HP Taiwan head announced
Hewlett-Packard (HP) Taiwan Ltd yesterday announced the appointment of Jonathan Yang (楊人捷) as its new head.
Yang will assume roles as managing director of HP Taiwan and vice president of HP global operations, effective beginning June 18, a company statement said.
He took over from Rosemary Ho (何薇玲), who resigned in March.
Yang will be responsible for HP's overall business operations in Taiwan and also overseeing the Technology Solutions Group, which provides storage, software and services to enterprises and the public sector.
Before joining HP, Yang was vice president for worldwide global services at Foxconn Technology Group (富士康科技集團), where he helped to set up global services infrastructure to propel high-growth strategies.
Microsoft eyes Yellow Pages
Microsoft Corp is in talks to buy a stake in the Yellow Pages unit of Chunghwa Telecom Co (中華電信), an official at the nation's largest telephone operator said.
Chunghwa is considering a proposal from Microsoft, Michael Lee (李誠偉), special assistant to Chunghwa's chairman, said, declining to specify financial terms. The Taipei-based company is also interested in listing the Yellow Pages unit, Lee said.
NT dollar loses ground
The New Taiwan dollar lost ground against its US counterpart yesterday, in line with the yen, dealers said.
The NT dollar fell NT$0.015 to close at NT$33.385, the weakest level since Dec. 13, 2005, Taipei Forex Inc said. Turnover was US$1.114 billion.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to
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