Cabinet passes job plan
The Cabinet approved a four-year job creation project aimed at reducing unemployment at a meeting presided over by Premier Liu Chao-shiuan (劉兆玄) yesterday.
The project calls for the creation of an estimated 55,000 job opportunities each year, or about 200,000 jobs in four years, which would eventually contribute to lowering the unemployment rate by 3 percentage points, officials from the Council for Economic Planning and Development said.
The government will provide annual funding of NT$6.6 billion for the project, which will cover 53 sub-programs. These will mainly involve the expansion of cooperation programs between the academic and industrial sectors, expansion of vocational training programs, wage subsidies to business owners to boost job openings and assistance for start-ups and self-employed entrepreneurs, council officials said.
Cathay plans bond issue
Cathay Financial Holding Co (國泰金控), the nation’s biggest financial service provider, said yesterday it planned to raise up to NT$20 billion (US$610 million) by issuing corporate bonds to improve its financial structure.
The company plans to use the proceeds to boost its risk-based capital ratio, it said in a filing to the Taiwan Stock Exchange.
Cathay Financial also plans to use part of the funds to subscribe to the share sales of its life insurance arm, Cathay Life Insurance Co (國泰人壽), the statement said.
The board of Cathay Life also approved a NT$15 billion fund-raising plan yesterday. The life insurer plans to sell 300 million preferential shares at NT$50 per share.
HTC posts healthy revenues
HTC Corp (宏達電), the world’s largest manufacturer of Windows-based smartphones, reported yesterday that revenue last month reached NT$16.04 billion (US$489 million), an increase of 22.4 percent from October last year.
For the first 10 months of the year, HTC’s total revenues hit NT$121.22 billion, a growth a 30.8 percent from the same period last year, the company said in a statement.
Buyback rules loosened
The Financial Supervisory Commission (FSC) said yesterday it will temporarily scrap the rule that requires brokerages to have posted no losses in their most recent annual and semi-annual financial reports to conduct share buybacks.
The requirement will be scrapped until March 31 next year, in consideration of the current state of the securities market and the nature of brokerage business, the statement said. The waiver applies to brokerages that are listed on the Taiwan Stock Exchange and over-the-counter market.
Lee Chi-hsien (李啟賢), director-general of the Securities and Futures Bureau, said the move will allow brokerages that had posted profits until this year to conduct share buybacks.
Qisda posts slight sales growth
Qisda Corp (佳世達), a local electronics maker and a spin-off of BenQ Corp (明基), said revenues came in at NT$9.85 billion last month, up 2.3 percent from the previous month but down 11.1 percent from the same month last year.
The company was cautious on fourth-quarter prospects, retaining its projector shipment target of 3.5 million units with average selling price trending downward.
Mobile device shipments are expected to reach 200,000 units, it said.
NT dollar gains ground
The New Taiwan dollar continued gaining ground against the US dollar on the Taipei Foreign Exchange yesterday, rising NT$0.011 to close at NT$32.819.
A total of US$1.28 billion changed hands in the day’s trading.
CAUTIOUS RECOVERY: While the manufacturing sector returned to growth amid the US-China trade truce, firms remain wary as uncertainty clouds the outlook, the CIER said The local manufacturing sector returned to expansion last month, as the official purchasing managers’ index (PMI) rose 2.1 points to 51.0, driven by a temporary easing in US-China trade tensions, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The PMI gauges the health of the manufacturing industry, with readings above 50 indicating expansion and those below 50 signaling contraction. “Firms are not as pessimistic as they were in April, but they remain far from optimistic,” CIER president Lien Hsien-ming (連賢明) said at a news conference. The full impact of US tariff decisions is unlikely to become clear until later this month
Popular vape brands such as Geek Bar might get more expensive in the US — if you can find them at all. Shipments of vapes from China to the US ground to a near halt last month from a year ago, official data showed, hit by US President Donald Trump’s tariffs and a crackdown on unauthorized e-cigarettes in the world’s biggest market for smoking alternatives. That includes Geek Bar, a brand of flavored vapes that is not authorized to sell in the US, but which had been widely available due to porous import controls. One retailer, who asked not to be named, because
CHIP DUTIES: TSMC said it voiced its concerns to Washington about tariffs, telling the US commerce department that it wants ‘fair treatment’ to protect its competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reiterated robust business prospects for this year as strong artificial intelligence (AI) chip demand from Nvidia Corp and other customers would absorb the impacts of US tariffs. “The impact of tariffs would be indirect, as the custom tax is the importers’ responsibility, not the exporters,” TSMC chairman and chief executive officer C.C. Wei (魏哲家) said at the chipmaker’s annual shareholders’ meeting in Hsinchu City. TSMC’s business could be affected if people become reluctant to buy electronics due to inflated prices, Wei said. In addition, the chipmaker has voiced its concern to the US Department of Commerce
STILL LOADED: Last year’s richest person, Quanta Computer Inc chairman Barry Lam, dropped to second place despite an 8 percent increase in his wealth to US$12.6 billion Staff writer, with CNA Daniel Tsai (蔡明忠) and Richard Tsai (蔡明興), the brothers who run Fubon Group (富邦集團), topped the Forbes list of Taiwan’s 50 richest people this year, released on Wednesday in New York. The magazine said that a stronger New Taiwan dollar pushed the combined wealth of Taiwan’s 50 richest people up 13 percent, from US$174 billion to US$197 billion, with 36 of the people on the list seeing their wealth increase. That came as Taiwan’s economy grew 4.6 percent last year, its fastest pace in three years, driven by the strong performance of the semiconductor industry, the magazine said. The Tsai