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May, 7, 2016

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Business > Asia
New gov't energy targets 'very, very, very' challenging
Premier Simon Chang (張善政) said yesterday it would prove "very, very, very challenging" for President-elect Tsai Ing-wen to meet the renewable energy targets she set during the presidential campaign.
 
The U.S. dollar rose against the New Taiwan dollar Friday, gaining NT$0.002 to close at the day's high of NT$32.281 as intervention by Taiwan's central bank helped the U.S. currency recoup its earlier losses, dealers said.
 
Shares in Taiwan took another beating, falling more than 1 percent to end below 8,400 points Friday after a plunge seen a session earlier as investors were motivated by steep declines on Wall Street overnight to unload large-cap stocks, dealers said.
 
Domestic gasoline and diesel prices are expected to move higher next week as international crude oil prices have been rebounding amid a weaker U.S. dollar, market sources said Friday.
 
Taiwan's gross domestic product (GDP) fell short of the government's forecast in the first quarter, registering minus 0.84 percent year-on-year growth, according to government figures released Friday.
 
Three companies listed on Taiwan's stock exchange will hold investor conferences in May as part of a Taiwan Stock Exchange Corp. (TWSE) initiative to boost transparency by having listed enterprises face investors and disclose information.
 
Citing national interest, the Australian government on Friday blocked a Chinese-led consortium from buying the nation's largest private land holding, a collection of Outback cattle ranches bigger than South Korea.
 
Asian stocks mostly fell Friday following losses in New York while concerns about the global outlook were reinforced after data showed the U.S. economy grew at its slowest pace for two years in the first quarter.
 
PetroChina shares plunged on Friday, after the mainland Chinese energy giant posted its first quarterly loss since listing overseas 16 years ago, as it struggled with the weak domestic economy and lower international oil prices.
 
With the incoming Democratic Progressive Party (DPP) government in support of liberalizing the power market to address the nation's power crisis, Taipower (台電) Chairman Huang Jung-chiou (黃重球) stated on Thursday that the government should have a "scapegoat" to take responsibility if it fails in these efforts.
 
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