Wed, Jul 05, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

TRADE

TAITRA, KOTRA to team up

The Taiwan External Trade Development Council (TAITRA, 外貿協會) is to deepen collaboration with the Korea Trade-Investment Promotion Agency (KOTRA) this year in an effort to help both Taiwan and South Korea’s small and medium-sized enterprises expand their overseas footprints, TAITRA said in a statement yesterday. TAITRA’s Taiwan Trade Web site is to exchange overseas marketing strategies with KOTRA’s Buykorea.com, TAITRA chairman James Huang (黃志芳) said, citing the results of a meeting with KOTRA president and CEO Kim Jae-hong. Huang said KOTRA would again organize a delegation to attend Taipei Computex’s InnoVex event next year, adding that TAITRA plans to attend South Korea’s Global Mobile Vision conference to create collaboration opportunities for start-ups from the two nations. In addition, Huang said TAITRA and KOTRA would exchange information on the Southeast Asian and Indian markets and promote each other’s trade events in local markets through their representatives.

ELECTRICTY

Supply to be tight: Taipower

Power supplies are to be under their greatest pressure next week and the situation will only ease mid-month, when two new generators at a power plant in Taoyuan are brought online, state-owned Taiwan Power Co (Taipower, 台電) said yesterday. Power supplies are usually tight in July, when temperatures spike, and Taipower has forecast that the operating reserve margin this week will hover between 5.78 percent and 10.17 percent, benefiting from lower temperatures due to afternoon thunderstorms over the past few days. However, due to gradual increases in summer temperatures, and the two generators at Dah Tam Power Plant in Taoyuan not being ready to begin generating until after the middle of the month, Taipower forecast heavy pressure on supplies next week.

BANKING

Taishin sues CHB over vote

Taishin Financial Holding Co (台新金控) yesterday said that it has filed a civil lawsuit against Chang Hwa Bank (CHB, 彰化銀行) aiming to nullify the outcome of a board of directors election held by state-run CHB on June 16, continuing a decade-long management dispute between the two companies. Taishin Financial said that it would contest the appointment of two board directors and two independent board directors by the Ministry of Finance, as well as a board of directors appointment by the National Development Fund (國發基金), due to suspected irregularities related to the electronic balloting system used in the election.

FOREIGN EXCHANGE

NT dollar falls to NT$30.528

The New Taiwan dollar yesterday fell against the US dollar, losing NT$0.1 to close at NT$30.528 as foreign investors funneled funds back to their home markets, dealers said. The weakness of other regional currencies and foreign institutional selling in local equities gave an additional boost to the US dollar, helping the currency close at its highest level since April 12, when the unit ended at NT$30.556 against the NT dollar, the dealers said. The greenback opened at NT$30.485 and moved between NT$30.400 and NT$30.530 before the close. Turnover totaled US$982 million during the trading session. Soon after the local foreign exchange market opened, the US dollar staged a rebound from a fall in the previous session and momentum accelerated as traders were encouraged by fund outflows to buy into the greenback, the dealers said.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top