The government should extend relief programs by another three months for all businesses other than urban hotels and travel agencies that continue to struggle due to the nation’s border controls, the General Chamber of Commerce (全國商業總會) said yesterday.
Chamber chairman Lai Cheng-yi (賴正鎰), who owns Taichung-based Shining Group (鄉林集團) and the luxury hotel brand The Lalu (涵碧樓), said that gift shops, pet boarding facilities, tour bus companies, movie theaters and trade show organizers have failed to benefit from an ongoing boom in dining and domestic travel.
“They would have no choice but to shut down if the government keeps border controls and ends wage subsidies,” Lai told a news conference in Taipei.
Photo: Lee Ya-wen, Taipei Times
Those companies depend heavily on international tourist arrivals and authorities should not cut them off while planning to shore up urban hotels and travel agencies, he said.
Revenue has dried up for trade show organizers, while movie theaters have seen their income plunge by 90 percent due to a lack of supply of new films from abroad, Lai said.
The chamber thanked the government for its assistance in the previous three months through low-interest loans and wage subsidies that expired at the end of last month.
However, it is too early to pull the plug, as the government continues to ban foreign tourist arrivals and locals from traveling abroad, Lai said.
The unemployment rate is very likely to spike if authorities slam the brakes on the relief program without introducing supporting measures, the chamber said.
Service providers hire more workers in Taiwan than manufacturing companies, which appear to command more attention from policymakers, Lai said.
It is time the government adopts a balanced economic development approach that would take care of all, he added.
“A balanced approach is urgent and critical as the virus outbreak is reshaping people’s behavior... Some jobs might be lost forever and policy directions are badly needed to help companies transform and survive,” Lai said.
All government agencies should be involved in this mission, instead of being limited to transportation and economic officials, the chamber said.
Taiwan should raise its tolerance level and ease restrictions on inbound travelers on the condition that it would not strain the public health system, Lai said.
South Korea and China have granted business travelers speedy passes on a reciprocal basis and Taiwan should seek a similar arrangement given its close economic links with China, he added.
Nvidia Corp’s demand for advanced packaging from Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remains strong though the kind of technology it needs is changing, Nvidia CEO Jensen Huang (黃仁勳) said yesterday, after he was asked whether the company was cutting orders. Nvidia’s most advanced artificial intelligence (AI) chip, Blackwell, consists of multiple chips glued together using a complex chip-on-wafer-on-substrate (CoWoS) advanced packaging technology offered by TSMC, Nvidia’s main contract chipmaker. “As we move into Blackwell, we will use largely CoWoS-L. Of course, we’re still manufacturing Hopper, and Hopper will use CowoS-S. We will also transition the CoWoS-S capacity to CoWos-L,” Huang said
Nvidia Corp CEO Jensen Huang (黃仁勳) is expected to miss the inauguration of US president-elect Donald Trump on Monday, bucking a trend among high-profile US technology leaders. Huang is visiting East Asia this week, as he typically does around the time of the Lunar New Year, a person familiar with the situation said. He has never previously attended a US presidential inauguration, said the person, who asked not to be identified, because the plans have not been announced. That makes Nvidia an exception among the most valuable technology companies, most of which are sending cofounders or CEOs to the event. That includes
INDUSTRY LEADER: TSMC aims to continue outperforming the industry’s growth and makes 2025 another strong growth year, chairman and CEO C.C. Wei says Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), a major chip supplier to Nvidia Corp and Apple Inc, yesterday said it aims to grow revenue by about 25 percent this year, driven by robust demand for artificial intelligence (AI) chips. That means TSMC would continue to outpace the foundry industry’s 10 percent annual growth this year based on the chipmaker’s estimate. The chipmaker expects revenue from AI-related chips to double this year, extending a three-fold increase last year. The growth would quicken over the next five years at a compound annual growth rate of 45 percent, fueled by strong demand for the high-performance computing
TARIFF TRADE-OFF: Machinery exports to China dropped after Beijing ended its tariff reductions in June, while potential new tariffs fueled ‘front-loaded’ orders to the US The nation’s machinery exports to the US amounted to US$7.19 billion last year, surpassing the US$6.86 billion to China to become the largest export destination for the local machinery industry, the Taiwan Association of Machinery Industry (TAMI, 台灣機械公會) said in a report on Jan. 10. It came as some manufacturers brought forward or “front-loaded” US-bound shipments as required by customers ahead of potential tariffs imposed by the new US administration, the association said. During his campaign, US president-elect Donald Trump threatened tariffs of as high as 60 percent on Chinese goods and 10 percent to 20 percent on imports from other countries.