A straw in the wind from Taiwan Inflation jumped to 6.9% YoY in July, distorted up by the public rent waiver last year The SHIBOR moved up whilst the PBoC conducted reverse repo 1H13 EPS 14% above consensus Solid 1H13, but outlook clouded by tax change Interim results below with net gearing at 100% H1 results in line, K&S project remains on track Rewarded for leading the cycle Clouds have cleared but still no sun US: So Far Away, So Close (II)