New cut-off time for orders
The central bank has recommended that currency traders stop taking orders from clients 10 minutes before the 4pm close of the market in Taipei. The request aims to ensure banks have enough time to process orders and to strengthen risk management, the central bank said in a statement yesterday. Traders also have to inform the central bank about transactions exceeding US$1 million, the statement said. Three traders who asked not to be identified said that the central bank called domestic lenders on Monday and asked them to stop taking orders after 3:30pm. The monetary authority declined to comment on the discrepancy between its statement and the traders’ comments.
Workers on furlough down
The number of companies turning to furloughs to cut costs rose slightly in the first two weeks of this month, but the number of employees forced to take leave without pay was down, government figures released yesterday showed. As of Monday, 675 workers from 30 companies had reached agreements with their employers on furloughs, compared with 824 workers from 28 companies who had agreed to such arrangements two weeks earlier, the Council of Labor Affairs said. The number was down from the 4,450 workers who had agreed to furloughs with their employers at the end of last year.