■ Television
EU OKs Philips, TPV sale
The EU's executive commission said yesterday it had cleared the acquisition of parts of the computer monitor and flat-screen television business of Dutch group Philips by Hong Kong-based firm TPV Technology (冠捷科技). The companies agreed in December to combine their personal computer (PC) monitor and flat-screen television businesses. TPV will take over the original equipment manufacturer monitor business of Philips as well as production of some low-end flat screen products. Philips will in return get a 30 percent stake in TPV. Although the combined group would become the world's largest maker of PC monitors, the commission said it would continue to face strong competition from Samsung, LGE or BenQ.
■ Singapore
Unemployment rate grows
Singapore's unemployment rate in the three months to June crept up slightly to 3.4 percent from a revised 3.3 percent in the previous quarter as fresh graduates joined the search for jobs, preliminary estimates released yesterday showed. The manpower ministry said in its preliminary report that 27,700 jobs were created in the June quarter, an improvement from 17,800 in the previous three months and 10,900 for the same period last year. "All the major sectors saw higher employment growth compared with the preceding quarter and the same quarter in 2004," the ministry said. The manufacturing sector, a major pillar of the economy, generated 8,900 new jobs while the services sector created 15,200.
■ Malaysia
Auto industry to get boost
A highly anticipated new tax and tariff structure for Malaysia's troubled auto industry may be announced as early as this week, a report said yesterday. The government is expected to address several issues affecting the motor industry, including discrepancies arising from the changes in tax structure announced early this year, which have put local assemblers at a disadvantage compared with those in other regional countries, it said. Taxes for locally assembled and fully imported cars may be reduced, it said, but quoted a source familiar with the policy as saying that the government wants to ensure car prices remain unchanged and that no new taxes are expected. Malaysia had previously promised to cut tariffs on cars made by members of the Association of Southeast Asian Nations (ASEAN) to 20 percent this year and to five percent by 2008.
■ Australia
No rate rise: central bank
Australia's central bank indicated yesterday it will keep interest rates on hold at 5.5 percent through this year because of "evenly balanced" inflation. In its quarterly monetary policy statement, the Reserve Bank of Australia was upbeat about Australia's economy and the inflationary outlook while removing its previous reference to interest rates likely rising. The bank said the risk of inflation had subsided from previous quarters, easing the upward pressure on rates. Core inflation, which is currently 2.5 percent, should peak near 3 percent in the second half of next year and that rise should be limited, it said. The bank adjusts its benchmark interest rate to keep inflation within a range between 2 percent and 3 percent.
Taiwan is projected to lose a working-age population of about 6.67 million people in two waves of retirement in the coming years, as the nation confronts accelerating demographic decline and a shortage of younger workers to take their place, the Ministry of the Interior said. Taiwan experienced its largest baby boom between 1958 and 1966, when the population grew by 3.78 million, followed by a second surge of 2.89 million between 1976 and 1982, ministry data showed. In 2023, the first of those baby boom generations — those born in the late 1950s and early 1960s — began to enter retirement, triggering
ECONOMIC BOOST: Should the more than 23 million people eligible for the NT$10,000 handouts spend them the same way as in 2023, GDP could rise 0.5 percent, an official said Universal cash handouts of NT$10,000 (US$330) are to be disbursed late next month at the earliest — including to permanent residents and foreign residents married to Taiwanese — pending legislative approval, the Ministry of Finance said yesterday. The Executive Yuan yesterday approved the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例). The NT$550 billion special budget includes NT$236 billion for the cash handouts, plus an additional NT$20 billion set aside as reserve funds, expected to be used to support industries. Handouts might begin one month after the bill is promulgated and would be completed within
The National Development Council (NDC) yesterday unveiled details of new regulations that ease restrictions on foreigners working or living in Taiwan, as part of a bid to attract skilled workers from abroad. The regulations, which could go into effect in the first quarter of next year, stem from amendments to the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) passed by lawmakers on Aug. 29. Students categorized as “overseas compatriots” would be allowed to stay and work in Taiwan in the two years after their graduation without obtaining additional permits, doing away with the evaluation process that is currently required,
RELEASED: Ko emerged from a courthouse before about 700 supporters, describing his year in custody as a period of ‘suffering’ and vowed to ‘not surrender’ Former Taiwan People’s Party (TPP) chairman Ko Wen-je (柯文哲) was released on NT$70 million (US$2.29 million) bail yesterday, bringing an end to his year-long incommunicado detention as he awaits trial on corruption charges. Under the conditions set by the Taipei District Court on Friday, Ko must remain at a registered address, wear a GPS-enabled ankle monitor and is prohibited from leaving the country. He is also barred from contacting codefendants or witnesses. After Ko’s wife, Peggy Chen (陳佩琪), posted bail, Ko was transported from the Taipei Detention Center to the Taipei District Court at 12:20pm, where he was fitted with the tracking
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