■ Huang to fill APEC post \nTheodore Huang (黃茂雄), president of the National Association of Industry and Commerce (工商協進會), has consented to serve as a representative of the APEC Business Advisory Council, the Ministry of Foreign Affairs said yesterday. \nHuang, also chairman of the TECO group (東元), will fill the vacancy left by Sayling Wen (溫世仁), late vice chairman of Inventec Co (英業達) who died last December, the ministry said. \nThe other two council representatives are Jeffrey Koo (辜濂松), chairman of Chinatrust Financial Holding Co (中信金控) and Henry Kao (高志尚), vice chairman of I-Mei Foods Co (義美食品). \nThe council is an advisory agency under APEC which serves to solicit the views of the business sector among APEC members for reference. Each APEC member can recommend three representatives to the council. \n■ Foreign reserves rise \nForeign-currency reserves, the third-highest in the world, rose for the 37th month to a record US$230.4 billion last month, the central bank said. \nThe reserves -- rising 0.1 percent from US$230.09 billion in June and an increase of US$23.77 billion from the end of 2003 -- mainly reflect returns from foreign exchange reserve management, the central bank said in a statement. \nTaiwan accounted for about 7 percent of global reserves. Japan, with US$798.6 billion, had a quarter of the worldwide total at the end of June. China had US$470.6 billion, or 14 percent of the total. \n■ Handset output up five-fold \nTaiwanese mobile handset makers churned out approximately 12.6 million units in the second quarter of the year, a five-fold increase compared with the SARS-affected second quarter of 2003, the government-funded research house Market Intelligence Center (市場情報中心) said in a statement yesterday. \nBoosted by the volume growth, handset output in terms of sales reached US$830 million in the second quarter, up 50 percent from a year ago while down 16.5 percent from the previous quarter, the center said. \nBut the shipment volume of Taiwanese mobile phones is expected to edge down one percent to approximately 12.5 million units in the third quarter, as both Western Europe and North America enter a slow season while markets in China and India are expected to see a weak demand for new handsets, according to the statement. \nTaiwanese makers' share of global mobile phone shipments stood at 8.4 percent in the second quarter of the year. \n■ Singapore firm wins contract \nSingapore Technologies Engineering Ltd's electronics unit said it won a S$61.4 million (US$36 million) contract to build a radio communications system for Taiwan's railway. \nSingapore Technologies Electronics, a unit of Southeast Asia's largest defense company, will build and install a digital communications system in the rail network of Taipei, to be finished by 2012. \nThe contract allows Singapore Technologies Electronics to "strengthen our position" in Asia's rail system upgrades, said company President Seah Moon Ming, in a statement to the stock exchange. \nSingapore Technologies Electronics has worked on Taiwan's rail projects since 1993 \n■ Taiwan dollar advances \nThe New Taiwan dollar yesterday traded higher against its US counterpart, advancing NT$0.018 to close at NT$34.155 on the Taipei foreign exchange market. Turnover was US$492 million.
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, is to issue NT$13.9 billion (US$469.5 million) in unsecured bonds to help fund its plan to expand production capacity, it said on Friday. In a Taiwan Stock Exchange filing, TSMC said the bonds would comprise three tranches: NT$5.7 billion payable over five years, NT$6.3 billion over seven years and NT$1.9 billion over 10 years. The interest rates would be 0.58 percent on the five-year bonds, 0.65 percent on the seven-year ones and 0.67 percent on the 10-year tranche, TSMC said. Capital Securities Corp (群益金鼎證券) is to serve as the main underwriter in