Week in Review (June 7-13): US-Iran Near Peace Memo, SpaceX Goes Public, Taiwan Pork Returns to International Market

Key focuses of the week: a potential US-Iran peace memorandum, the SpaceX IPO, a strong earthquake in the Philippines, a tight presidential election in Peru, amendments to the Election and Recall Act, the return of Taiwanese pork to the international market, harsher penalties for drug-impaired driving, and a 29th consecutive month of negative population growth.

International News

★ US and Iran Exchange Fire After Apache Incident, Both Sides Claim to Be Near Signing Peace Memo On the 9th, a US Army Apache helicopter was shot down by Iran over the Strait of Hormuz, the second manned aircraft downed by Iran during the Middle East conflict; the two crew members were rescued. The US military immediately announced retaliatory airstrikes on Iran, with both sides exchanging fire three times this week. However, US President Trump announced on the 11th the cancellation of attacks on Iran because the "final points" of a US-Iran deal had been approved. Both sides stated on the 12th that they are close to signing a memorandum of understanding to end the war. A senior US official said the two sides have reached a consensus on the text, and Washington is expected to sign the preliminary agreement in the coming days.

★ Musk's Fortune Rivals Nations as SpaceX Soars 19.22% on IPO to Become World's 6th Largest Company US space exploration company SpaceX went public on the 12th, closing up 19.22%, with a first-day market capitalization of about $2.2 trillion, making it the world's 6th largest company. After the wave of Chinese company listings in the 2010s, Wall Street has not seen such a massive IPO for a long time. Amid the futuristic atmosphere created by SpaceX, the Dow, S&P 500, and Nasdaq indices all closed higher on the 12th. Founder and CEO Elon Musk's wealth skyrocketed, making him the first trillionaire. Investment banks Goldman Sachs and Morgan Stanley, which managed the listing, also earned about a hundred million dollars in underwriting commissions.

★ 7.8 Magnitude Quake in Philippines Kills 55; Medics Deliver Babies in Tents Under Scorching Sun On the 8th, a magnitude 7.8 earthquake struck Mindanao, Philippines, causing buildings to collapse and triggering tsunami warnings. According to The Guardian, the death toll had risen to 55 by the 13th. The earthquake displaced at least thousands of people, injured over 450, and four people are still believed to be missing. A tsunami of about 1 meter was observed on nearby coasts. Smaller tsunami waves were also observed in Indonesia, Palau, and even as far as southern Japan. In the hardest-hit province of Sarangani, some areas are only accessible by helicopter, and frequent aftershocks have slowed rescue operations. Damaged roads and collapsed bridges mean some communities will remain isolated for at least another week.

★ US Blacklists Alibaba, Baidu, BYD for Assisting Chinese Military The Pentagon on the 8th released an updated list of Chinese companies it believes are assisting the Chinese military, including e-commerce group Alibaba, internet search giant Baidu, and car manufacturer BYD. This Pentagon list does not formally impose sanctions on the companies, but under new regulations, the Pentagon will be barred from signing contracts with or making purchases from the listed companies in the coming years. Inclusion on the list also sends a message to Pentagon suppliers and other US government agencies about the military's view of these firms.

Domestic News

★ Revealing President's Grand Plan, C.C. Wei Says No More Need to Talk About Land, Water, or Power Shortages TSMC Chairman C.C. Wei, attending a joint groundbreaking ceremony for the Pingtung Science Park semiconductor supply chain zone on the 12th, said that President Lai Ching-te had proposed a grand plan to him to connect all reservoirs, so that "in the future, there will be no more talk of shortages of land, water, or power," but there is still a shortage of talent.

★ Legislature Passes Election Law Allowing Those with Suspended Sentences or Convertible Community Service to Run On the 12th, the Legislative Yuan passed the third reading of an amendment to Article 26 of the Public Officials Election and Recall Act, removing the disqualification for candidates who have received "a suspended sentence or a sentence of imprisonment convertible to community service." It also added that those convicted of crimes under the "Fraudulent Crime Hazard Prevention Act" cannot register as candidates.

★ Taiwanese Pork Returns to International Market After Eradicating Three Swine Diseases; First Batch of Processed Meat Exported to Singapore After Taiwan regained its status as free from foot-and-mouth disease, African swine fever, and classical swine fever in April, it has returned to the international market. Taiwan Farm Industry Co., Ltd. held a container sealing ceremony in Pingtung County on the 11th. The first batch of 500 boxes of sausages will be available at Sheng Siong Supermarket in Singapore on the 25th.