The New Taiwan dollar sank to a three-week low as a deepening global economic slump encouraged investors to favor safer bets over emerging-market assets.
It weakened against the US dollar for a fourth day after overseas investors sold more of the nation’s shares than they bought in seven of the past eight days. Government estimates released after the close of trading showed that the economy is expected to shrink for a second quarter in the three months through next month, joining the US, Europe, Japan, Hong Kong and Singapore in recession.
“The decoupling story seems to be a no-show in the mess,” said Mitul Kotecha, global head of foreign exchange strategy at Calyon, a unit of France’s Credit Agricole SA.
“It’s less the credit concerns here and more economic concerns. There’s more downside for Asian currencies,” Kotecha said.
The NT dollar declined 0.4 percent to close at NT$33.405 after falling earlier 0.5 percent to NT$33.439, its weakest level since Oct. 29.
Eight of Asia’s 10 most-active currencies excluding the yen weakened yesterday and equities tumbled across the region.
Taiwan’s 10-year government bonds rose by the most in eight days, driving yields to a five-year low, as investors favored the safest assets.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
Artificial intelligence (AI) agents would supplant smartphones as the center of people’s digital lives, fundamentally reshaping personal devices and driving a major computing upgrade cycle, Qualcomm Inc CEO Cristiano Amon said yesterday. In his keynote speech for this year’s Computex trade show in Taipei, Amon said that the rise of "agentic AI" — AI systems capable of reasoning, planning and carrying out tasks autonomously — would transform how people interact with technology across phones, PCs, vehicles and wearable devices. Describing the technology as the next major evolution in computing, Amon said that "2026 is the year of agents.” For decades, smartphones have sat
RSS