More than 60 percent of small and medium-sized enterprises (SME) in Taiwan have yet to update their computer software to prevent the occurrence of a potential glitch known as the “centenary bug,” according to the results of a survey released yesterday.
The “centenary bug” could crop up mainly because, on earlier computer software, the year on the Republic of China (ROC) calendar is presented in two digits.
However, only 35.7 percent of local SMEs have completed software updates to prevent the problem, said Wang Yi-chih (王義智), an analyst at the Market Intelligence Center of the Institute for Information Industry that conducted the survey.
Furthermore, 20.3 percent of the companies polled were not even aware of the potential problem, Wang said.
With less than six months to go before the ROC enters its 100th year, the “centenary bug” has already hit state-owned Taiwan Power Co’s (Taipower, 台電) computer system.
As a result, astronomical electricity bills were sent to hundreds of Taipower customers earlier this month. In one case, a bill for NT$2,850 that was supposed to be dated the 7th month of the 99th year on the ROC calendar showed the date as the 90th month of the 9th year and the amount of the bill was about NT$70 million (US$2.2 million).
Noting that the “centenary bug” was unique to Taiwan, Wang said the government should publicize the issue more to heighten awareness among SMEs and to encourage them to test and update their computer software programs as soon as possible.
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.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
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
RSS