Business and Finance

Taiwan sets up Investment desk in India

Focus Taiwan
Date: 2017/05/18
By: Charles Kang and Kuo Chung-han

New Delhi, May 18 (CNA) Taiwan’s Ministry of Economic Affairs (MOEA) established a

Tien Chung-kwang (田中光, center)

“Taiwan Desk” at the Taipei Economic and Cultural Office (TECO) in New Delhi on Thursday, to help Taiwanese business people invest in the South Asian country.

The launch ceremony was co-hosted by Taiwan’s representative to India Tien Chung-kwang (田中光) and Dushyant Thakor, deputy head of “Invest India” under India’s Ministry of Commerce and Industry.

Thakor said he was glad Taiwan had decided to set up an investment service desk and welcomed Taiwanese businessmen to invest in India, promising that “Invest India” would do its best to provide investors with the information they need.   [FULL  STORY]

TAIEX retreats on US, Trump worries

ENTANGLEMENTS:Wall Street’s 372-point plunge overnight sent Asian markets reeling, as Donald Trump’s political woes outweighed hopes of a tax reform, an analyst said

Taipei Times
Date: May 19, 2017
By: Staff writer, with CNA

Taiwanese shares closed lower yesterday on the back of heavy losses on Wall Street overnight as investors at home and abroad feared that US President Donald Trump could face impeachment amid reports of meddling in a probe into his former national security adviser, dealers said.

However, the weighted index recovered most of its earlier losses after it dropped below the 9,900-point level, which prompted bargain hunters to pick up select market heavyweights until the end of the session, they said.

The TAIEX closed down 44.22 points, or 0.44 percent, at the day’s high of 9,969.45, off an early low of 9.895.65, on turnover of NT$83.29 billion (US$2.76 billion), Taiwan Stock Exchange data showed.

The market fell 0.61 percent to below 10,000 points on opening and continued selling pushed the index further below 9,900 points in the wake of a 372-point dive on Wall Street overnight.    [FULL  STORY]

Taiwan ranks 16th in EIU Inclusive Internet Index

Taiwan News
Date: 2017/05/17
By: Taiwan Today

Taiwan ranks 16th among 75 countries and territories in the first Inclusive Internet

Taiwan is a global leader in ensuring internet access for women, according to the first Inclusive Internet Index released by the Economist Intelligence Unit.(By Central News Agency)

Index: Bridging Digital Divides report by London-based Economist Intelligence Unit, according to the Board of Science and Technology under the Executive Yuan May 12.

Published in March, the EIU index assesses the degree to which an economy enables the adoption and beneficial use of the internet. Countries are rated in 46 indicators across the four categories of affordability, availability, readiness and relevance.

With a score of 79.7 out of 100, Taiwan places fourth in Asia, trailing Singapore at No. 1, Japan at No. 5 and South Korea at No. 6. Sweden tied for first place globally, followed by the U.S. at No. 3 and U.K. at No. 4. Congo, Niger and Liberia rounded out the rankings, in that order.    [FULL  STORY]

Taiwan delegation to attend APEC trade ministers meeting

Focus Taiwan
Date: 2017/05/17
By: Scarlett Chai and Evelyn Kao

Taipei, May 17 (CNA) A Taiwan delegation will depart Thursday for Hanoi to attend the

John Deng (鄧振中, CNA file photo)

trade ministers’ meeting at the Asia-Pacific Economic Cooperation (APEC) forum, a government spokesman said Wednesday.

The delegation to the May 20-21 meeting will be led by John Deng (鄧振中), Minister without Portfolio and the head of Cabinet’s Office of Trade Negotiations, the office’s spokesman said.

The annual APEC meeting of Ministers Responsible for Trade will discuss priorities in 2017, including issues such as deepening regional economic integration; supporting multilateral trade systems; and strengthening micro, small and medium-sized enterprises’ competitiveness and innovation, according to the spokesman.

The Taiwan delegation will also attend a trade and innovation seminar on Thursday in Vietnam, the spokesman said. [SOURCE]

Ruling supports Taishin’s bid

CHB CONTROL:The Taiwan High Court said a ‘contractual obligation exists as long as Taishin Financial remains the largest shareholder in Chang Hwa Commercial Bank’

Taipei Times
Date: May 18, 2017
By: Crystal Hsu / Staff reporter

The Taiwan High Court yesterday lent support to the validity of a 2005 agreement that required the Ministry of Finance to help Taishin Financial Holding Co (台新金) win majority control of the board of state-run Chang Hwa Commercial Bank (CHB, 彰銀).

However, the ruling failed to put an end to the decade-long management rights dispute, as the ministry vowed to file an appeal and asked shareholders to rally behind government-backed candidates in a board election next month.

Taishin Financial welcomed the court’s decision and urged Premier Lin Chuan (林全) to intervene and help “deliver justice.”

“The contractual obligation exists as long as Taishin Financial remains the largest shareholder in CHB,” the court said in the ruling.    [FULL  STORY]

Adata Technology Co. diversifies into AI

The China Post
Date: May 17, 2017
By: The China Post news staff

TAIPEI, Taiwan — Adata Technology Co. (威剛科技), Taiwan’s biggest memory module maker, announced a foray into artificial intelligence on Wednesday.

Adata said it would bring together expertise in software, hardware, firmware, voice recognition, image recognition and AI to develop 10 service-oriented companion robots for home use.

“Artificial intelligence is continually evolving. Robots not only can increase production efficiency and reduce operational costs, they can also be everyday helpers and close companions for family members young and old,” Adata Chairman Simon Chen (陳立白) said.    [FULL  STORY]

Taiwan shares edge lower, but index still above 10,000 points

Focus Taiwan
Date: 2017/05/16
By: Jeffery Wu and Frances Huang

Taipei, May 16 (CNA) Shares in Taiwan closed slightly lower Tuesday as the

(CNA file photo)

bellwether electronics sector lost ground, led by chip maker Taiwan Semiconductor Manufacturing Co. (TSMC,台積電), the most heavily weighted stock in Taiwan’s stock market, dealers said.

Market sentiment took a hit after MSCI Inc. cut Taiwan’s weighting in the MSCI Emerging Markets Index, which is closely watched by foreign investors, they said.

Despite selling in the high-tech sector, the old economy and financial sectors remained resilient to support the broader market, helping the weighted index remain above the 10,000-point mark at the close, dealers said.    [FULL  STORY]

HTC pins hopes on new handset

Taipei Times
Date: May 17, 2017
By: Lauly Li / Staff reporter

Taiwanese smartphone vendor HTC Corp (宏達電) yesterday unveiled the HTC U11, a

HTC U11 smartphones are displayed at the launch of the squeezable handsets in Taipei yesterday. Photo: CNA

new flagship handset, at the company’s headquarters in Taipei, with the firm hoping the model sparks a turnaround in its loss-making smartphone business.

The introduction of the high-end product is timed to mark HTC’s 20th anniversary, HTC said.

“We chose to launch the U11 today as it represents the beginning of another 20 years of HTC,” HTC president of smartphone and connected devices business Chang Chia-lin (張嘉臨) told a global news conference.

The 5.5-inch U11 is powered by Qualcomm Inc’s latest Snapdragon 835 processor. It features a curved all-glass body. The edges of the device are touch-sensitive, allowing users to squeeze them to take photographs or open applications.
[FULL  STORY]

Number of furloughed workers in Taiwan falls to 6-year low

Focus Taiwan
Date: 2017/05/16
By: Yu Hsiao-han and Frances Huang

Taipei, May 16 (CNA) The number of workers on unpaid leave in Taiwan in the first

(CNA file photo)

half of May fell to a low of almost six years at a time when the local economy is showing signs of improvement, the Ministry of Labor (MOL) said Tuesday.

As of May 15, the number of workers who had agreed with their employers to take unpaid leave fell from 184 at the end of April to 102, the lowest level since the government started to release the data in October 2011, the MOL said.

The number of employers who implemented their unpaid leave programs also fell to a six-year low of four as of May 15, down two from the end of April, according to MOL statistics.

During the 15-day period, two employers terminated their unpaid leave programs and no other employers implemented their own programs, the data indicates.
[FULL  STORY]

Forex losses push YFY into red in Q1

GOING FORWARD:The firm’s capacity adjustments at its industrial paper plant in Yangzhou, China, have begun to bear fruit, company spokesman Yin Kuo-tang said

Taipei Times
Date: May 17, 2017
By: Kuo Chia-erh / Staff reporter

Taiwan’s largest papermaking conglomerate, YFY Inc (永豐餘控股) swung into the red last quarter, primarily due to foreign-exchange losses of nearly NT$420 million (US$13.95 million).

The company posted a net loss of NT$45 million for the January-to-March quarter, or NT$0.03 per share, compared with a net loss of NT$120 million in the same period last year and a net profit of NT$9 million in the previous quarter.

In the first three months, sales increased 3.3 percent year-on-year to NT$15.51 billion, buoyed by rising global pulp prices and better-than-expected demand, the firm said.

“We saw an increase in orders from our clients [last quarter], but the local currency’s rapid appreciation blotted out the firm’s profitability,” company spokesman Yin Kuo-tang (殷國堂) told an investors’ conference on Monday, referring to the New Taiwan dollar’s appreciation against the US dollar.    [FULL  STORY]