Business and Finance

Ousted EVA Air chairman Chang returns to Taiwan

Taipei Times
Date: Mar 14, 2016
By: Staff writer, with CNA

Former EVA Airways Corp (長榮航空) chairman Chang Kuo-wei (張國煒) returned to Taiwan on Saturday, one day after he was removed from the chairmanship in an escalating war of succession for the control of the massive Evergreen Group (長榮集團) founded by the late billionaire Chang Yung-fa (張榮發).

Chang Kuo-wei piloted an EVA airplane to Singapore on Friday, but returned to Taiwan on Saturday as a passenger.

“I’m a working person and there is nothing to be sorry for,” he told the media on his arrival at the Taiwan Taoyuan International Airport. “Anyway, I am tired. I want to take a break.”

On the question of whether he would continue to work with his step-brothers in the business, Chang Kuo-wei said, “we will see.”     [FULL  STORY]

Taiwan’s annual orchid show to generate US$306 million in sales

Taiwan’ News
Date: 2016-03-12
By: Central News Agency

The annual Taiwan International Orchid Show kicked off Saturday in the southern city of Tainan, and is expected to generate export orders worth more than NT$10 billion (US$306.39 million) over a three-year period starting from 2016.

Su Mao-hsiang , chief secretary at the Agriculture and Food Agency under the Cabinet-level Council of Agriculture, revealed the export predictions Friday.

He said exports of Taiwan-grown orchids have been growing over the years, and the volume is expected to continue to increase this year, with the United States set to ease restrictions on the imports of dancing-doll orchids in March.     [FULL  STORY]

Business leader optimistic about Taiwan’s economy

Focus Taiwan
Date: 2016/03/12
By: Hao Xue-qing and Lauren Hung

Taipei, March 12 (CNA) Taiwan’s economy will bottom out in the second

Lai Cheng-i (賴正鎰), chairman of the General Chamber of Commerce of the Republic of China (CNA file photo)

Lai Cheng-i (賴正鎰), chairman of the General Chamber of Commerce of the Republic of China (CNA file photo)

quarter of this year and will begin to rebound in the third quarter, according to a forecast by a local business leader.

Lai Cheng-i (賴正鎰), chairman of the General Chamber of Commerce of the Republic of China, said he has a positive outlook on the domestic economy as the global economic situation has been improving.

In addition, the new administration of President-elect Tsai Ing-wen’s (蔡英文) is expected to take measures to revitalize Taiwan’s economy when she assumes office in May, Lai said.     [FULL  STORY]

Chinese leaders face growth pressure

KEEPING CALM:China’s growth remains gloomy, analysts said, but policymakers are confident they can meet a five-year 6.5% growth target without monetary stimulus

Taipei Times
Date: Mar 13, 2016
By: Bloomberg

China’s industrial production and retail sales both slowed in the first two

People’s Bank of China Governor Zhou Xiaochuan, center, waits while a moderator gestures to a reporter at a media conference in Beijing on Saturday. Photo:AP

People’s Bank of China Governor Zhou Xiaochuan, center, waits while a moderator gestures to a reporter at a media conference in Beijing on Saturday. Photo:AP

months of the year, highlighting the pressure leaders are likely to face to meet this year’s annual growth target, even as the central bank governor said major stimulus was not needed.

Industrial output rose 5.4 percent from a year earlier in January and last month, the National Bureau of Statistics (NBS) said yesterday, compared with the 5.6 percent median estimate of economists surveyed by Bloomberg.

Retail sales climbed 10.2 percent from a year earlier, missing the 11 percent projected gain in the survey, while fixed-asset investment exceeded estimates with a 10.2 percent increase.

The reports highlight the choice facing policymakers: step up monetary and fiscal stimulus and build up more debt, or let the nation’s industrial engines slow further while reducing overcapacity in the steel, cement and coal sectors.     [FULL  STORY]

TWSE trading on Friday

Taiwan News
Date: 2016-03-11
By: Central News Agency

The weighted index on the Taiwan Stock Exchange opened at 8,663.29 points today. After moving between 8,707.97 and 8,640.96, the index closed at 8,706.14, up 45.44. Turnover totaled NT$88.03 billion.
The weighted index, excluding the financial sector, closed at 7,402.53 points, up 39.08.

A total of 2,825 stocks closed up, and 2,641 ended down with 508 unchanged. The top 10 stocks in terms of trading volume were 00637L, 00633L, 00632R, 2409, 3481, 2002, 2498, 2891, 2888 and 4934.

The top 10 stocks in terms of trading value were 2330, 2498, 00633L, 3008, 3673, 00637L, 2454, 2317, 00632R and 0050.     [SOURCE]

Taiwan, Hong Kong join hands to lure visitors from North America

Focus Taiwan
Date: 2016/03/11
By: Timothy Huang and Elizabeth Hsu

New York, March 10 (CNA) Taiwan and Hong Kong have formed a strategic

Peter Lam (林建岳, left), Wayne Liu (劉喜臨)

Peter Lam (林建岳, left), Wayne Liu (劉喜臨)

partnership aimed at promoting multi-destination travel in Asia to people in the United States and Canada, a senior Taiwanese tourism official said Thursday.

Wayne Liu (劉喜臨), the deputy director-general of Taiwan’s Tourism Bureau, and Hong Kong Tourism Board Chairman Peter Lam (林建岳) were in New York to announce the partnership, which Liu said “benefits both Taiwan and Hong Kong.”

The campaign takes advantage of the roughly 60 round-trip flights per day between Taiwan and Hong Kong to launch “one trip, multi-destination” itineraries to help travelers from North America get more out of their trips, Liu said.

Given that most tours from North America to Asia last between eight and 10 days, they need to feature more destinations than just Hong Kong, Liu said, and Taiwan can be conveniently added under the new plan because it’s only an 80-minute flight from Hong Kong.     [FULL  STORY]

Cathay Life cooperates in RCBC probe

CYBERHEIST:Hackers last month allegedly deposited US$81 million in RSBC, in which Cathay has a 22% stake. A Philippine businessman is under investigation

Taipei Times
Date: Mar 12, 2016
By: Ted Chen / Staff reporter

Cathay Life Insurance Co (國泰人壽), which holds a 21.93 percent stake in Philippine lender Rizal Commercial Banking Corp (RCBC), yesterday said that it is cooperating with local authorities in an international money laundering investigation.

Last month, hackers stole about US$100 million from a Bangladeshi central bank account at the Federal Reserve Bank of New York, of which US$81 million was allegedly deposited into a RCBC branch in Makati, Metro Manila, the Philippine Daily Inquirer reported.

RCBC has pledged to cooperate with the ongoing investigation into subsequent movements of the funds, which were also reported to involve several casinos.     [FULL  STORY]

Taiwan delegation explores cooperation opportunities in India

Taiwan News
Date: 2016-03-10
By: Central News Agency

New Delhi, March 10 (CNA) A Taiwanese delegation visited several scientific research and development institutions in India Thursday to explore opportunities for cooperation after attending the Indo-Taiwan Joint Workshop on Digital Technologies for Societal Use which concluded the day before in Delhi.

The delegation, composed of 10 science and technology officials, experts and industry representatives, was led by Shieh Ce-kuen, director of Taiwan’s National Applied Research Laboratory’s (NARL) National Center for High-performance Computing (NCHC).

During the two-day workshop, Taiwanese delegates engaged in discussions with 22 officials and representatives from India’s Department of Science and Technology (DST), the Ministry of Communications & Information Technology and the state-owned Media Labor Asia.     [FULL  STORY]

Indonesian officials call for Taiwan investment in shipping industry

Focus Taiwan
Date: 2016/03/10
By: Jay Chou and S.C. Chang

Jakarta, March 10 (CNA) Indonesian officials said Thursday Taiwan’s

Edy Putra Irawady

Edy Putra Irawady

shipbuilding and container vessel management strengths can contribute to their country’s ambition to become a great merchant marine power.

Edy Putra Irawady, deputy minister of the Coordinating Ministry for Economic Affairs of Indonesia, said Indonesia needs a great number of ships to promote cross-sea trade and linkages among its thousands of islands and to beef up its competitiveness in logistics.

In response to CNA questions regarding Taiwanese President-elect Tsai Ing-wen’s (蔡英文) proposal to expand the presence of Kaohsiung’s shipbuilding industry in the Southeast Asian market, Edy said Indonesia must cooperate with Taiwan in this area.

Kaohsiung’s shipping industry can consider not only investing in Indonesia to build boats and vessels, but also the two countries can work together in container-ship building and the maintenance of Indonesian ships, Edy added.     [FULL  STORY]

Cutting rates no boost: Perng

NO QUICK FIX:Monetary policy alone is not enough to increase growth, the central bank governor said, adding that fiscal policy and structural reform should be adopted

Taipei Times
Date: Mar 11, 2016
By: Staff writer, with agencies

Central bank Governor Perng Fai-nan (彭淮南) yesterday said that with interest rates already low, a further lowering of rates would provide no obvious boost to the economy.

However, cutting interest rates could help stop the inflow of hot money, Perng said at a meeting of the Finance Committee at the legislature in Taipei when asked by lawmakers for his views on lowering interest rates.

Perng said the purpose of reducing interest rates is to stimulate investment.
Such measures have a bigger effect when interest rates are high, but have only a limited effect when interest rates are already low, he said.     [FULL  STORY]