■ March trade hit record high
Exports and imports last month hit a record high for this year, the central bank said yesterday. Exports earned US$16.91 billion in foreign reserves last month, while imports cost US$16.51 billion. These higher figures were due to increased demand for commodities and raw materials caused by a globally rebounding economy, according to the bank's statistics. This worked out at a trade surplus of US$402 million last month, with exports accounting for an increase of 26.2 percent and imports showing an increase of 37 percent year-on-year. For the first three months of the year, exports stood at US$47.1 billion, an increase of 26.4 percent, while imports stood at US$42.04 billion, a rise of 26.9 percent, from the same period of last year.
■ Keelung operation volume up
The operation volume recorded at Keelung Harbor last month increased from last month and year-on-year, with the loading and unloading volume of containers and bulk cargo the most significant, the Keelung Harbor Bureau said yesterday. The loading and unloading volume of bulk cargo increased 16.28 percent from the previous month and rose 7.54 percent year-on-year. The loading and unloading volume of containers totaled 180,574.75 TEUs (20ft equivalent units), an increase of 14.3 percent from last month and a rise of 3.19 percent year-on-year.
■ S&P revises Ritek outlook
Standard & Poor's Ratings Services said yesterday that it has revised its outlook for Taiwan-based Ritek Corp (錸德) from stable to positive. At the same time, it affirmed Ritek's "B+" corporate credit and senior unsecured bond ratings. The outlook revision was based on an improvement in the company's financial profile and overall operating performance as a result of better industry conditions and product mix, the rating agency said. "The ratings on Ritek reflect very competitive and cyclical industry conditions, the company's relatively aggressive financial policies and its weak long-term investments," it said.
■ Stock options to be taxed
The government plans to levy income tax on stock options granted to workers by publicly traded companies, a Chinese-language newspaper reported, citing unidentified people at the taxation department of the Ministry of Finance. The government plans to tax as personal income the difference between a stock option's exercise price and the underlying share price on the exercise day, the report said. The change in the tax code may take effect as early as this month and apply retroactively on stock options exercised last year, the report said. Minister of Finance Lin Chuan (林全) this month said he ruled out any major tax changes this year as the government looks for ways to fund an increasing budget deficit estimated to widen 13 percent to a record NT$257 billion (US$7.8 billion) this year.
■ NT plunges
The New Taiwan dollar had its biggest drop in six months, leading a decline in Asian currencies after a report showed US retail sales surged, raising speculation the US Federal Reserve will boost interest rates and lure funds. The NT dollar fell NT$0.122, or 0.4 percent, to close at NT$32.92 against its US counterpart on the Taipei foreign exchange market, its biggest decline since Oct. 14. Turnover was US$775 million. Investors are buying US dollars against Asian currencies because the Fed may raise rates "faster than earlier expected," said Steven Chang, vice president of global markets in Hong Kong at State Street Bank & Trust Co.
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