Taiwan Financial Services Round-table (台灣金服會,TFSR) chairman Kevin Chien (簡鴻文) and secretary-general Mark Wei (魏寶生), arrived in Washington on Tuesday for talks on the prospects of a US-Taiwan conference aimed at boosting financial cooperation and exchanges between the two countries.
Chien and Wei were expected to meet with Steve Bartlett, president and CEO of the US Financial Services Roundtable (USFSR), yesterday for talks on the prospects of a US-Taiwan financial cooperation conference next year to be jointly sponsored by their respective organizations and the ROC-USA Business Council.
The US Financial Services Roundtable is a unique and influential trade association which is limited to the 100 largest financial service companies in the country.
Chien said that the TFSR signed a memorandum with the USFSR in March on bilateral cooperation, with both sides agreeing to take concrete measures, such as convening conferences, to jointly promote financial cooperation and exchanges between the two countries.
During their two-day stay in Washington, Chien and Wei were also expected to meet with Rupert Hammond-Chambers, president of the US-Taiwan Business Council, for talks on issues of mutual concern.
Chien and Wei will also take time to meet officials from George Washington University's School of Business for talks on the signing of a memorandum on academic exchanges between the school and financial service organizations and educational institutes in Taiwan.
NEW CONSIDERATIONS: An airline manager said the idea is tempting, as demand for air cargo is strong, but issues such as training loaders would need to be addressed Taiwanese airlines might repurpose passenger jets to carry cargo in their cabins to offset lost revenue amid the COVID-19 pandemic. Airlines are considering applying to the Civil Aeronautics Administration (CAA) for permission to transport cargo in passenger cabins after StarLux Airlines Co (星宇航空) last month became the first among the nation’s airlines to offer cargo-only flights using the normal cargo holds of its three Airbus SE A321neo passenger jets. “We are considering whether to increase our capacity by putting cargo on passenger seats,” Starlux spokesman Nieh Kuo-wei (聶國維) told the Taipei Times by telephone. “The advantage is that we can improve revenue,
GLOBAL CUTS: CEO Warren East said the firm’s focus was on strengthening financial resilience, so it would likely reduce salary costs by at least 10% this year Rolls-Royce Holdings PLC is scrapping its targets and final dividend to shore up its finances as the British aero-engine maker’s customers around the world ground planes due to the COVID-19 pandemic. Rolls-Royce, one of Britain’s most historic industrial names, which before the pandemic struck was trying to emerge from a multiyear turnaround plan, has suspended its dividend for the first time since 1987. The company’s engines power Airbus SE and Boeing Co’s widebody jets, but more than 60 percent of that fleet is now grounded, according to aviation data provider Cirium. Rolls-Royce is paid by airlines based on how many hours they fly. Over
PAINFUL CONTRACTION: Passenger loads in February on flights between Taiwan and China, Hong Kong and Macau fell by more than 90 percent compared with December Even with more than NT$450 billion (US$14.85 billion) in financial aid from the Executive Yuan’s expanded relief package, local tourism-related businesses are unlikely to rebound from the COVID-19 pandemic any time soon, a central bank report released last month said. The NT$1.05 trillion relief package includes NT$472 billion in financial assistance for tourism and transportation sectors, such as airlines, hotels, travel agencies, taxis and tour buses. However, a March 20 central bank report said that the effects of the COVID-19 pandemic on global and domestic economies are far greater than that of the 2002-2003 SARS epidemic, despite any benefits from delayed purchases
Taiwan’s GDP growth would slow to 0.2 percent this year as the COVID-19 pandemic would hurt the economy more severely than the government’s expanded relief measures could cover, Moody’s Investors Service said yesterday. Moody’s said that the pandemic’s effect on the economy has escalated from a temporary supply-side disruption of cross-strait trade to a global economic downturn. “The outbreak has evolved into a serious demand shock to Taiwan’s economy externally and domestically as the health crisis has swept the globe,” it said in a report. Taiwan is highly exposed to a global downturn because of its reliance on trade and cyclical industries. Export