Financial Events for Upcoming Week (March 14)

1. Foxconn MIH Alliance Sees Over Hundreds of Japanese Suppliers Join

Foxconn's foray into the electric vehicle industry is seeing big gains, as The Nikkei reported that notable Japanese brands like Toyota, and auto part supplier Denso, which has invested in TSMC's Kumamoto factory project, are all slated to join Foxconn's MIH Alliance initiative. Other benchmark Japanese suppliers, such as Honda and Toshiba are also requesting to join the alliance. This marks a significant milestone for Foxconn's stake in the EV sector. (Visit EDN news website for more a detailed report) 　

2. Ukraninan president is willing to meet with Putin

As the Russian-Ukraine conflict wages on, Ukrainian President Volodymyr Zelenskyy revealed on March 12 that talks with Russia had become more "substantive," with the president expressing willingness to meet with Russian President Putin to discuss a possible ceasefire.

3. Taiwan's Central Bank confident of interest hikes in H1

Taiwan's Central Bank is slated to host this year's first chairperson meeting on March 17, with chief economists at Taiwan's top banks Sinopac Financial Holdings, Taishin Financial Holdings, Cathay United Bank, estimating that Central Bank Governor Yang Chin-long is highly expected to hike interest rates in the first half of 2022. This hike will become the first of its kind in the past decade, amid an increasingly hawkish Central Bank effort on reigning in the buoyant housing market.

4. Taiwan real estate and construction to see upheaval

The Taiwan real estate and construction market are seeing a two-pronged impact from global affairs, such as the Russian-Ukrainian conflict, as well as the domestic government's increasing efforts to stabilize the housing market. Other factors destabilizing the industry are rising prices in construction materials, making it more difficult than ever for retailers to maintain a profit, media reports say. A subsidiary of Huaku Development, one of Taiwan's top retailers, was reported to be rolling out a self-developed and self-sold project, the first of its kind in the 30-plus years of inception.

5. Nickel Chaos Prompts New-Energy Vehicle Price Surge in China

As prices for global commodities are rising, the recent nickel market surge prompted by the Russian-Ukrainian conflict and chaos in the nickel market as LME suspended trading after the metal's value more than doubled in two days last week. In addition, the chaotic nickel market has led to new-energy vehicle makers in China, the world's biggest market, to hike prices as well. Chinese media reported that approximately 20 companies had announced plans to raise prices since entering March, meaning the prices of around 40 models will be impacted.