CD interest rate increased
The nation’s central bank increased the interest rates on three tranches of certificates of deposit (CDs) for sale on the open market by 5 basis points after the monetary authority raised the benchmark rate on Thursday, according to Taipei Interbank Money Center.
The central bank offered 30-day certificates of deposit at 0.74 percent, 91-day debt at 0.78 percent and 182-day bills at 0.88 percent, the Taipei Interbank Money Center said. A basis point is 0.01 percentage point.
The central bank yesterday issued NT$234.3 billion (US$8.04 billion) in certificates of deposit, less than the NT$258.85 billion that matured, the monetary authority said in a statement on its Web site.
Rexchip cuts off Powerchip
Rexchip Electronics Inc (瑞晶電子), a computer memory chip joint venture between Japan’s top memory company Elpida Memory Inc and Taiwan’s Powerchip Technology Corp (力晶科技), yesterday said it would stop supplying chips to Powerchip from today because of overdue payments.
Powerchip owns a 34 percent stake in Rexchip and has the right to 34 percent of Rexchip’s output.
Rexchip said it would hold talks with its major customer over repayment and chip shipments.
Economic targets announced
The government said on Thursday that it has set a target of 4.82 percent economic growth and 4.9 percent unemployment for this year as part of its national development plan.
“Domestic demand and exports will be the main drivers of the economy,” Premier Wu Den-yih (吳敦義) said at a weekly Cabinet meeting.
He called for the restructuring of industries, expansion of emerging businesses and the service sector, and greater private sector investment to create more jobs.
According to the Council for Economic Planning and Development, the broader goal is to achieve 4.82 percent economic growth, reduce unemployment to 4.9 percent, and limit the consumer price index to less than a 2 percent rise.
However, Wu said that in light of expected slower global economic growth this year, achieving the economic goals will be a challenge.
Cathay to open China branch
Cathay Financial Holding Co (國泰金控) said its Cathay Insurance Company (China) (國泰產險) unit received approval from China’s Insurance Regulatory Commission to set up a branch in Shandong Province, the Taipei-based company said in an exchange filing yesterday.
Hannspree to expand in Europe
Hannspree (瀚斯寶麗), a Taiwanese company known for its trendy LCD TV products, said on Thursday it aims to expand its presence in Europe now that its flagship store in the UK is doing well.
Chung Fu-lung (鍾富龍), general manager of Hannspree Europe, said that the company is planning to open a second shop in London this year. At the same time, it will open stores in the German cities of Berlin and Hamburg and in Milan, Italy, he said.
Hannspree has decided to establish its base in the UK and Germany because it considers these two markets to be the engines that will drive the European economy, Chung said.
NT down against greenback
The New Taiwan dollar fell against the US dollar yesterday, down NT$0.151 to close at NT$30.368 on a turnover of US$1.089 billion.
The local currency opened at NT$30.217 against the greenback and moved between NT$29.083 and NT$30.368 before the close.
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Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
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