Poland ready with liquidity
Poland’s central bank is ready to supply the country’s banking system with liquidity if a need arises and its intervention in the foreign exchange market will be random, Governor Marek Belka said late on Saturday. The current storms in the European economy carry a risk of shortages of available cash, Belka said at the sidelines of the IMF/World Bank fall meeting in Washington. “The central bank is ready to, if it becomes necessary, to supply liquidity to Polish banks,” he said. “They should feel secure. Even if the international banking system dries up they can count on us.” Belka also said that should the current destabilization in the country’s forex market continue, the central bank will carry out intermittent intervention aimed at keeping the rouble from sliding and spooking speculative investors.
Australia not crisis-immune
Australian Treasurer Wayne Swan sounded caution yesterday over Canberra’s plans to return to surplus next year, warning that Europe’s debt fears had delivered a “huge hit” to global confidence. Swan told ABC television from Washington there was a mood of “sober realism” among finance ministers at this weekend’s meetings of the G20 and IMF, with a “fair degree of concern” about the state of the global economy. Swan said Australia was not immune from Europe’s problems, tempering his previously strident promises of returning the budget to surplus by next year to 2013. “We’re determined to come back to surplus, but I just make the observation that these events globally have an impact upon global growth,” he said. “That has an impact upon domestic growth. That has an impact on revenue collections. And of course it makes it tougher to come back to surplus.”
Forecast both good and bad
Prime Minister Pedro Passos Coelho said on Saturday he anticipated a better-than-expected economic performance this year, but that the outlook for next year was gloomier than previously forecast, Dow Jones Newswires reported. He said in an interview that the economy would contract by 1.8 percent this year, better than the previously estimated -2.2 percent growth, but that he expected -2.3 percent growth next year, a downgrade on the -1.8 percent that had been predicted. He credited better domestic performance for this year’s upgraded forecast, but explained that the new figures for next year were brought on by a worsening global economic outlook. He said he expected a return to positive growth in 2013, at 1.2 percent.
Google feature tag launched
Google News has announced a twist in the automated news-feed algorithm: “featured” content selected from the stories it delivers every day. Google announced on Saturday that news organizations can add “standout” metadata tags to their best stories and the US edition of Google News may include a “featured” label when it displays a link to the story. There is no guarantee “standout” stories will be featured, the company said. If a news provider puts the standout tag on more than seven stories in a week, Google’s algorithm won’t factor in the tag from that company as much, or may ignore it, Google said. News organizations can also use a standout tag to highlight strong work by other providers. The plan was announced at the Online News Association conference in Boston.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s