The European Chamber of Commerce Taiwan (ECCT) yesterday called on the government to enhance transparency and predictability in drafting business rules and guidelines to benefit all stakeholders and the economy as a whole.
The group made the plea after cohosting an annual forum on international government transparency and public participation with the National Development Council (NDC) and government agencies.
“Transparency and predictability in the regulatory system are essential to business, and citizens and foreign residents expect Taiwan to achieve the same level of public participation and transparency as other developed nations,” ECCT chairman Hakan Cervell said.
Taiwan has a well-established legal system and procedures for amending laws and regulations, including a 60-day notice and comment period for drafts of all regulations, the chamber said.
However, there remain instances of policy changes that are not properly communicated, it said.
With sufficient transparency and meaningful consultation with business, potential problems can be discovered early on, an approach that not only benefits business, but also helps authorities identify problematic areas and make improvements before regulations are finalized, it said.
While Taiwan has adopted international standards and practices, there have been some instances where decisions were reversed without due cause and other instances where the regulatory process has not been transparent, it said.
Failures to follow due process, especially those not based on scientific evidence, risk undermining trust in the government and Taiwan’s international image, Cervell said.
The chamber also raised concerns over the misuse of administrative means to avoid legally required procedures.
The government should publish explanatory documents and include the full scope of regulations in formal announcements when making policy changes, the group said.
“A transparent, consistent and predictable regulatory system is in the best interests of all stakeholders and benefits the economy and the people of Taiwan,” Cervell said.
Good regulation initiative should ensure that decision-making is open and transparent, citizens and stakeholders can contribute throughout the legislative process and regulatory burdens on businesses, citizens and public administrations should be kept to a minimum, the chamber said.
Policy interventions and enforcement should also meet the principles of proportionality, accountability, consistency, transparency and targeting to be called successful, it said.
Government agencies should conduct extensive planning and analyses before proposing new laws or taking action and later evaluate how well laws are performing, it added.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion