The Ministry of Finance said yesterday that it intended to sell NT$120 billion (US$3.7 billion) in government bonds in the fourth quarter of the year to fund the state treasury and cope with special budget needs.
The ministry said in a statement that NT$90 billion of the NT$120 billion would be used to repay public debt, while the remaining NT$30 billion will be used to help meet general and special budget needs for infrastructure to boost domestic investment and the economy.
The planned fourth-quarter bond sales remain the same as the NT$120 billion sold in the current quarter, but 14 percent less than NT$140 billion in the fourth quarter of last year, ministry data showed.
The ministry is set to sell NT$40 billion in five-year bonds on Oct. 22, NT$40 billion in 20-year bonds on Oct 28 and NT$40 billion in 10-year bonds on Dec. 9.
Taiwan has issued government bonds worth NT$460 billion in the first three quarters, compared with NT$330 billion in the same period last year.
For the full year, a total of NT$580 billion will be sold this year, up from NT$470 billion last year.
Apart from plans to sell government bonds, the ministry is scheduled to issue NT$100 billion in treasury bills in the fourth quarter, down from the NT$110 billion it sold between July and this month.
The treasury bills will be used to help state coffers meet short-term capital needs and finance the government’s debt, the ministry said.
The issuance of these treasury bills includes NT$20 billion with maturities of 182 days on Nov. 10, NT$25 billion in 91-day bills on Nov. 25 and NT$30 billion in 273-day bills on Dec. 13.
Up to the end of this year, the government will issue NT$335 billion in treasury bills in total, down from NT$435 billion sold last year, ministry data showed.
The issuing of government debt is aimed to meet a shortfall in budget revenue and help fund public infrastructure projects.
The government is facing a revised NT$167 billion deficit for this year and an NT$159 billion deficit next year, the Directorate-General of Budget, Accounting and Statistics said on Aug. 19.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
NERVOUS MARKET: With the infection sources still unknown for three COVID-19 cases that had departed Taiwan, investors have become uneasy, an analyst said Local shares yesterday came under heavy downward pressure, falling more than 1 percent as renewed fears over a possible increase in domestic COVID-19 infections hit market sentiment after the nation last week reported a case related to a Belgian national. Selling focused on the bellwether electronics sector, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which pushed down the broader market as investors ignored gains posted by tech heavyweights on the US market at the end of last week, dealers said. The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign