Vice Minister of Economic Affairs Yiin Chii-ming, at the head of a delegation made up of representatives of more than 30 firms, was to depart yesterday for Australia and New Zealand to explore trade and investment opportunities. \nThe trade promotion mission is the first organized by the Ministry of Economic Affairs, in cooperation with the Importers and Exporters Association of Taipei, since the containment of SARS late last month. \nThe business representatives in the delegation come from the domestic consumer electronics, hardware, plastics, automobile accessories, stationery, sporting goods, computer and telecommunications sectors. \nThanks to the containment of SARS and the conclusion of the US-led war in Iraq in the first half of this year, now is the right time for Taiwan companies to seek two-way trade and business opportunities with Australia and New Zealand as August is the high season for foreign traders in the two countries to place orders, business sources said. \nThe two economies, both rich in agricultural and mineral resour-ces, are complementary with Taiwan's manufacturing-oriented economy, the sources said. They added that Australia is also strong in the telecommunications, medical, biotechnology and environment-related industries and that there is a robust demand there for consumer and durable products and electrical engineering parts and components. \nIn an effort to broaden the possibility of bilateral cooperation, Yiin also invited over 20 Australian electrical-engineering and biotechnology and related government officials to take part in four professional round-table meetings in Sydney and Melbourne with their counterparts from Taiwan while he is in Australia. \nThe vice minister will also take the opportunity to invite them to participate in the 2003 Taiwan business Alliance conference slated for October in Taipei.
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Shin Kong Financial Holding Co (新光金控) yesterday said that its insurance unit would adjust its investment portfolio after being banned from buying new stocks a day earlier by the Financial Supervisory Commission (FSC). “We will research what we can do based on the commission’s specific instructions after we receive the regulator’s formal documents,” Shin Kong Financial spokesman Sunny Hsu (徐順鋆) told the Taipei Times by telephone. The commission on Tuesday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$941,722) for reckless investment, and demanded that the insurer reduce its overseas investment ratio from 43 percent to 39 percent. The fine would affect
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
EQUITIES TAIEX moves sharply higher The TAIEX moved sharply higher yesterday as buying focused on Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) after a strong showing by its American Depositary Receipts overnight. However, the gains were capped after the benchmark index breached 13,000 points and ran into technical hurdles, prompting investors to turn cautious, dealers said. At the end of the session, the TAIEX was up 131.11 points, or 1.02 percent, at 12,976.76. Turnover was NT$206.328 billion (US$7.04 billion), with foreign institutional investors buying a net NT$18.47 billion in shares, Taiwan Stock Exchange data showed. TSMC rose 2.92 percent to close at NT$458.