Boasting management expertise and an impressive track record in revamping state-run enterprises, the new Minister of Economic Affairs Morgan Hwang (
But Hwang's performance in his first two days in office has been rather disappointing and has served only to raise even more doubts in the minds of the public.
The issue that most concerns the business community in the New Year is President Chen Shui-bian's (
Industry heavyweights were understandably keen to get a more explicit interpretation from the new economic minister, but although Hwang tried his best, his seemingly vague and contradictory explanation left reporters attending his first press conference yesterday none the wiser.
At his inauguration ceremony on Wednesday, Hwang said that all governments need to manage their economic policies, claiming that "active management" means "managing the crucial points," and that only through active management would the best results be achieved.
But when asked what the "crucial points" are that he aims to manage at the press conference the next day, the former business professor said that he needs some time to get to know what should be managed and what should not. Still more curiously, he added that the best management would be "no management at all," with businesses abiding by the current regulations.
Hwang appeared contradictory again when he was asked how he would run the ministry.
Running the ministry should be like running a service company, the new minister said, adding that he hopes the ministry will view companies as its customers and aim to fulfill their needs.
The chances of this happening seem slim however, as while local and foreign business groups have called for more liberal regulations on China-bound investments and the lifting of the 40 percent investment cap, Hwang insists that the priority should be maintaining the best interests of the nation.
He also failed to answer questions on his vision for planning and developing local industries and improving the investment environment, replying only that he would try his best to resolve the problems companies have encountered -- indicative of a rather conservative approach to boosting the local economy.
Some may attribute Hwang's out-of-sorts performance to the fact that he has just taken up his post. However, it should be remembered that when his predecessor, Ho Mei-yueh (
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01