with an approval rating of 61.5 percent, followed by national defense at 55.9 percent, and cross-strait relations at 54.9 percent. The public is most dissatisfied with the economy with a disapproval rating of 46.4 percent, epidemic prevention at 41.7 percent, and judicial reform at 39.5 percent.
May 17: The Kuomintang (KMT) announced that it would recruit Mayor Hou Yu-ih of New Taipei as its nominee in the presidential election. Hou stated that he is running to win national glory, Taiwan's prosperity, and another transfer of political power. Terry Gou, founder of the Hon Hai Precision Industry Company (Foxconn) congratulated Hou in a Facebook post. He will keep his promise and do his best to back Hou.
May 17: The Taiwan People's Party (TPP) officially nominated Chairman Ko Wen-je as its presidential candidate. Regarding the possibility of cooperating with other parties, Secretary-General Chou Tai-chu stated that the TPP can cooperate with any political party or individual, but the prerequisite is shared philosophy.
May 19: Thousands of people became victims in the im.B fraud case involving an online lending match-making platform attracting more than NT$5 billion (about US$163 million). The district office located in Yilan of Legislator Chen Ou-po of the Democratic Progressive Party (DPP) has been accused of being the base camp of prime suspect Tseng Kuo-wei's fraud group. Legislator Chen bowed and apologized saying that he had insufficient and inaccurate knowledge about Tseng but stressed that he did not participate in the fraudulent platform and money transactions. However, the legislator's apology has not stopped the bleeding. It is reported that Tseng previously had meals with former DPP premiers and ministers.
May 19: The Office of the United States Trade Representative (USTR) announced that the first agreement under the U.S.-Taiwan Initiative on 21st Century Trade will be signed soon. It is expected to deepen U.S.-Taiwan trade relations and strengthen bilateral trade exchanges. The Office of Trade Negotiations, Executive Yuan, stated that the two sides have completed negotiations on five issue areas, including trade facilitation and small and medium-sized enterprises, and look to sign the first agreement in the next few weeks.