38% less workers on furlough
The number of workers in Taiwan on unpaid leave has dropped 38 percent over the past two weeks, the Council of Labor Affairs said yesterday.
As of Thursday, 20 companies had reached agreements with their employees on unpaid leave, with 1,365 workers currently on furlough, the latest statistics from the council showed.
The figure represented a 38 percent decrease from May 15, when 2,207 workers from 24 companies had agreed to take unpaid leave.
The labor council said that as of Thursday, 1,558 workers from 19 companies had signed up for a program to retrain furloughed workers. These workers receive NT$100 (US$3.39) for each hour spent in the training program.
The program provides training subsidies for employees whose work hours have fallen by 16 hours or more in two weeks.
Minister to attend meetings
Minister of Economic Affairs Shih Yen-shiang (施顏祥) was leaving for Russia yesterday to attend Asia Pacific Economic Cooperation (APEC) ministerial-level meetings focusing on regional economic integration, and trade and investment liberalization.
Shih is set to take part in the trade ministers’ meetings in Kazan on Monday and Tuesday, which will cover issues such as reducing trade barriers and increasing food supplies to meet the needs of businesses and consumers, the ministry said in a statement on Thursday.
Shih is expected to back the efforts of the US and Japan to expand the Information Technology Agreement, which removes tariffs from a number of high-tech products.
Shih and his delegation, comprising officials from the Council of Agriculture, the Ministry of Foreign Affairs and the Department of Health, are also scheduled to hold discussions with APEC members on bilateral trade issues.
TransAsia adds new China route
TransAsia Airways Corp (復興航空), a Taiwan-based mid-sized international carrier, launched flights to Sanya in China’s Hainan Province on Thursday.
TransAsia now offers two services a week between Taoyuan and Sanya, one on Mondays and the other on Thursdays. The carrier said it has also launched an eight-day group tour package that combines Sanya and Macau.
TransAsia provides services to 13 Chinese cities, including Shanghai, Xiamen, Tianjin, Chongqing and Hangzhou, to provide customers with access to tourist sites in northern, central, eastern, southern and western China.
The carrier said the routes to these Chinese cities account for about 30 percent of its revenue — NT$9.06 billion (US$303 million) last year — and the average load capacity of its flights to China exceeds 80 percent.
TSMC shares take beating
Shares of Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, took a beating yesterday as investors rushed to lock in the profits from the stock in the previous session, dealers said.
TSMC also fell after Goldman Sachs cut its recommendation on the stock to “neutral” from “buy,” and reduced its share-price estimate by 16 percent to NT$80, citing weak demand in China and Europe, they said.
TSMC dropped 6.11 percent, the most since Jan. 8, 2009, to close at NT$79.90 yesterday.
Goldman also downgraded United Microelectronics Corp (聯電), which dropped 4.2 percent to NT$12.55, to “sell” from “neutral.”
NT dollar slides
The New Taiwan dollar fell against the US dollar yesterday, declining NT$0.071 to close at NT$29.931. Turnover totaled US$1.02 billion during the trading session.
As Google expands its footprint in Taiwan, it plans to recruit software and hardware talent for its Google Nest smart device team, a chip development team, and teams to support its Pixel and Chromebook products, Google Taiwan said yesterday. Supply chain management talent will also be in demand, the company said at an online event. “There will always be openings for software engineers, hardware engineers and project managers,” Google Taiwan human resources head Vanessa Lu (呂亞樵) said. “The strength of the Taiwanese industry is very clear,” Lu said, adding that the company would continue to invest in Taiwan. Lu also doused some
Apple Inc’s iPhone 13 debut was met with a stock slump on Tuesday, keeping with a tradition of poor share price performance on the day new devices are unveiled. Shares of the technology giant sank after Apple executives, including chief executive officer Tim Cook, presented the new lineup of phones and other devices. The stock fell 1 percent to close at US$148.12 in New York trading. Prior to Tuesday, Apple’s shares fell on three-quarters of the days Apple unveiled new iPhones, data compiled by Bloomberg showed. Excluding Apple’s 8.3 percent rally on the day cofounder Steve Jobs announced the first iPhone in
BEATING SCHEDULE: Government plans are for nacelle assemblies to be totally local from next year, but Orsted Taiwan said that it was going ‘above and beyond’ Wind turbine manufacturer Siemens Gamesa Renewable Energy SA yesterday inaugurated Taiwan’s first nacelle assembly plant at the Port of Taichung, its first assembly facility for offshore nacelles outside Europe. Vice Premier Shen Jong-chin (沈榮津), a long-time champion of Taiwan’s ambitions to become a regional hub in the offshore wind farm industry, described the plant as a “milestone” at a ceremony at the plant. “The completion of Siemens Gamesa’s nacelle assembly plant is a milestone for the development of the offshore wind farm industry in Taiwan and a step toward localizing the supply chain,” Shen said. “This is only the beginning. My great hope
GOING PUBLIC: A merger with Poema Global Holdings should double Gogoro’s value to US$2.35 billion, as it rejects local markets to compete with global vehicle brands Gogoro Inc (睿能創意), an electric scooter maker and a battery swapping system provider, yesterday said it targets to launch an initial public offering (IPO) on Nasdaq via a merger with the special-purpose acquisition company (SPAC) Poema Global Holdings Corp in the first quarter next year. The combination would set Gogoro’s enterprise value at US$2.35 billion, more than doubling the US$1 billion value that defines a “unicorn.” The planned merger is also expected to provide proceeds of about US$550 million to Gogoro’s balance sheet, including an oversubscribed private investment in public equity (PIPE) of more than US$250 million and a trust of