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Mint
24-05-2025
- General
- Mint
A tea lover's reflection on tradition and change
This week, I indulged in some R&R (rest and relaxation), giving in to the intense summer days here in Puducherry. The afternoon lulls you into a state of inertia, and mirroring the life outside, I too chose to retreat inwards. This week also saw the International Tea Day (celebrated on 21 May) with the theme being 'Tea for better lives". There's a lot of preoccupation with the sustainability of the tea industry, in particular its financial viability. But this, as I discovered last month, is not new. Also read: Like coffee, hold a tea festival too? I spent half a day at the UPASI (United Planters' Association of Southern India) library in Coonoor. UPASI was formed back in 1893 and remains an important planters' body. My sights were set on the collection of old planters' magazines. In 1895, a weekly magazine was started for planters by planters, called Planting Opinion. Later, it changed to The Planter's Chronicle and it continues to be published. Besides the occasional 'light reading" and verse, it packs a lot of information. As I read through some of the issues from its earliest years, it was quite apparent that the problems of planters have not really changed a century later. Back then too, they were grappling with some of the same concerns, of pest and disease, of enough labour, of markets. UPASI (1893-1953) published in 1955 notes 'a shadow of depression was spreading over the industry" with 'under consumption" described as a problem. One contributor says that both coffee and tea were in trouble from 1898, adding 'there is a familiar ring in many of the discussions, which, taken from their context, might have occurred in 1931 or 1952." Or 2025, as we may add. A century gone and much has changed and yet, nothing has. True of tea as it's of the world. Also read: A call to support Darjeeling's tea gardens I look at the assortment of tea in my cupboard—some Darjeeling black, a Kangra gunpowder green, chunks of a tea brick I have been hacking away at, some Taiwanese Dong Ding from my recent acquisition with a yet unopened Baozhong oolong, a Ceylon green tea, some black tea from Nuwara Eliya that I am rationing—I am reminded of an atlas of land and water forms I had read years ago. Entire continents were marked solely on the basis of their land forms, not political borders. It was beautiful. When I see the teas in my cupboard, it is a tad messy in how they are stacked, but it's without borders and is comfortably neighbourly. I catch myself wishing the world finds harmony despite its deep divides. I choose the Baozhong, once famous as the Formosa oolong, recently sourced from Hsu Hao Sheng, who goes by the name Sean, at Trilliant Tea (accepts orders online). It is by far one of the most aromatic teas I have enjoyed recently, with an incredibly sweet fragrance, like the scent of flowers that bloom at night. I steeped it for 6 minutes in boiling water. It's a lightly oxidised tea, as seen in the still green leaves. The tea itself is flavourful and sweet but with these oolongs, it's the after taste I have come to await. And the Baozhong brought such sweetness, it's one of my favourites this year and I recommend it as one to linger with on moody days. Tea Nanny is a fortnightly series on the world of tea. Aravinda Anantharaman is a tea drinker, writer and editor. She posts @AravindaAnanth1 on X. Also read: Getting to know the Dong Ding oolong
Straits Times
18-05-2025
- Politics
- Straits Times
Taiwan President Lai's approval ratings dip ahead of 1st anniversary in office amid uncertain US ties
Taiwan President Lai Ching-te's disapproval rating of 47.3 per cent has overtaken his approval rating of 47.1 per cent. PHOTO: REUTERS – Heightened uncertainty over Taiwan's relations with the US has been a surprise challenge for Taiwan President Lai Ching-te, making his first year in office even harder than expected. Difficulties in navigating this challenge have contributed to his disapproval ratings rising, according to several polls published in the lead-up to his first anniversary on May 20. The latest survey results by leading pollster Formosa released on April 29 showed that Mr Lai's disapproval rating of 47.3 per cent has overtaken his approval rating of 47.1 per cent, the first time this has happened in this poll since he assumed office nearly a year ago. Another poll by opposition-leaning broadcaster TVBS published on May 16 put his disapproval rating at 55 per cent – a record high in his presidency – versus his approval rating of 32 per cent – a record low. Meanwhile, an April 16 poll by Taiwanese Public Opinion Foundation, which is aligned with Mr Lai's ruling Democratic Progressive Party (DPP), showed that 45.7 per cent of respondents disapproved of his job performance, the highest rating recorded; 45.9 per cent said they approved, the second-lowest recorded. Analysts say that while Mr Lai has not lost his core supporters entirely, the numbers suggest he is facing high levels of dissatisfaction among more moderate Taiwanese not aligned with the DPP or the main opposition Kuomintang (KMT). 'More and more Taiwanese think that Taiwan is a huge mess right now, whether it has to do with domestic politics or on the foreign policy front,' said Professor Yeh Yao-yuan, a political scientist and Taiwan studies expert at the University of St Thomas in Houston, Texas. 'The disapproval comes from those that were previously neutral towards Lai, but given all the challenges that he has had to face, it could have been much worse,' Prof Yeh told The Straits Times. Still, Mr Lai's approval ratings are better than that of his predecessor Tsai Ing-wen's first term in office in 2017, when her approval rating sank below 30 per cent according to several polls, from fallout from a set of controversial Bills including a draft same-sex marriage legislation. While Mr Lai, whom Beijing distrusts, was expected to face cross-strait tensions, as well as domestic turbulence in the opposition-dominated legislature, uncertainty over Taiwan's relations with the US has emerged as a surprise challenge. This is especially in contrast with the former Biden administration in the US, which had shown stronger and more direct support for Taiwan. While Taiwanese officials champion the island's closer relations with the US, scepticism about Washington as a reliable security partner has grown in Taiwan since US President Donald Trump took office. Despite not having formal diplomatic relations, Washington is Taiwan's most important security backer against Beijing, which claims the island as its territory. In February, the Taiwanese watched with alarm as Mr Trump pivoted towards Russia and undercut Ukraine, the latter whose fate is seen as a parallel to their own. Mr Trump slapping hefty tariffs of 32 per cent on Taiwanese goods in early April also left many Taiwanese bewildered, even if the duties are currently paused. Just on May 12, Mr Trump raised eyebrows after describing the results of the US-China trade talks in Geneva as being 'great for unification', though the US state department later clarified that he was not thinking of Taiwan when he made the comment. The word 'unification' is often used in the context of China annexing Taiwan. According to an April 25 survey published by Brookings Institution, the Taiwanese believe that the US is less trustworthy now than a year ago, when Mr Joe Biden was president. Some 15.9 per cent of Taiwanese said that the US was 'very untrustworthy', close to double the 8.2 per cent recorded nine months prior. 'Lai has always championed strong US-Taiwan relations, but the tariffs have left some wondering if the relationship is really as good as advertised,' said Associate Professor Chen Shih-min, a political scientist at National Taiwan University. Respondents from the same survey also said they felt less confident that Washington would support them in the event of a military conflict with China, with only 37.5 per cent of Taiwanese saying that it was 'likely' or 'very likely' that the US would step in, down from 44.5 per cent. The authors of the report, led by NTU Assistant Professor Lev Nachman, said that this question 'has never been direr for Taiwan.' 'If perceptions that the US will not help Taiwan increase, it will have major ramifications for how civil society will respond in the event of a military conflict over Taiwan,' the authors wrote, adding that research has shown that Taiwanese are more willing to participate in the island's defence if they believe the US will also be involved . Meanwhile, cross-strait relations have worsened as a more assertive Beijing ramps up military and diplomatic pressures against the island, holding several large-scale military drills surrounding Taiwan in recent months. On his end, Mr Lai has also used stronger language than his predecessors when it comes to Beijing, formally designating China a 'foreign hostile force' in a speech in March. That allowed him to justify measures he laid out to counter Chinese influence and espionage efforts, which include the resumption of military trials for soldiers accused of treason or spying, said Prof Yeh. 'By officially labelling China as an enemy, it gives the government the right to exercise its power in the interests of protecting national security,' he said. On May 14, China's Taiwan Affairs Office said that since taking office, Mr Lai's actions have proven that he is a 'saboteur of peace' and a 'crisis maker'. As for domestic politics, Mr Lai had been expected to face obstacles in governance, given that the ruling party does not have a majority in the 113-seat legislature. Parliament is controlled by an opposition coalition formed by the KMT and the smaller Taiwan People's Party, which has passed legislation curbing the president's powers. 'Lai's domestic political difficulties have been tougher than expected, as the opposition has made it almost impossible for his party to get anything done in Parliament. Every day, there's fighting in Parliament – literally,' said Prof Chen. However, Prof Yeh said that things may change should an ongoing campaign started in February to recall dozens of legislators tip the balance back in favour of the ruling party. Pro-DPP groups have filed recall motions against 34 KMT politicians and one independent aligned with the KMT, while the KMT has launched a counter-campaign targeting 15 DPP legislators. Recall votes could begin as soon as August. In the face of all these developments, it would be sensible for Mr Lai to avoid rocking the boat too much, experts said. 'Given all the challenges he's facing – what with concerns over US foreign policy, a very aggressive China, and little support from the legislature – it would be too risky for him to do anything too drastic at this time,' said Prof Yeh. 'Staying more reactive (rather than proactive) would be the best way forward.' Yip Wai Yee is The Straits Times' Taiwan correspondent covering political, socio-cultural and economic issues from Taipei. Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
16-04-2025
- Business
- Yahoo
Italy transfers $28 million to restore Ukraine's energy infrastructure
The Italian government has transferred the first 25 million euros ($28.3 million) installment to help rebuild Ukraine's war-damaged energy infrastructure, the Italian Embassy in Ukraine told the Kyiv Independent on April 16. The funds are part of a broader 200 million euros (around $227 million) initiative co-financed by the European Bank for Reconstruction and Development (EBRD). The disbursed funds are directed to Ukraine's state-owned energy company Ukrhydroenergo. The project aims to implement urgent measures to restore energy access, reinforce critical power grids, and ensure delivery of essential services in the hardest-hit regions. "This first financing is a concrete signal of Italy's strong support for Ukraine's energy sector, which has been severely tested by the war," said Italian Ambassador to Ukraine Carlo Formosa. The initiative is also part of a 125 million euros (approximately $142 million) Italian assistance package focused on energy security and Ukraine's reconstruction. The aid is being delivered in coordination with Ukrainian institutions and international partners. "The country's recovery begins with light, heat, and basic services that unite communities and make them resilient," Formosa added. Since the start of Russia's full-scale invasion in 2022, Moscow has systematically targeted Ukraine's civilian energy infrastructure. Although Ukraine agreed to a full 30-day ceasefire in U.S.-mediated talks held in Jeddah on March 11, Russia rejected the deal unless it included limitations on Ukraine's military and foreign aid. A partial ceasefire, covering energy infrastructure and the Black Sea, was reached instead. Russia has since violated the terms of that limited agreement. Read also: US softens demands on Ukraine minerals deal after Washington talks, Bloomberg reports We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Reuters
10-04-2025
- Business
- Reuters
Taiwan's Formosa cuts refinery run rate to 68% on planned maintenance
NEW DELHI, April 10 (Reuters) - Taiwan's Formosa Petrochemical Corp ( opens new tab is operating its refinery at 68% capacity this month, or about 370,000 barrels per day, down from 70% in March due to planned maintenance on one of its refining units, spokesperson KY Lin said on Thursday. Asian export powerhouse Formosa operates a 540,000 barrels-per-day refining complex in Mailiao. The company began an 84-day maintenance programme on its residue fluid catalytic cracking unit (RFCC) on March 3, Lin said. here. "We plan to keep operating rate lower at around the same level next month as well due to maintenance," he said. Formosa is currently running two of its three naphtha crackers at a combined rate of 60%, while its No. 2 cracker has remained offline for more than a year due to weak demand, Lin said. To supplement feedstock needs, the company purchased liquefied petroleum gas cargoes for the second half of May, according to trade sources. Formosa's flexi-feed crackers can substitute up to 30% of naphtha with LPG, depending on price spreads. "We have bought the cargoes as we plan to switch to LPG feed in May, but we will not increase operating rates as demand is lower," Lin said.
Leaders
19-03-2025
- Business
- Leaders
Forbes Middle East Most Valuable Banks 2025: Saudi Arabia in the Lead
Forbes Middle East has revealed its list for 30 Most Valuable Banks 2025, featuring banks from seven Middle Eastern countries. Saudi Arabia dominates the list with 10 banks, representing a total market value of $269 billion. Al-Rajhi Bank maintains its position on the top of the Forbes list, with a market value of $105.6 billion, accounting for 17.6% of the total market value of the 30 banks. 30 Most Valuable Banks 2025 The Forbes Middle East 30 Most Valuable Banks 2025 list has shown an increase in the combined market value of MENA's most valuable banks by 3.4% to reach $600.8 billion as of January 31, 2025, compared to $581.1 billion on February 23, 2024. The 2025 list includes banks from seven countries, 26 of which are Gulf-based. Saudi banks represents third of the list with 10 banks, followed by the UAE with 7 banks and a market value of $153.4 billion. Qatar comes next with 6 banks having a market value of $76.7 billion, followed by 3 banks for Morocco and 2 banks for Kuwait, valued at $23.7 billion and $68.4 billion, respectively. Al-Rajhi Bank Al-Rajhi Bank maintains its position as the most valuable bank in the region, serving 18.5 million customers across 550 branches in Saudi Arabia, Jordan, Kuwait, and Malaysia, as of December 2024. It has a total market value of $105.6 billion. In 2024, the bank reported a significant growth, increasing its net income by 18.7% to hit $5.3 billion and expanding its total assets by 20.6% to $259.8 billion. Saudi National Bank (SNB) With a total market value of $54.7 billion, the SNB ranks second in the Forbes list. The bank operates 481 branches, 21 retail service centers, and 93 QuickPay remittance centers in Saudi Arabia, having overseas branches in Bahrain, the UAE, Qatar, and Singapore, in addition to subsidiaries in Pakistan and Türkiye. The SNB served 14.4 million customers and recorded total assets of $294.4 billion, as of December 2024. Furthermore, the bank expanded into Taiwan's Formosa market in July 2024, issuing a $500 million five-year FRN bond under its $5 billion Euro medium-term note program. Riyad Bank The Riyad Bank comes in the 9th place, with a total market value of $23.4 billion. It operates 333 branches in Saudi Arabia, a branch in London, an agency in Houston, and a representative office in Singapore. In 2024, Riyad Bank's net income surged by 15.9% to reach $2.5 billion. Meanwhile, its total assets increased by 16.42% to $120.1 billion. Alinma Bank In the 10th place comes Alinma Bank, with a market value of $19.9 billion. It was established in 2006 as a Shariah-compliant banking services provider. As of December 2024, Alinma Bank served 5.5 million customers across Saudi Arabia. In 2024, the bank's net income surged by 20.5% to $1.6 billion. Moreover, it entered into a $756 million Murabaha financing agreement with Bahri to partially fund the acquisition of 9 modern oil tankers. Saudi Awwal Bank (SAB) The Saudi Awwal Bank secures the 11th spot on the Forbes list, having a market value of $19.7 billion. It has a network of 103 branches and 4,062 employees in Saudi Arabia. In 2024, the bank's net profit increased by over 15% to hit $2.2 billion. In December 2024, Saudi Awwal Bank issued a $1.1 billion SAR-denominated additional tier 1 Sukuk. Bank Albilad With a total market value of $13.3 billion, Bank Albilad comes in the 16th place. It offers Shariah-compliant banking services through more than 107 branches across Saudi Arabia. Moreover, Bank Albilad owns Albilad Investment Company, Albilad Real Estate Company, Enjaz Payment Services Company, and Financial Solutions Company for Investment. In 2024, the bank's net profit jumped by 18.5% to hit $748.4 million. Arab National Bank (anb) The 18th place goes for the Arab National Bank, with 122 branches in Saudi Arabia, 58 remittance centers, and one branch in the UK. It has a total market value of $11.4 billion. In 2024, the anb's net profit grew by 22% to reach $1.3 billion. Furthermore, the Saudi Real Estate Refinance Company extended its refinancing agreement with the Arab National Bank with an additional $133.3 million in May 2024. BSF Banque Saudi Fransi (BSF) secures the 19th place with a market value of $10.7 billion. It serves around 1.3 million customers across Saudi Arabia, through 81 branches, 393 ATMs, and 27,816 terminals. In 2024, the BSF's assets were values at $78.1 billion. The bank raised a $750 million five-year Asian syndicated loan from 26 investors in November 2024. Moreover, it issued a $750 million sukuk in January 2025. Bank AlJazira Bank AlJazira ranks 24th, having a market value of $5.15 billion. It provides Shariah-compliant banking services across 73 branches and 38 Fawri remittance centers in Saudi Arabia. In 2024, the bank's net profit grew by 20.7% to hit $328.3 million. It also issued a $266.7 million SAR-denominated additional tier 1 Sukuk under its $1.3 billion capital issuance program in January 2025. The Saudi Investment Bank (SAIB) SAIB secures the 26th place on the Forbes list. It has a market value of $5.03 billion, serving over 927,000 customers across 51 branches in Saudi Arabia. The bank's total assets recorded a growth of 20.5% in 2024 to hit $41.8 billion. In 2024, SAIB Venture Studio launched its first product, the SAIB Travel App. Short link : Post Views: 63
