Business and Finance

Taiwan imposes anti-dumping duty on steel products from 6 countries

Focus Taiwan
Date: 2017/02/21
By: Bernie Chiu and Elizabeth Hsu

Taipei, Feb. 21 (CNA) The Ministry of Finance (MOF) has decided to impose an anti-dumping duty on galvanized steel products imported from China and South Korea, and on carbon steel plate from those two and another four countries, retroactive to Aug. 22, 2016.

The five-year anti-dumping duty will be at rates between 4.02 percent and 80.5 percent, the Customs Administration under the MOF said in a statement released Tuesday.

The six counties subjected to the tariff are mainland China, Brazil, India, Indonesia, South Korea and Ukraine, the statement said.    [FULL  STORY]

Sanyang eyes motorcycle market

FOREIGN REVENUE:Due to rapid sales growth, Sanyang wants to develop in China and Vietnam. Its subsidiary in China’s Xiamen sold nearly 110,000 units last year

Taipei Times
Date: Feb 22, 2017
By: Kuo Chia-erh / Staff reporter

Automobile and motorcycle manufacturer Sanyang Industry Co (三陽工業) yesterday said it aims to capture 25 percent of the domestic motorcycle market this year, targeting annual sales of 200,000 motorcycles.

Sanyang, Taiwan’s third-largest motorcycle maker, commanded a 19.3 percent share of the local passenger vehicle market last year, company chairman Chang Hung-chia (張宏嘉) told a news conference in Taipei.

The company said it is generally upbeat about its sales outlook, even though total new motorcycle sales in Taiwan this year are forecast to decline by nearly 6 percent to 800,000.    [FULL  STORY]

Introducing the Acer-developed smart parking system

The China Post
Date: February 22, 2017
By: CNA

TAIPEI — Taiwanese computer manufacturer Acer Inc., the Tainan City government and Tainan University of Applied Sciences unveiled Tuesday a new smart parking management system that allows drivers to easily find parking lots in the southern Taiwanese city.

Under the system developed by Acer, users can find real-time information on parking availability through a smart parking app and reduce time spent looking for a parking space, Acer said at a press conference to unveil the new system.

In addition, through smart parking meters around the city and an automatic license plate recognition system, the process of paying parking fees and parking tickets can be streamlined, according to Acer.    [FULL  STORY]

47% American companies increasing investment in Taiwan: survey

Radio Taiwan International
Date: 2017-02-20

A recent survey by Taipei’s American Chamber of Commerce shows that two-thirds of American companies in Taiwan were profitable last year and plan to hire more personnel this year. Nearly 47% said they plan to increase investment in Taiwan in 2017.

The chamber said that although the figures show growth, companies are not growing fast enough. That’s mainly due to the slow growth of the global and local economy. It also advised Taiwan to join international trade agreements and continue talks with the US under the Trade and Investment Framework Agreement (TIFA).

As for the challenges of doing business in Taiwan, the chamber cited cumbersome administrative processes, as well as uncertainty over labor laws.    [FULL  STORY]

Hog industry to help generate power

Focus Taiwan
Date: 2017/02/20
By: Chen Cheng-wei and S.C. Chang

Taipei, Feb. 20 (CNA) The government is budgeting NT$2.6 billion (US$84.4 million) over four years to help Taiwan’s hog industry, including to develop biogas power generation.

Part of the budget for 2017 to 2020 will be used to help farmers who raise more than 5,000 hogs build facilities to generate power using biogas captured on their farms, said Kung Ming-hsin (龔名鑫), the deputy chief of the National Development Council (NDC).

Council of Agriculture official Lee Chun-chin (李春進) said his council has set a target for 2017 of producing 100 million kWh of power based on 1 million hogs each producing 0.3 kWh of electricity per day.    [FULL  STORY]

Mega Financial eyeing stable growth

STARTING OVER:The financial group is staying off overseas acquisitions and tightening compliance after its main banking subsidiary was hit by a US$180 million fine last year

Taipei Times
Date: Feb 21, 2017
By: Crystal Hsu / Staff reporter

State-run Mega Financial Holding Co (兆豐金控) is to pursue stable and sustainable profit growth this year, and set up a computer system to prevent compliance failures, which led to a heavy fine on its New York banking branch last year, top executives said.

The bank-focused conglomerate is aiming for a conservative increase of between 1.5 and 2 percent in its loan book this year and is to stop seeking acquisition opportunities at home and abroad.

“We will give top priority to reversing the company’s tarnished image and shun bold moves in the pursuit of profit,” Mega Financial chairman Michael Chang (張兆順) told a news conference on Saturday.

Chang set the goal after the US$180 million fine in August last year by the New York State Department of Financial Services wiped out main subsidiary Mega International Commercial Bank’s (兆豐商銀) overseas earnings and accounted for the group’s profit decline of 23.52 percent from 2015.    [FULL  STORY]

McDonald’s Taiwan in final stage of transfer to local owner: report

The China Post
Date: February 21, 2017
By: Sun Hsin Hsuan

TAIPEI, Taiwan — McDonald’s Taiwan is in the final steps of transferring its operation to

A McDonald’s restaurant in Taipei is seen in this 2016 photo. (Captured from the internet)

a local managing team, Taiwan media reported on Monday.

Ambassador Hotel boss Hubert Lee is slated to close in the deal for McDonald’s Taiwan operations, media reported.

Meanwhile, netizens in Taiwan have already begun speculating on what a more local direction for the fast-food giant might look like.

Some have even dreamed up quintessential Taiwanese fare such as a stinky-tofu double-beef burger.
[FULL  STORY]

Businesspeople want DPP to change labor law to save on costs

Focus Taiwan
Date: 2017/02/19
By: Yang Shu-min, H.H. Lu, H.Y. Wu and Kuo Chung-han

Taipei, Feb. 19 (CNA) Businesspeople want the President Tsai Ing-wen (蔡英文)

CNA file photo

administration to change new work rules that took effect less than two months ago, saying that otherwise, the country will face inflation, an exodus of companies, infuriated business owners and unhappy workers.

Chin Chia-hung (秦嘉鴻), chairman of the Manufacturers United General Association of Industrial Parks of the Republic of China (MUGA), said Sunday that he will meet with Labor Minister Lin Mei-chu (林美珠) in the coming week to discuss the issue.

Lai Cheng-i (賴正鎰), chairman of the General Chamber of Commerce of the Republic of China (GCC), said his organization has arranged to meet with 10-20 lawmakers of the ruling Democratic Progressive Party (DPP) in the first week of March.   [FULL  STORY]

Manufacturing sector posts Q4 growth

POSITIVE:For the whole of last year, the nation’s manufacturing production value fell 4.26% year-on-year to NT$12.31 trillion, bettering 2015’s 10.84% annual decline

Taipei Times
Date: Feb 20, 2017
By: Staff writer, with CNA

In the fourth quarter of last year, the manufacturing sector ended a seven-quarter production value losing streak, largely on the back of a strong showing by the nation’s electronic components industry, the Ministry of Economic Affairs said on Saturday.

In the October-to-December period, the output of the manufacturing sector rose 5.72 percent year-on-year to NT$3.26 trillion (US$105.86 billion) following a 1.38 percent year-on-year decline in the third quarter, the ministry said.

However, for the whole of last year, the nation’s manufacturing production value fell 4.26 percent year-on-year to NT$12.31 trillion, an improvement from 2015’s 10.84 percent annual decline, the ministry said.    [FULL  STORY]

Job hunting website reports 0.6% drop in Taiwan wages in 2016

Radio Taiwan International
Date: 2017-02-18

A new survey by job hunting website 1111 Job Bank has found that overall wages in

(CNA file photo)

Taiwan fell 0.6% during 2016.

The survey found that despite economic recovery during the second half of the year, the introduction of an amendment to Taiwan’s labor law dampened employers willingness to raise wages. The amendment guarantees employees at least one day off work per week, but the survey found that the amendment has raised costs for some employers.

The sectors most affected by falling wages were financial investment and insurance. The survey found that salaries in these sectors fell 3.06% during 2016. Also notably affected were the construction and real estate sectors and the leisure and tourism sectors.

Despite the overall drop in earnings, workers in some fields did see gains during 2016. Those in shipping, logistics, warehousing, and trade saw salaries grow 2.8%. Other fields showing gains included the legal profession, accounting, consulting, research and development, design, and mass communication.
[SOURCE]