Business and Finance

Anping Yachting Festival in SW Taiwan to showcase nearly 50 yachts

Organizer says Anping event being presented as first yacht festival to be held in Taiwan

Taiwan News
Date: 2019/11/20
By: George Liao, Taiwan News, Staff Writer

(Tainan Anping Yachting Festival Facebook photo)

TAIPEI (Taiwan News) — The 2019 Tainan Anping Yachting Festival will take place at Anping Argo Marina in Tainan's Anping District from Nov. 22–24, with nearly 50 yachts on display worth a total of NT$500 million (US$160 million), including the Azimut S6, UDN reported on Wednesday (Nov. 20).

The organizer of the yacht show, the Argo Yacht Club, said that in order to differentiate it from the annual Taiwan International Boat Show in Kaohsiung, the Anping event will be presented as the first yacht festival to be held in Taiwan, according to UDN.

In addition to the yacht show, there will be a grassy area at the venue set aside for food trucks, a market, and a playground. Concerts, flash mob performances, and picnic parties will also take place during the show, according to the yacht club’s Facebook page.

Activities and facilities in the grassy area are free of charge. However, tickets will be required to visit the yachts.    [FULL  STORY]

Government to fund back pay for employees of bankrupt CPT

Focus Taiwan
Date: 2019/11/20
By: Wu Hsin-yun and Elizabeth Hsu

Taipei, Nov. 20 (CNA) The Ministry of Labor will pay the wages and other funds owed to more than 1,800 employees of flat panel supplier Chunghwa Picture Tubes Ltd. (CPT), which filed for bankruptcy in September, Labor Minister Hsu Ming-chun (許銘春) said Wednesday.

The back wages, severance pay and pension benefits will come from the government's Arrears Wage Payment Fund, but the amount will fall short of the total NT$1.2 billion (US$40 million) owing to the 1,800 CPT workers who have been laid off and have not been paid, Hsu said in a legislative committee hearing.

Under the Labor Standards Law, she said, the government fund cannot be used in the case of CPT employees to pay more than NT$900 million.

"We want the workers to receive the payment as soon as possible," Hsu said.    [FULL  STORY]

Export orders decline for 12th month

TRADITIONAL INDUSTRIES: Falling raw material prices and declining investment in machinery contributed to the fall in orders, the Ministry of Economic Affairs said

Taipei Times
Date: Nov 21, 2019
By: Natasha Li  /  Staff reporter

Export orders last month contracted for a 12th straight month, slipping 3.5 percent year-on-year to

Deputy Minister of Economic Affairs Wang Mei-hua, right, speaks at a meeting of the Legislative Yuan’s Finance Committee in Taipei yesterday regarding amendments to the Customs Import Tariff Act, as Minister of Finance Su Jain-rong looks on.
Photo: Lo Pei-teh, Taipei Times

US$47.28 billion, the Ministry of Economic Affairs said yesterday, as traditional industries saw orders falter.

“Traditional industries are the ones that have suffered most from the trade conflict between the US and China,” Department of Statistics Director Huang Yu-ling (黃于玲) told a news conference in Taipei.

Huang pointed to plunging raw material prices and declining investment in machinery as reasons behind the disappointing performance.

Orders for machinery equipment contracted 10.3 percent year-on-year to US$1.65 billion last month , while orders for base metal products decreased 14.8 percent to US$2.1 billion, ministry data showed.

Taiwan, Japan work to unlock commercial potential of senior market

The two countries share aging woes and are looking for ways to turn them into profit

Taiwan News
Date: 2019/11/19
By: Huang Tzu-ti, Taiwan News, Staff Writer

TAIPEI (Taiwan News) — The Commerce Development Research Institute (CDRI) and the Tokyo

Pixabay photo

Star Bank on Monday (Nov. 18) signed a memorandum of understanding (MoU) pledging a joint effort to explore commercial opportunities in the senior market.

As Taiwan and Japan are faced with the shared problem of an aging society, the two should seek to capitalize on the irreversible trend and make it a driving force of economic growth, reckoned Hsu Tain-tsair (許添財), chairman of CDRI.

It is wrong to treat the elderly, who may have lost productivity, as a burden on society, Liberty Times quoted Hsu as saying. The senior population should be considered a key force that has the potential of boosting the economy with changes in consumer behavior and demographic composition, he added.

With the partnership, the Taiwanese government-sponsored think tank and the Japanese bank group will team up to promote a series of projects. These will include the development of senior-friendly facilities, the incorporation of Internet of Things (IoT) technologies into nursing homes, the provision of know-how in dining services targeting elders, and more.    [FULL  STORY]

Taiwan extends scope of tax concessions for foreign professionals

Focus Taiwan
Date: 2019/11/19
By: Pan Tzu-yu and Elizabeth Hsu

Taipei, Nov. 19 (CNA) The government has relaxed the interpretation of the scope and mechanism of tax concessions stipulated in the Act for the Recruitment and Employment of Foreign Professionals to assuage concerns over the application of the preferential treatment.

Since the act came into effect Feb. 8, 2018, the tax concessions provided for foreign talent have drawn the attention of foreign chambers of commerce, domestic enterprises and foreign professionals in the country, the National Development Council (NDC) said in a statement released Tuesday.

"In view of the doubts concerning the scope of application of the tax concession, the NDC has coordinated with the Ministry of Finance to provide a more flexible interpretation of the scope and mechanism under the provisions of the Act" for those taking up professional jobs for the first time in Taiwan, the statement said.

Under the more lenient interpretation, tax concessions are not just limited to foreign professionals who got their first employment contract on or after Feb. 8, 2018, when the act entered into force, but also before and into the year when the act came into effect.    [FULL  STORY]

Manufacturing output contracts 7.01%

TRADE TENSIONS Output fell for a third consecutive quarter as electronics components, the manufacturing sector’s key industry, slid 3.81% last quarter, the MOEA said

Taipei Times
Date: Nov 20, 2019
By: Natasha Li  /  Staff reporter

Manufacturing output last quarter declined for a third straight quarter, shrinking 7.01 percent year-

Democratic Progressive Party Legislator Karen Yu, center, speaks during a news conference at the Legislative Yuan in Taipei yesterday about Taiwanese firms returning to invest in the nation. She was joined by Tamkang University industrial economics professor Tsai Ming-fang, left, and Emile Chang, director-general of the Ministry of Economic Affairs’ Department of Investment Services.
Photo: CNA

on-year to NT$3.37 trillion (US$110.46 billion), the Ministry of Economic Affairs (MOEA) said yesterday, attributing it to sluggish global economic growth due to the US-China trade conflict.

While the manufacturing sector would continue to bear the weight of the trade tensions, companies’ relocating their production back to Taiwan, new technologies and various applications, including 5G, artificial intelligence and high-performance computing, could help drive up output going forward, the ministry said.

The decline in output last quarter was led by the electronics components industry — the manufacturing sector’s most important industry — which slid 3.81 percent to NT$940.6 billion, it said.

LCD production, for one, declined as the market remained oversaturated due to increasing Chinese supplies, it said.    [FULL  STORY]

Taiwan creates breakthrough with climate change-resistant rice

Key to what could be a world saving innovation is technique that controls rice's glucose mechanism

Taiwan News
Date: 2019/11/18
By: Huang Tzu-ti, Taiwan News, Staff Writer

(Pixaby photo)

TAIPEI (Taiwan News) — A leading research institution in Taiwan has developed a genome editing method capable of helping rice adapt to environmental changes caused by increasingly frequent, extreme weather events.

A study by Academia Sinica is said to have discovered the secret to controlling glucose levels in plants, including rice, a staple in many countries. Like humans, plants need a balanced glucose mechanism to grow strong, said the government-sponsored research institution.

The key lies in the technique to manage αAmy levels, which is a type of enzyme that catalyzes the hydrolysis of starch into sugars and thus affects glucose concentrations in rice. With this technological breakthrough, rice production is expected to increase by a factor of 1.5 times — even as as the food supply is disrupted due to water shortages and droughts, reported TechNews.

Improved rice cultivation will help address an alarming global food crisis as the output of the world’s four major staple foods — corn, rice, wheat, and soy beans — have dwindled since 2010, wrote the report. The aim is to boost crop production by 60 percent by 2050, when the planet's population is set to reach 9 billion, said Yu Su-may (余淑美), a researcher involved in the study at the Institute of Molecular Biology, Academia Sinica.    [FULL  STORY]

Orsted’s green bonds to be listed in Taiwan Tuesday

Focus Taiwan
Date: 2019/11/18
By: Frances Huang

Taipei, Nov. 18 (CNA) Green bonds of Danish energy developer Orsted are scheduled to be listed and traded on Taiwan's over-the-counter (OTC) market on Tuesday, according to the Taipei Exchange (TPEx).

The TPEx, which operates the local OTC market, said Orsted, through its subsidiary Orsted Wind Power TW Holding A/S, will issue NT$12 billion (US$393 million) in green bonds, and trading will start Tuesday, as the company seeks to finance its offshore wind development project in Taiwan.

Orsted's green bonds comprise a NT$4 billion tranche with a maturity of seven years and a 0.92 percent coupon rate, and an NT$8 billion tranche with a maturity of 15 years and a 1.5 percent rate, the TPEx said last Friday.

The TPEx said Orsted's green bonds will be sold to professional institutional investors, including insurance companies, banks, securities firms and mutual funds, rather than to retail investors.

Draft bill to fight fake origin labels passes review

‘MADE IN TAIWAN’: The bill includes a ‘whistle-blower’ clause to encourage people to help the government crack down on false label users, the Legislative Yuan said

Taipei Times
Date: Nov 19, 2019
By:} Staff writer, with CNA

A draft amendment to the Foreign Trade Act (貿易法) that aims to increase fines for using fraudulent certificates of origin yesterday passed a review at a meeting of the legislature’s Economics Committee.

According to the proposal, exporters and importers who are found to have used fraudulent labels of origin or trade certificates would face an administrative fine of NT$60,000 to NT$3 million (US$1,967 to US$98,357).

Currently, the fines range from NT$30,000 to NT$300,000.

The draft amendment would also increase the fines for transporting strategic high-tech goods to any unrestricted region without authorization, as well as for authorized organizations that illegally issue certificates of origin.    [FULL  STORY]

FTC to review Web banks in January

SHAREHOLDER STRUCTURE: The three Web-only banks have plans to start operations in the first quarter, but that could be delayed if the review takes longer than expected

Taipei Times
Date: Nov 18, 2019
By: Chen Cheng-hui  /  Staff reporter

The Fair Trade Commission (FTC) is to begin reviewing the operations of the nation’s three Web-only banks in January, the Chinese-language Liberty Times (the sister newspaper of the Taipei Times) reported yesterday.

If approved by the antitrust watchdog, the banks would begin operations in a move that could trigger technological innovation, challenge traditional lenders and have wide ramifications for the financial industry.

The three Internet-based banks — Next Bank (將來銀行), Line Bank (連線商業銀行) and Rakuten International Commercial Bank Co (樂天國際商銀) — received their licenses from the Financial Supervisory Commission (FSC) at the end of July.

The lenders had announced earlier that they would begin operations in the first quarter of next year at the earliest.    [FULL  STORY]