Business and Finance

Uber determined to stay despite huge fines

Taiopei Times
Date: Dec 27, 2016
By: Lisa Wang / Staff reporter

US ride-hailing company Uber Technologies Inc yesterday said it does not plan to exit the Taiwanese

People hold up signs reading: “Thank you for getting me home more safely” at a demonstration organized by ride-hailing company Uber in Taipei yesterday. Photo: Lin Cheng-kung, Taipei Times

market yet, despite looming fines.

Uber’s comments came as the San Francisco-based company is facing up to NT$25 million (US$775,194) in fines after the legislature passed an amendment to the Highway Act (公路法) earlier this month, significantly increasing fines on illegal taxi service operators by about 166 times.

Uber’s local unit could be forced to shut down after President Tsai Ing-wen (蔡英文) signs the amendment into law.

“The company considers Taiwan an important market,” Uber Taiwan general manager Gu Li-kai (顧立楷) said. “We hope to stay and to grow our business here. We hold a relatively optimistic view about this.”    [FULL  STORY]

High-Tech Harvest

Taiwan Review
Date: November 01,2016

Taiwan’s technological expertise is leading an agricultural revival.

Beginning in July, a series of powerful typhoons battered Taiwan, affecting millions of people in a

Organic rice is grown in Lugu Township of central Taiwan’s Nantou County.

scenario that occurs each summer and fall in the East Asian nation. Typhoon Megi, which made landfall Sept. 27 in eastern Taiwan’s Hualien City, was responsible for more than NT$2.78 billion (US$85.5 million) in damage to the agricultural industry alone, not counting over NT$570 million (US$17.5 million) in losses in the fishing, forestry and livestock sectors, according to the Cabinet-level Council of Agriculture (COA). In southern Taiwan’s Pingtung County, however, a number of specially designed greenhouses weathered the storms, their structures mostly unscathed and the crops inside intact. The facilities are reinforced with steel beams and powered by solar panels that partially cover their roofs. These generate ample electricity to power atmospheric regulation and irrigation systems, with the excess sold to the national energy grid.

The construction of typhoon-defying, power-generating farming facilities is made possible through the application of practical ideas and advanced technologies designed to protect against adverse weather conditions such as cold snaps, droughts and floods, according to Lur Huu-sheng (盧虎生), a professor in the Department of Agronomy at National Taiwan University (NTU) in Taipei City. Lur pointed out that in five of the last 10 years, annual agricultural losses due to climate factors reached NT$10 billion (US$307.7 million). “In the face of climate change threats, embracing new technologies could turn moments of crisis into opportunities to establish a model for sustainable agricultural development,” he said.    [FULL  STORY]

Taiwan’s information/audio-video goods largest export source to U.S.

Focus Taiwan
Date: 2016/12/26
By: Huang Li-yun and Frances Huang

Taipei, Dec. 26 (CNA) Taiwan-made information/communications and audio-video products served as the largest category of exports to the U.S. market during the first 11 months of this year, the Ministry of Economic Affairs (MOEA) said Monday.

The MOEA said that the value of Taiwan’s information/communications devices and audio-video products sold to the United States during the 11-month period reached US$7.39 billion, accounting for 24.2 percent of Taiwan’s total exports to the U.S. market.

During the period, exports to the U.S. of Taiwan’s information/communication devices and audio-video products such as smartphones and other handheld gadgets, notebook computers and TVs, rose US$260 million or 3.7 percent from a year earlier.

Despite the year-on-year increase in exports in that category, the MOEA said, Taiwan has been faced with escalating competition from its rivals, especially in smartphones, which has pushed down Taipei’s sales in recent years.    [FULL  STORY]

Electric vehicle tax cut to be extended

LACKLUSTER SALES:A slump in sales of electric vehicles can be attributed to a lack of battery change stations, which the tax exemption could remedy, a lawmaker said

Taipei Times
Date: Dec 27, 2016
By: Crystal Hsu / Staff reporter

The legislature’s Finance Committee yesterday approved plans to extend tax cuts for electric car sales by another five years to help electric car and parts makers grow and stay viable.

The bill, which must still pass second and third readings, exempts electric motorcycles and cars valued at less than NT$1.4 million (US$43,411) from sales tax from next month to December 2021 to boost sales.

The tax exemption was introduced in 2011 and was due to expire on Jan. 26.

Vice Minister of Economic Affairs Shen Jong-chin (沈榮津) said that the extension is necessary to encourage the development and purchase of electric vehicles.    [FULL  STORY]

Fuel prices stable after five weeks of adjusted increases

Taipei Times
Date: Dec 26, 2016
By: Staff writer, with CNA

CPC Corp, Taiwan (CPC, 台灣中油) yesterday left fuel prices unchanged for this week, ending five weeks of diesel and gasoline price increases, the state-owned oil supplier said.

CPC said its weighted oil price formula — 70 percent Dubai crude and 30 percent Brent crude — showed prices slightly increased to US$52.87 per barrel last week from US$52.86 per barrel the previous week.

The company said it would not adjust fuel prices this week, with prices at the pumps nationwide to stay unchanged at NT$22.6 per liter for super diesel, NT$24.9 per liter for 92 octane unleaded, NT$26.4 per liter for 95 unleaded and NT$28.4 per liter for 98 unleaded.

Formosa Petrochemical Corp (台塑石化) on Saturday said it would keep its fuel prices unchanged, with prices nationwide staying steady at NT$22.3 per liter for super diesel, NT$24.8 per liter for 92 octane unleaded, NT$26.3 per liter for 95 unleaded and NT$28.6 per liter for 98 unleaded.   [SOURCE]

Taipei luxury home transactions expected to fall over 50% in 2016

Focus Taiwan
Date; 2016/12/25
By: Wei Shu and Frances Huang

Taipei, Dec. 25 (CNA) Transactions of luxury residential housing in Taipei for 2016 are expected to fall more than 50 percent from the previous year amid lingering caution over the local property market, according to H&B Business Group (住商不動產).

H&B said that so far this year, transactions in 2016 of luxury homes in Taipei — the most closely watched property market in Taiwan — dropped sharply from 314 units for the whole of 2015 to 152.

With the current year approaching an end, transactions of luxury homes carrying a price tag of no less than NT$80 million (US$2.5 million) in Taipei for the whole of 2016 are expected to be more than halved from a year earlier.

Hsu Chia-hsin (徐佳馨), head of research at H&B, said that recent efforts by the government to curb skyrocketing home prices in the local market have depressed the luxury home market in Taipei.   [FULL  STORY]

Tech companies still splurge on year-end parties

TASTY TREATS:From CEOs dressed as Neo, to endless ice-cream buffets, major tech firms show their workers appreciation and boost morale with ‘wei ya’ events

Taipei Times
Date: Dec 26, 2016
By: Lauly Li / Staff reporter

Whether profitable or not, it has become an important “ritual” in Taiwan that tech firms host large year-end banquets for employees, which feature performing artists and lucky draw prizes to boost employee morale.

The annual event, known as wei ya (尾牙), usually starts with speeches from management about the company’s performance, outlook or operational goals for the coming year and incentives to encourage employees to work harder.

This year, companies like Quanta Computer Inc (廣達), Pegatron Corp (和碩), Inventec Corp (英業達), Wistron Corp (緯創) and Compal Electronics Inc (仁寶) are hosting banquets at the Nangang Exhibition Hall in the weeks prior to the Lunar New Year. The venue can accommodate thousands of people and doubles as a concert hall.

The Formosa Regent Taipei (台北晶華酒店) is another choice venue because its banquet menu has at least eight dishes, including seafood and steak. The self-serve ice cream is a highlight.    [FULL  STORY]

Taiwan opens headquarters for ambitious ‘Asia Silicon Valley’ plan

Focus Taiwan
Date: 2016/12/25
By: Bien Chin-feng and Elizabeth Hsu

Taipei, Dec. 25 (CNA) Vice President Chen Chien-jen (陳建仁) inaugurated Sunday the base for the implementation of the government’s ambitious “Asian Silicon Valley” plan, which is designed to improve Taiwan’s overall economic structure.

The major tasks of the “Executive Center for the Asian Silicon Valley Plan” in Taoyuan will be to promote the Internet of Things (IoT) and innovation industries, boost Taiwan’s economic development by integrating relevant local and international sectors, and push Taiwan’s industrial transformation, said Chen while addressing the inauguration ceremony.

The opening is the first step for the executive center, from which Taiwan will move to attract talent in innovation from around the world and bring them together, making them into the power driving Taiwan’s industrial upgrading and transformation, Chen added.    [FULL  STORY]

WTO says Canadian tariff unreasonable

RULES VIOLATED:If a panel review decision is upheld, Taiwanese exporters may get a better deal on carbon steel pipes, after tariffs cost the economy about NT$20m annually

Taipei Times
Date: Dec 26, 2016
By: Kuo Chia-erh / Staff reporter, with CNA

Local carbon steel pipe makers on Friday said they welcome a WTO preliminary ruling in favor of Taiwan in a dumping dispute with Canada, as it is likely to lead to export opportunities.

“Canada’s unreasonable anti-dumping measures absolutely affected our shipments to Canadian customers in recent years,” Yieh Phui Enterprise Co Ltd (燁輝) vice president Chen Yung-hsien (陳永賢) told the Taipei Times by telephone.

The company is considering expanding in Canada next year, as Taiwanese steelmakers could sustain global price competitiveness if Taiwan wins the trade dispute and Canada must amend its laws, Chen said.

Carbon steel welded pipes make up about 5 percent of Yieh Phui’s revenues. The company distributes most of its products to domestic clients after Canada imposed anti-dumping tariffs on Taiwanese exporters in 2012, Chen said.    [FULL  STORY]

Coffee with Line friends

The China Post
Date: December 24, 2016

A visitor takes photos inside the newly opened Line Friends Café & Store in Taipei on Friday, Dec. 23. The Line Corporation opened its first Line Friends-themed café and store in Taiwan on Friday. The store is located in Shin Kong Mitsukoshi Xinyi Place’s (新光三越信義新天地) A11 in Taipei. A 3.5-meter-high Choco bear, one of the latest characters featured in the cartoon, is displayed at the entrance of the café.  [SOURCE]

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