Revenue growth surges
Tax revenue in the first two months of this year saw its largest increase for the period since 1999, on the back of rising revenue from business income and tobacco and alcohol taxes, as well as customs duties, the Ministry of Finance said on Friday last week. Overall tax revenue from January to last month totaled NT$203.6 billion (US$6.95 billion), up NT$3.2 billion, or 1.6 percent, from a year earlier, the ministry said in a report. Last month alone, tax revenue fell NT$11.9 billion, or 17.5 percent, to NT$56.1 billion from a year earlier due to the effects of the Lunar New Year holiday.
Reserves up by US$997m
The nation’s foreign exchange reserves last month increased by US$997 million from a month earlier to US$456.72 billion, the central bank reported on Monday last week. Meanwhile, holdings of Taiwanese stocks, bonds and local currency-denominated deposits by foreign investors were down US$16.9 billion from a month earlier at US$409.2 billion. The foreign-held assets were equivalent to about 90 percent of the nation’s foreign reserves, down from the record 94 percent in January, reflecting a weaker local equity market in the month, the bank said.
Taiwan, Poland sign MOU
Taiwan and Poland have signed a memorandum of understanding (MOU) to promote cooperation in the development of financial technology, the Financial Supervisory Commission said on Tuesday last week. The agreement covers cooperation in a wide range of areas, including the establishment of an information-sharing system and an innovative enterprises referral mechanism between the two sides, the commission said.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the