Minister of Finance Yen Ching-chang (
Speaking on the 40th anniversary of the exchange's founding, Yen said that the stock market has effectively channeled savings into investment. Since its inception in 1961, he said, the TSE has served as a window on Taiwan's economic development and has been the nucleus of the direct financing system.
The minister said that the TSE, which started with only NT$10 million in capital investment and less than 100 staff, has developed into an efficient operation.
As of the end of November, the number of listed companies totaled 585 and the market value of listed shares amounted to NT$8.1 trillion, accounting for 80 percent of GDP, Yen noted.
There are around 1,000 brokers and their branches around the nation and the number of investors is nearing 7 million, representing one-third of Taiwan's population. The daily average turnover value in the past 11 months was NT$68.8 billion, according to the minister.
Yen noted that the financial authorities are constantly reviewing the operations of the stock market. He said that stock markets all over the world are using new technologies while also seeking international alliances.
Taiwan's stock market should also reinforce its structure and improve its services to meet the challenges ahead, he added.
Taiwan has arranged for about 8 million barrels of crude oil, or about one-third of its monthly needs, to be shipped from the Red Sea this month to bypass the Strait of Hormuz and ease domestic supply pressures, CPC Corp, Taiwan (CPC, 台灣中油) said yesterday. The state-run oil company has worked with Middle Eastern suppliers to secure routes other than the Strait of Hormuz, through which about 20 percent of the world’s oil and liquefied natural gas typically passes, CPC chairman Fang Jeng-zen (方振仁) said at a meeting of the legislature’s Economics Committee in Taipei. Suppliers in Saudi Arabia have indicated they
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Tainan, Taipei and New Taipei City recorded the highest fines nationwide for illegal accommodations in the first quarter of this year, with fines issued in the three cities each exceeding NT$7 million (US$220,639), Tourism Administration data showed. Among them, Taipei had the highest number of illegal short-term rental units, with 410. There were 3,280 legally registered hotels nationwide in the first quarter, down by 14 properties, or 0.43 percent, from a year earlier, likely indicating operators exiting the market, the agency said. However, the number of unregistered properties rose to 1,174, including 314 illegal hotels and 860 illegal short-term rental
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