Share prices drop
The TAIEX closed down 33.43 points, or 0.43 percent, at 7,721.66 yesterday. Turnover totaled NT$87.58 billion (US$3.02 billion).
3G for Apple Inc’s latest iPads
Taiwan Mobile Co (台灣大哥大) and Far EasTone Telecommunications Co (遠傳電信) yesterday spearheaded the selling of Apple Inc’s latest tablets, the iPad Mini and iPad 4, with 3G. The devices were available in their retail stores from yesterday evening.
Chunghwa Telecom Co (中華電信) said it would start selling these Apple products throughout its 349 outlets from today.
Lite-On revenue still rising
Local electronic component maker Lite-On Technology Corp (光寶科技) again posted record high monthly revenue yesterday, backed by resilient demand for high-end servers supporting cloud computing technology, networking equipment, and mobile devices.
Revenue rose 3 percent month on month to NT$10.97 billion last month, from November’s NT$10.68 billion, an 18 percent annual expansion.
Last quarter, Lite-On’s revenue grew 2 percent sequentially, or 10 percent annually, to NT$32.06 billion. For the whole of last year, revenue increased 2 percent to NT$121.45 billion.
Bank’s expansion approved
The Financial Supervisory Commission yesterday approved plans by Shanghai Commercial & Savings Bank (上海商業儲蓄銀行) to set up a representative office in Cambodia, as it aims to expand in Southeast Asia. Currently, Shanghai Bank owns a branch in Hong Kong and Vietnam, and a representative office in Thailand.
State-run Mega International Commercial Bank (兆豐國際商銀) and First Commercial Bank (第一銀行) have set up branches in Cambodia, while Taiwan Cooperative Bank (合作金庫銀行) and Chang Hwa Commercial Bank (彰化銀行) are applying to establish branches there.
Investment expansion
Taiwan said it would seek to lure NT$150 billion in return investment this year from Taiwanese companies with overseas operations, as President Ma Ying-jeou (馬英九) strives to bolster economic growth.
The country will provide benefits such as lower tariffs on equipment imports and higher quotas for hiring foreign workers, Woody Duh (杜紫軍), deputy minister at the Ministry of Economic Affairs, said in Taipei today.
The government aims to spur an economy that the International Monetary Fund estimated expanded at its weakest pace since the 2009 global recession. Ma said on Monday that Taiwan would try to liberalize its business environment and deepen international trade links.
Yuan transactions cleared
The China-based People’s Bank of China (中國人民銀行) is to sign a pact with the Bank of China’s Taipei branch to clear Chinese yuan transactions in Taiwan. Taiwanese will then be able to invest in yuan-denominated assets, the central bank said yesterday.
Once the clearing pact is signed between the Chinese banks, yuan-denominated operations such as yuan deposits, loans and remittances, can begin within a month, central bank officials said.
Central bank officials said they would seek better treatment for Taiwan or at least treatment at a comparable level to Hong Kong.
NT falls against greenback
The New Taiwan dollar dropped NT$0.002 versus the US dollar to close at NT$29.127.
Turnover totaled about US$681 million during the trading session.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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