TAIEX hit by Cyprus worries
The TAIEX lost ground yesterday as the euro fell under pressure from a bank deposit tax set to take effect in Cyprus.
Financial stocks also took a hit, falling continuously after the opening of the session and finishing down about 2.3 percent.
Six other major sectors also closed down, although foodstuff stocks rose nearly 1 percent thanks to a drop in prices of raw materials.
The benchmark weighted index opened at 7,886.69 and closed down 116.15 points, or 1.47 percent, at 7,811.34, on turnover of NT$70.15 billion (US$2.36 billion).
A total of 1,237 stocks finished up, 3,855 closed down and 239 remained unchanged.
Furloughed worker numbers fall
The number of workers on furlough in Taiwan has dropped by 33 percent to 1,711 in the past two weeks, statistics released by the Council of Labor Affairs yesterday showed.
As of Friday, workers from 35 companies reached agreements with their employers to take unpaid leave, 1,396 of which are currently on furlough, the figures showed.
Most of the furloughed workers will take one to four days of leave each month, the council said.
The number represents a decrease from Feb. 28, when 2,547 workers from 42 companies had struck furlough agreemnets with their employers, 2,216 of which were on furlough at the time.
The figure is the lowest since Sept. 15 last year.
McDonald’s promotes breakfast
McDonald’s restaurants across the nation gave away more than 340,000 Egg McMuffins yesterday as part of a campaign to encourage people to start the day with a good meal.
Every one of the 346 McDonald’s stores in the country joined their counterparts in 30-plus other nations across Asia, the Middle East and Africa in handing out free Egg McMuffins between 7am and 10am.
McDonald’s Taiwan managing director Lynn Tan (陳麒亦) handed out the first free sandwich and led other senior executives in serving patrons at a Taipei outlet.
The Taiwanese McDonald’s stores gave away 1,000 free burgers during the promotional campaign, known as McDonald’s International Breakfast Day.
China names new regulator
Bank of China (中國銀行) chairman Xiao Gang (肖鋼) resigned from his post after he was chosen to head China’s top securities regulator, reports said late on Sunday.
Xiao was announced as the new head of the China Securities Regulatory Commission on Sunday, Xinhua news agency reported, citing the Shanghai Securities News and other financial reports.
Bank of China, one of China’s “Big Four” lenders, said Xiao resigned “due to the needs of national financial work,” in a filing to the Hong Kong Stock Exchange, without elaborating.
TAITRA inks deal with Missouri
Representatives of the Taiwan External Trade Development Council (TAITRA) and the US state of Missouri yesterday signed a memorandum of intent to jointly explore business opportunities in the Asia-Pacific market.
The deal was inked by TAITRA president and CEO Chao Yuen-chuan (趙永全) and Chris Pieper, acting director of the Missouri Department of Economic Development, to encourage businesses in the US to take advantage of Taiwan’s position as a regional economic hub.
Missouri exports to Taiwan include agricultural goods, industrial and electrical machinery, plastics, vehicles and chemical products.