Steel maker cries foul
Taiwan has launched an investigation into a complaint by Tung Ho Steel Enterprise Corp (東和鋼鐵) that Japanese steel makers are escalating the dumping of hot-rolled H-beam steel products here, a Customs Administration official said yesterday. Tung Ho is one of leading steel manufacturers in Taiwan.
Taiwan has imposed anti-dumping tariffs ranging between 10.24 percent and 24.42 percent on Japanese hot-rolled H-beam steel imports since December, 1999 following a previous dumping investigation.
"Based on the Tung Ho Steel complaint, the current anti-dumping tariffs are not high enough to deter Japan from engaging in unfair trading practices," the official said.
Accounting change dropped
Taiwan dropped plans to require companies to count employee bonuses paid in stock as an expense, on concern that many local technology companies will be forced to forfeit a recruitment tool.
The Securities and Futures Commission dumped the idea after technology companies complained the new accounting rule would discourage use of bonuses and weaken their competitiveness, a local newspaper reported earlier, citing commission Chairman Chu Jaw-chyuan (朱兆銓).
The regulator has no plan to implement such a proposal, said a senior commission official, who declined to be identified.
Using stock options to recruit top engineers and managers has been widespread in technology industries.
TSMC raises shipment forecast
Taiwan Semiconductor Manufac-turing Co (TSMC, 台積電), the world's largest made-to-order chipmaker, would revise upward its fourth quarter shipments forecast and factory utilization rate, the company said in a statement yesterday.
The company attributed the forecast adjustment to "the recent pick up in the PC demand and the increased demand for communication products for Christmas season," TSMC Spokesman Harvey Chang (張孝威) said in the statement.
TSMC's wafer shipment would approximately equal to that for the third quarter and utilization rate is expected to be close to 60 percent, Chang said.
Business council gets new chief
Former US defense secretary William Cohen will succeed Frank Carlucci as chairman of the board of the US-Taiwan Business Council, the organization said Thursday.
Cohen, who served in the Clinton administration, will take up his post January 1, the council said in a press statement.
"His expertise and experience in policy and economic matters make him a perfect choice for this position," said Carlucci, also a former secretary of defense.
Hilton changes management
Hilton International Co and Kuo Yu Development Corp (國裕建設), the owner of Hilton Taipei, yesterday announced a joint statement that Hilton's management of the hotel will come to an end on January 1, 2003 and the hotel will be renamed as Cesar Park Taipei Hotel.
Hilton Taipei has been operated by Hilton International on behalf of Kuo Yu since 1972. But, because both parties now have its own new goals and directions, they agree to end this partnership, Chiang Tsun-hsin (江淳信), a general manager with Hung Kuo Group which owns Kuo Yu, said yesterday at a press conference.
The New Taiwan dollar yesterday continued to rise against its US counterpart, up NT$0.041 to close at NT$34.757 on the Taipei foreign exchange market.
Turnover was US$391 million, compared with the previous day's US$346 million.
STEPPING UP: The firm has also asked employees to work in split shifts from this week and to halt all but essential overseas business travel from next month Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has implemented a remote work policy for employees not on production lines in an attempt to curb the spread of COVID-19, the world’s largest contract chipmaker said yesterday. This is the first time in the Hsinchu-based company’s history that it has launched a large-scale remote work policy, joining global technology companies, such as Apple Inc and Google, that encourage employees to work from home. The chipmaker has also asked employees to work in split shifts from this week, it said. As the number of virus infections continues to climb worldwide, TSMC has urged employees to halt unnecessary
A two-hour drive south of Amsterdam in Veldhoven, workers decked out head-to-toe in protective gear toil in vast assembly halls. Before entering the inner sanctuary of the facilities, they meticulously layer on masks, gloves and special socks. A single speck of dust or a hair can have devastating effects on production. The result of all this painstaking process is an environment that is 10,000 times more purified than outside. As COVID-19 grips the world, it might just be the safest place to work right now. The teams belong to ASML Holding NV, which holds a de facto monopoly on the industry of
DBS Bank Ltd yesterday hacked its GDP growth forecast for Taiwan this year to 0.9 percent, down from its estimate of 2.3 percent two months earlier, in light of the COVID-19 pandemic and increasing financial market volatility. The bank’s latest forecast was even lower than London-based IHS Markit Ltd’s estimate of 1 percent, while other research institutes’ projections range from 1.6 percent to 2.6 percent. Taiwan’s economic momentum is being negatively affected by the pandemic, DBS said. The rapid spread of the disease from Asia to Europe and the US has dampened the bank’s previous expectation of a “V-shaped” global rebound in the
DOWNSIDE RISKS: Firms have a ‘very low’ chance of boosting investment returns in the next two years, making it hard for them to improve their capitalization, an analyst said Taiwanese life insurers wanting to improve their capital structure face strong headwinds this year, given prolonged low interest rates and economic impacts derived from trade protectionism and the COVID-19 pandemic, Taiwan Ratings Corp (中華信評) said on Friday. The local life insurance sector also still has high asset risks and such risks are susceptible to market volatility, the local arm of Standard & Poor’s Global Ratings said. Since last year, major financial holding companies — including CTBC Financial Holding Co (中信金控), Cathay Financial Holding Co (國泰金控) and Shin Kong Financial Holding Co (新光金控) — have announced plans to raise fresh capital to