Public confidence in the economy slid further last month, amid concern that the nation’s export-oriented economy would fall prey to the rapidly escalating COVID-19 pandemic, Cathay Financial Holding Co (國泰金控) said yesterday.
A total of 87 percent of respondents thought the economic situation had deteriorated from six months ago, compared with 70 perfect a month earlier, according to Cathay Financial’s latest poll, which surveyed 17,393 of its clients in the first week of this month.
“That Taiwan has been doing well in combating the pandemic, with a relatively small number of confirmed cases, does not seem to have soothed people’s worries,” Cathay Financial economic research division director Nelson Chen (陳志祿) told the Taipei Times by telephone.
Chen attributed it to the rising number of infections in the US and Europe, which has rattled the public, as they know Taiwan is largely dependent on exports and collaborations with foreign suppliers.
The survey also showed that 68.7 percent of respondents expect to see a downturn in the nation’s economy in the next six months, up slightly from 65.2 percent a month earlier, Chen said.
Amid the gloomy outlook, 36.2 percent expected their salary to drop, compared with 26.6 percent a month earlier, while 53.9 percent expressed little interest in making big purchases, up from 43.6 percent the previous month, Chen said.
Meanwhile, 79.4 percent thought the job market had worsened and 67 percent expected the situation to remain bleak in the next six months, compared with 57.4 percent and 55.5 percent respectively a month earlier, the poll showed.
However, people have become slightly more upbeat about the local equity market, with 23.3 percent expecting the TAIEX to rally over the next six months, compared with 18.8 percent a month earlier, while 58.3 percent projected the index would fall, down from last month’s 60 percent, the poll showed.
Market sentiment toward local equities might have been boosted by the government activating the National Stabilization Fund to support the market since the middle of last month, Chen said.
However, most respondents, or 41.8 percent, said they still preferred holding cash to buying stock, as a hedge against uncertainty in financial markets, he said.
“Overall, we forecast that the COVID-19 crisis would continue to weigh on local investors until the infection curve flattens worldwide. However, it is hard to foresee the exact timing,” Chen said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
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