The unemployment rate in Taiwan fell for a sixth consecutive month as exporters hired more people to meet increased international demand for the nation’s products.
The seasonally adjusted rate fell to 5.65 percent from 5.73 percent in January, the Directorate-General of Budget, Accounting and Statistics reported in Taipei yesterday.
That compares with a median estimate of 5.67 percent in a Bloomberg News survey of seven economists. President Ma Ying-jeou (馬英九) is negotiating a trade accord with China that will cut import duties on Taiwanese goods in the world’s fastest-growing major economy and help cement Taiwan’s recovery. Taiwan exited its deepest recession on record in the fourth quarter last year and Ma said last month the proposed accord would attract foreign investment and create jobs.
“The steady recovery in the economy is helping the job market,” said Tony Phoo (符銘財), a Taipei-based economist at Standard Chartered PLC. “We are seeing mass hiring plans from both the public and the private sectors, so the jobless rate will definitely fall from last year’s record-high level.”
The number of unemployed declined to 623,000 last month from 631,000 in January. Without adjusting for seasonal factors, that represents an unemployment rate of 5.76 percent compared with 5.68 percent in January.
Taiwan Semiconductor Manufacturing Co (台積電), the nation’s biggest company by market value, said on March 11 it would hire 2,400 full-time employees to replace contract workers, in addition to the 3,000 engineers it plans to take on this year.
AU Optronics Corp (友達光電), Taiwan’s second-largest maker of liquid-crystal displays, said last week it plans to build two plants in central Taiwan to make panels for televisions after announcing plans to hire 2,500 new employees this year.
Taiwan’s export orders, an indication of shipments over the next one to three months, rose 36.25 percent last month, the fifth consecutive monthly increase, as the global recovery fuels demand for computers, mobile phones and television screens, the Ministry of Economic Affairs said last week.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
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