Taiwan stocks fell, led by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), after a chip-equipment trade association said orders as a ratio of sales fell in North America in July to the lowest since March. The TAIEX declined 31.47, or 0.6 percent, to 4887.79. More than three stocks fell for every two that rose. The total value of trade was NT$46.76 billion (US$1.38 billion). TSMC, whose US-traded shares fell 6.8 percent to US$9.33 yesterday, dropped NT$1.5, or 2.8 percent, to NT$53. "The outlook for orders is very unclear, so investors are very cautious about the third and fourth quarters," said Kevin Hsiao (蕭正義), who
Rock Hsu (許勝雄), chairman of the Taiwan Electrical and Electronic Manufacturers' Association (TEEMA, 電電公會), said yesterday that he would ask Beijing authorities to bolster personal safety guarantees for Taiwan businessmen in China. Hsu, who is currently leading a TEEMA delegation in China, said they would call for an improved investment climate and enhanced personal safety protection for Taiwan investors, while visiting China's Ministry of Foreign Trade and Economic Cooperation yesterday afternoon and the State Council's Taiwan Office today. Hsu said that he also hopes to establish a TEEMA office in China to facilitate services to its member companies that maintain operations there.
Acer Inc (宏電) will sell 30 percent of manufacturing unit Wistron Corp (緯創資通) this year to prepare for the subsidiary's domestic listing next year. Acer will cut its Wistron stake to less than 50 percent from 79 percent to meet Taiwan Stock Exchange regulations for the listing, Acer spokesman Henry Wang (汪島雄) said. He declined to say how much Acer is seeking for the stake. Acer prefers to sell the shares to ``strategic'' institutional investors, such as China Development Financial Holding Corp (中華開發金控), he said.
A unit of Taiwan's Formosa Plastics Group said yesterday it plans to build a US$90 million power plant in the Philippines in a joint venture with local firm Trust International Paper Corp (TIPCO). Formosa Heavy Industries Corp (台塑重工) signed a memorandum of understanding with TIPCO, the Philippines' sole paper exporter, Tuesday to build a coal-fuelled power plant in Pampanga province, north of Manila, a Formosa spokesman said. "Our initial plan is for Formosa Heavy Industries to take a 75 percent stake in the venture, with TIPCO taking the remainder," he said.
The New Taiwan dollar yesterday rose against its US counterpart, rising by NT$0.05 to close at NT$33.995 on the Taipei foreign exchange market. The turnover was US$303 million, down from the previous day's US$566 million. The local currency opened at US$34.00 against the greenback and traded between US$33.906 and US$34.000 during the session.
Minister of Economic Affairs Lin Yi-fu (林義夫) said yesterday that the opening of the ministerial-level Taiwan-Philippines Economic Cooperation Conference marks the first step in materializing the "go south" policy. The conference kicked off yesterday in Taipei, with major topics to be discussed including simplifying the way tax is levied on Philippines workers in Taiwan, labor import quotas, vocational training cooperation, removal of barriers regarding investment in Subic Bay, and the promotion of bilateral fishery, agricultural and technological cooperation. In response to a call by President Chen Shui-bian (陳水扁) recently to rekindle the "go south" investment policy, the ministry will embark on a
The value of domestic investments this year is expected to account for 17.3 percent of GNP, the lowest in 16 years, according to statistics released yesterday by the Directorate General of Budget, Accounting and Statistics (DGBAS). The domestic investments by the public and the private sector this year are estimated to reach NT$1.7 trillion, which is NT$340 billion less the average of NT$2.1 trillion in the past five years, it said. According to the DGBAS, the ratio of domestic investments to GNP in the 1980s was 21.9 percent on average. It was 24.7 percent during the years between 1992 and
United World Chinese Commercial Bank (世華銀行) said it plans to raise NT$584 million (US$17 million) today by selling shares in an affiliate of Ever Fortune Industrial Co (長億實業) it holds as loan collateral. United World will auction the 24.85 million shares in Ever Power IPP Co (長生電廠) at a starting price of NT$23.50 per share, said Senior Vice President Yang Chun-wei. United World expects to write off "not more than NT$1.5 billion" of Ever Fortune loans, said Yang. Ever Power isn't publicly traded. United World earlier said its year-end non-performing loan ratio may rise to 2.75 percent from its targeted
Chunghwa Telecom Co (中華電信) said it's seeking renewed government authorization to sell shares overseas, after it scrapped a sale last year and its permit expired. "We will reapply," said Shen Fufu, a company spokeswoman. "We have to keep the application valid." The government may sell a 13.8 percent stake in the company overseas during the current quarter, Chairman Mao Chi-kuo (毛治國) said earlier this year. The government, which owns 95 percent of the company, has planned to sell two-thirds of Chunghwa Telecom since September 2000. The government failed in attempts earlier this year to sell a 5.7 percent stake in
The New Taiwan dollar yesterday fell against its US counterpart, tracking a weaker yen, on the Taipei foreign exchange market, declining by NT$0.095 to close at NT$33.985. The turnover was US$342 million, up from last Friday's US$254 million. The local currency opened at US$33.890 against the greenback and was traded between NT$33.885 and NT$33.990 during the session.
Shin Kong Life Insurance Co (新光人壽), the nation's No. 2 life insurer, said it failed to sell an office building, Tun-nan Building (敦南大樓). on which it had set a minimum asking price of NT$6 billion ($177 million). "Nobody came to place bids, so we will reevaluate the project," company spokesman Chen Yen-ming said. Shin Kong Life hasn't set a date for a new auction. Shin Kong Life will continue with the planned auction in September of Jasper Villa (傑仕堡), a serviced apartment building located on Tienmu's Chungchen Road, Chen said. The company earlier set a reserve price of NT$5.4 billion
The nation's high-tech sector, especially the bio-medicine, electronics, optical telecommunications and aerospace industries, generates greater added value than its Chinese counterparts, according to a survey by the Ministry of Economic Affairs. The survey, conducted by the ministry's Industrial Technology Intelligence Services office, shows that Taiwan's high-tech industries produce an average 45.62 percent of added value as a share of their overall output in 1999, higher than China's 24.48 percent. The domestic bio-medicine and electronic equipment industries produced high value-added percentages of 47.59 percent and 40.10 percent in 1999, respectively, while the optical telecommunications and aerospace industries put out 48.61 percent
The military will contract plane and ship maintenance and repair work out to the private sector under an agreement reached in July, the Ministry of National Defense (MND) said yesterday. MND officials said that the policy is expected to create business opportunities of about NT$80 billion (US$2.36 billion) and the military's first presentation for potential bidders will be held at Tsoying Naval base in southern Taiwan Sept. 26. The focus of the presentation will be on maintenance and repair work for the turbine systems of military vessels. Such a contract would be no problem for the China Shipbuilding Corp (中船),
Costco Taiwan announced earlier this week that it will offer temporary free-membership services between Aug. 10 and Sept. 1. Registration for the membership is easy, with Taiwanese only having to show both of their personal IDs and business cards, while non-natives have to provide either an Alien Residence Certificate or passport. Costco said the event is set to celebrate its third anniversary of operations in Taiwan -- though the temporary pass will expire on Sept. 1. Normally, Costco membership costs NT$1,200 annually per person.
The NT dollar yesterday ended weaker amid a light trading, dropping NT$0.065 to close at NT$33.890 on the Taipei foreign exchange market. The turnover was US$254 million.
Computer specialists, home health aides and medical assistants have the best job prospects with the transition of the nation's economic structure, a report by the Council for Economic Planning and Development said Thursday. The report said that Taiwan's industrial structure is very similar to that of the US, thus the job market development in the United States can be a reference for Taiwan. A US Department of Labor analysis on job market development from 2000 to 2010 indicates that the occupations with the largest job growth will be computer software engineers, computer support specialists, computer systems analysts, network and computer systems administrators,
Panama maintains stable business and trade ties with both sides of the Taiwan Strait, and its plans of signing a free trade agreement with Taiwan is not impacting its trade relations with mainland China, a Panamanian official said Wednesday. Panama's Vice Minister of Industry and Commerce Meliton Arrocha said that his government expects to accelerate bilateral business and trade ties with both Taiwan and China via free trade agreements, adding that Panama and Taiwan have taken the first step down this path. Panama is Taiwan's main trading partner in Central America with trade between the two countries reaching US$128.1 million last year.
The Cabinet-level Council for Economic Planning and Development has proposed exempting foreign visitors from the five percent sales tax in a bid to boost the tourism industry, officials said Thursday. The measure was aimed at stimulating tourism to meet the government target of doubling the number of tourists to two million a year by 2007, officials said. Taiwan also aims to increase visitor arrivals, which includes business travellers and other non-tourists, to five million in 2007 from some 2.6 million expected this year, they said. "The tax waiver would stimulate consumption and benefit the nation's overall economy," a council official said. The Tourism Bureau
The Chinese National Federation of Industries (CNFI, 工業總會) will organize a delegation to visit China Sept. 9-14 to discuss cooperation in the field of intellectual property rights protection, officials said Thursday. With the increasing industrial and economic exchanges across the Taiwan Strait, more and more problems regarding intellectual property rights have been cropping up, CNFI officials said. Currently Taiwan is not a signatory to the Paris Treaty on intellectual property rights and the two sides of the Taiwan Strait have not signed a patent protection agreement.