Survey pans cheap imports
A survey released by the Chinese National Federation of Industries (工總) showed yesterday that 158 items of low-priced imports, 102 of which are Chinese imports, pose a great threat to local industries.
South Korea lagged behind China with 65 such items, followed by India’s 63 items, Indonesia’s five and Vietnam with two, according to the survey.
The trade group’s survey, however, didn’t detail the items.
The majority of such items, or 63 percent, are steel-related products, which have negatively impacted the domestic steel sector, the survey found.
Siew touts energy technology
Vice President Vincent Siew (蕭萬長) said yesterday that Taiwan’s next big development opportunity will be in energy technology, an especially important sector considering the country’s dependence on imported energy.
“Many countries that failed to set their sights on green power in the past, such as the United States, have eventually realized the importance of promoting energy technology [ET],” Siew told the 2010 Taiwan-Jiangxi technology seminar.
“Last September, South Korea also set up a commission designed to make ‘ET’ one of its seven pillar industries by 2020,” with a goal of supplying its own energy needs by 2050 through the strategy, the vice president said.
Noting that green energy technology was also the focus at the 2010 Boao Forum, Siew said he could not think of any other sector that could offer Taiwan a new wave of economic progress as robust as the information technology industry has contributed in the past.
CAL, Garuda expand alliance
China Airlines (CAL, 華航), the nation’s largest international carrier, said yesterday it has signed an agreement with Garuda Indonesia to broaden their cooperative service to passengers traveling throughout Asia.
Under the new agreement, the two carriers will expand their codesharing, operate a joint frequent flyer program, strengthen cooperation in passenger and cargo flight service and jointly launch pilot simulator training programs.
Central bank issues CDs
The central bank issued NT$43.5 billion (US$1.35 billion) in certificates of deposit (CD) yesterday, less than the NT$57.6 billion that matured, the monetary authority said in a statement on its Web site.
NT dollar posts weekly drop
The New Taiwan dollar had a weekly decline on repeated intervention by the central bank to support exports as Europe’s debt crisis raised concern the global economic recovery will falter.
The monetary authority sold the NT dollar before the close of trading again yesterday, according to two traders familiar with the central bank’s operations, who declined to be identified.
The NT dollar dropped 1.3 percent this week as North Korea reiterated its threat of war.
“Maybe the central bank is in the market every day to push the NT dollar lower,” said Tarsicio Tong (湯健揚), a currency trader at Union Bank of Taiwan (聯邦銀行) in Taipei.
“Some foreign investors sold their stocks and are remitting money out because tension is increasing on the Korean peninsula,” Tong said.
The NT dollar dropped 0.2 percent to NT$32.250 against its US counterpart at the close yesterday, the weakest level this year, according to Taipei Forex Inc.
The currency declined beyond the NT$32 level this week for the first time since March. It could decline to NT$32.30 by next week, Tong predicted.
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