China’s Xi warns of ‘grim’ situation with Taiwan
China’s President Xi Jinping (File image)
Chinese President Xi Jinping warned that relations between Beijing and Taipei were “grim” on Sunday, urging the island’s main opposition party to help seek “unification of the country.”
China views self-ruled democratic Taiwan as part of its territory and vows to retake it one day, by force if necessary.
Xi has become the most bellicose leader since Mao Zedong, describing the seizure of the island as “inevitable.”
In a congratulatory letter to Eric Chu – the newly elected leader of the Beijing-friendly Kuomintang (KMT) party – Xi said the Chinese Communist Party and the KMT should collaborate under a “shared political basis.”
“In the past our two parties insisted on ‘1992 consensus’ and opposing ‘Taiwan independence’ … to promote peaceful developments in cross- strait relations,” Xi said in the letter released by the KMT.
“At present the situation in the Taiwan Strait is complex and grim,” he said, urging the parties to jointly seek peace and “the unification of the country.”
Ties between Taiwan and China improved markedly under former president Ma Ying-jeou of the KMT between 2008 and 2016, culminating with a landmark meeting between Xi and him in Singapore in 2015.
The KMT has side-stepped frictions with China by accepting the so-called 1992 consensus – a tacit agreement that there is only “one China” without specifying whether Beijing or Taipei is its rightful representative.
In response, Chu said in a letter to Xi that the two sides should “seek common ground and respect their differences” to promote peace and stability in the Taiwan Strait.
Beijing has stepped up military, diplomatic and economic pressure on Taiwan since the 2016 election of President Tsai Ing-wen, who views the island as a sovereign nation and not part of “one China.”
Last year, Chinese military jets made a record 380 incursions into Taiwan’s defence zone, with some analysts warning that tensions between the two sides were at their highest since the mid-1990s.
On Thursday, China flew 24 warplanes including two nuclear-capable bombers into Taiwan’s air defence zone, the biggest incursion in weeks, after voicing its opposition to Taipei joining a major trans-Pacific trade deal.
Semiconductor issue | India in talks with Taiwan to bring chip manufacturing in South Asia
Almost all of the world’s semiconductors – the foundation of every-day electronics – are made by one company, Taiwan Semiconductor Manufacturing Co. (TSMC). But as demand for chips increases exponentially with the relentless march of technology, the company’s dominance puts the world in a vulnerable position as Taiwan remains the focal point of tensions between the US and China, which claims Taiwan as its own territory. In recent weeks, India and Taiwan have been working on a deal to bring chip manufacturing to South Asia. (Image: News18 Creative)
The trade talks between India and Taiwan come at a time when democracies across the world are boosting economic and military links to stand up against an increasingly assertive China. (Image: News18 Creative)
Taiwan’s world domination. (Image: News18 Creative)
TSMC has become indispensable to both US and China. (Image: News18 Creative)
TSMC invests heavily in cutting-edge chip factories (known as fabs). It has also stopped cutting prices. TSMC can charge between twice and three times as much per silicon wafer made using its most advanced processes, compared with what the next-most-advanced technology will fetch. (Image: News18 Creative)
Over the past few years, TSMC has increased its R&D spending. (Image: News18 Creative)
Gainers & Losers: 10 stocks that moved the most on September 27
The benchmark indices ended flat note on September 27, with the Sensex holding above 60,000. At close, the Sensex was up 29.41 points, or 0.05% at 60,077.88, and the Nifty was up 1.90 points, or 0.01%, at 17,855.10.
Zee Entertainment | CMP: Rs 319.90 | The scrip managed to close in the green after falling over 3 percent on September 27. Invesco, the largest shareholder in the firm is insisting on an extraordinary general meeting (EGM) to reconstitute the board and remove MD & CEO Punit Goenka. The demands of Invesco in the EGM are in contrast to the terms of the Zee-Sony non-binding merger announcement that leaves Goenka in charge as MD & CEO.
Reliance Industries | CMP: Rs 2,527 | The stock added over a percent after hitting a fresh record high on September 27. The investors are banking on the growth story of the company, thanks to the visible progress on the front of Reliance Aramco deal, rapidly increasing digital footprint of Reliance Jio, healthy growth prospects of Reliance Retail and the company’s plans for its renewable energy business, analysts said. Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Hindustan Copper | CMP: Rs 109.85 | The share price ended in the red on September 27. The government plans to sell up to 31,98,646 equity shares through an offer for sale to the eligible employees at a price of Rs 116 a share. The employee OFS will remain open from September 27 to September 29.
PVR, Inox Leisure | Multiplex chain operators PVR, INOX Leisure gained on September 27 following the Maharashtra government’s decision to reopen theatres and auditoriums from October 22, with COVID protocol in place. PVR closed with gains of 5 percent at Rs 1,591.30, while Inox Leisure jumped 7 percent to need the day at Rs 373.95.
AstraZeneca Pharma | CMP: Rs 3,120 | The stock price ended in the green after the company received import and market permission from the Drugs Controller General of India (DCGI) for Selumetinib 10 mg & 25 mg capsules.
NBCC | CMP: Rs 47.35 | The share added over 2 percent after the company secured a work order for the construction of 2,000 social housing units at Hulhumale, Maldives on EPC basis. The total cost of the project is $130 million (Rs 968.50 crore approximately).
United Breweries | CMP: Rs 1,554.20 | The scrip shed over 3 percent after CCI penalised United Breweries India and Carlsberg India for carterlisation. The Competition Commission of India (CCI) on September 24 imposed penalties of around Rs 900 crore on the beer-making companies as well as their trade association All India Brewers’ Association (AIBA) for cartelisation.
Patel Engineering | CMP: Rs 18 | The share jumped over 8 percent after the firm bagged a Rs 1,251 crore Lot II Civil Work contract for 500 MW Teesta-VI hydroelectric project in Sikkim from Lanco Teesta Hydro Power Limited, a wholly0owned subsidiary of NHPC Ltd.
Nucleus Software | CMP: Rs 597 | The stock ended in the red on September 27. The company board approved buyback of up to 22,67,400 equity shares (7.81% of paid up equity) at Rs 700 a share for an amount up to Rs 158.71 crore.