A national land restoration plan recently put forward by the Cabinet is expected to have an impact on some domestic industries, particularly the cement processing industry, an official said yesterday.
The plan -- formulated in line with a national land restoration draft bill, which is pending in the legislature -- stipulates that public land in high elevation areas or areas zoned for restoration should not be leased out to private companies for business usage.
Chen Tai-hsiung (
Taiwan Cement Corp (台泥), one of the country's major cement producers, said it does not expect the national land restoration plan to have any immediate impact on its business operations.
A corporate source said that Taiwan Cement has taken out leases on three mine areas around the nation for the extraction of rocks for the production of cement. The leases don't expire until 2017.
In addition, the source said, according to new extraction contracts, only 3 percent of the land is at an elevation of higher than 1,000m above sea level.
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
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