Taiwan, Nicaragua talk FTA \n \nA second round of FTA bilateral consultations between Taiwan and Nicaragua has just been completed in San Francisco, marking a step forward in efforts for the two countries to eventually sign an FTA, the Bureau of Foreign Trade (BOFT) reported yesterday. \nOfficials headed by ROC Economic Affairs Vice Minister Steve Chen (陳瑞隆) on the Taiwan side and Alejandro Arguello, Nicara-gua's vice-minister of development, industry and commerce on the other, reached consensus upon the conclusion of the consultation on several issues, including market access, trade facilitation and cooperation for the attainment of a third round of such talks. \nIn detail, the two sides reached consensus on areas including animal quarantine, technical trade barriers, fair competition, labor, intellectual property rights, telephone and other telecommunications, investment and trade regulations as well as procedures. \nThe two sides agreed that the third round of talks will be held between Jan. 31 and Feb. 4 next year, in the hope that the two countries can complete their bilateral talks and ink a formal FTA in the first half of next year. \nApple to buy more computers \n \nApple Computer Inc will probably raise purchases of computers and other parts in Taiwan by about a quarter to US$5 billion next year, a Chinese-language newspaper reported, without saying where it obtained the information. \nApple may increase orders on optimism about sales of iMac personal computers and iPod digital music players, the report said. \nApple also hired more people at its Asia procurement office in Taiwan, where the company has about 100 employees, compared with about 20 when it was set up three years ago, the paper said. \nChina Steel may up bonus \n \nChina Steel Corp (中鋼) may increase this year's annual bonus to employees on expectations of higher profits, a Chinese-language newspaper reported, without saying where it obtained the information. \nThe bonus would increase their annual pay to the equivalent of 26 months' salary from about 22 months last year, the Taipei-based newspaper reported. \nChina Steel, Taiwan's biggest steelmaker, on Oct. 16 said profits this year will exceed the NT$46.4 billion (US$1.4 billion) forecast made in June because of higher global all-round prices and stron-ger demand. \nFormosa ups Vietnam stakes \n \nFormosa Plastics Group (台塑) plans to invest an additional US$268 million on its textile manufacturing and power plant projects in Vietnam, a Chinese-language newspaper reported without saying where it obtained the information. \nThe additional investment will lift Formosa Plastics' total investment in Vietnam to about US$750 million, the Taipei-based newspaper said. \nFormosa Plastics is Taiwan's largest industrial group. \nNT dollar rises \n \nThe New Taiwan dollar rose against its US counterpart on speculation exporters will buy the local currency after US Treasury Secretary John Snow suggested his government won't act to curb the greenback's decline. \nThe NT dollar climbed NT$0.13 to close at NT$32.070 on the Taipei foreign exchange market. Turnover was US$754 million. \nThe local currency this year gained 6 percent against the US dollar. \n"The US probably still won't intervene to buy its currency," said William Chou, a currency analyst in Taipei at Hua Nan Commercial Bank (華南銀行). "Exporters may rush to buy NT dollars after the currency rises beyond NT$32."
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the