Tue, Oct 04, 2016 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

INVESTMENT

Interest in Taiwan grows

A total of 66 companies yesterday expressed willingness to invest a total of NT$166 billion (US$5.3 billion) in Taiwan over the next three years at the Taiwan Business Alliance Conference in Taipei, the Ministry of Economic Affairs said. The potential investment, 6.4 percent more than the amount pledged last year, could create 15,458 jobs, the ministry said. It signed letters of intent with 20 of the companies for investments totaling NT$105 billion over the next three years. Investment Commission director-general Vivian Lien (連玉蘋) said the US had the most companies pledging investment, at 22, followed by Europe and Japan with 20 and 18 respectively. The government’s focus on five industries — “green” energy, an Asian Silicon Valley, biomedicine, smart machinery and defense and aeronautics — has attracted interest, Lien said, adding that 60 percent of the pledged investment was directed at those areas.

STEELMAKERS

Vice minister to lead CSC

China Steel Corp (CSC, 中鋼), the nation’s biggest steelmaker, yesterday said that Vice Minister of Economic Affairs Shen Jong-chin (沈榮津) would assume the top position at the 45-year-old firm after former chairman Andrew Sung (宋志育) retired on Friday last week, according to a company filing with the Taiwan Stock Exchange. Shen is to take control during an interim period before a final candidate is tapped by the ministry. Shen is to retain his job at the ministry.

TOURISM

Taipei rises in travel ranking

Taipei ranked 15th out of 20 of the world’s most popular cities for tourists, while rising to the seventh most popular option in Asia, according to MasterCard Inc’s Global Destination Cities Index, Taipei’s best showing in the ranking. Foreign tourists on average spend US$1,306 during visits to Taipei, surpassing the US$1,154 spent in Tokyo and US$1,206 in Seoul, MasterCard said. In addition, the number of foreign visitors to Taiwan this year has grown by 500,000 year-on-year to 7.35 million, MasterCard said.

AIRLINES

Tigerair to reassess routes

Tigerair Taiwan (台灣虎航), a budget airline that is a joint venture between Tiger Airways Singapore Pte Ltd and China Airlines (CAL, 中華航空), yesterday said that it would next year begin re-evaluating flights to Japan and Malaysia after sales failed to meet expectations. The budget carrier yesterday was the subject of scrutiny after netizens discovered that it had hiked its prices significantly, with some routes becoming more expensive than full-service airlines. Netizens said that the company is trying to deter travelers from buying tickets as it prepares to scale down operations.

STOCK MARKET

TAIEX edges up 0.73 percent

The TAIEX yesterday closed up 0.73 percent, at 9,234.20, reflecting nearly 1 percent gains in the Dow Jones Industrial Average and the NASDAQ on Friday last week. Turnover totaled an anemic NT$54.76 billion during the session. Trading in old economy stocks was mixed. Formosa Plastics Corp (台塑企業) rose 0.51 percent to NT$78.20, despite a protest against Formosa Plastics Group’s (台塑集團) steel unit in Vietnam on Sunday by local fishermen over pollution they say has destroyed their livelihoods. Plastics stocks rose 0.25 percent, while food and papermaking each surged by more than 1 percent. Flat-panel makers AU Optronics Corp (友達光電) and Innolux Corp (群創) rose 5.65 percent and 2.83 percent to close at NT$12.15 and NT$10.90 respectively.

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