Focus Taiwan
Date:\ 03/24/2020
By: Frances Huang

Taipei, March 24 (CNA) Shares in Taiwan staged a strong rebound Tuesday from a plunge the previous session, with market sentiment boosted by the U.S. Federal Reserve launching limitless quantitative easing and the hope that a massive stimulus package to combat the coronavirus COVID contagion will pass the U.S. Senate, dealers said.

Buying in large cap stocks increased across the board as bargain hunters turned active, while government-led funds apparently took advantage of the improved mood to enter the market, helping the main board close up almost 400 points to pass the 9,200 point level, they said.

The weighted index on the Taiwan Stock Exchange (TWSE) or the Taiex ended up 395.59 points, or 4.45 percent, at 9,285.62, after moving between 9,083.78 and 9,415.64, on turnover of NT$153.39 billion (US$5.06 billion).

The market opened up 2.18 percent in a reaction to significant gains posted by Dow Jones Industrial Average futures, which soared more than 4 percent at one point, on the back of the Fed's announcement of unlimited purchases of bonds and mortgage-backed securities from the market, which is expected to pump large funds into the equity markets, dealers said.   [FULL  STORY]

STEPPING UP: The firm has also asked employees to work in split shifts from this week and to halt all but essential overseas business travel from next month

Taipei Times
Date:\ Mar 25, 2020
By: Lisa Wang / Staff reporter

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has implemented a remote work policy for employees not on production lines in an attempt to curb the spread of COVID-19, the world’s largest contract chipmaker said yesterday.

This is the first time in the Hsinchu-based company’s history that it has launched a large-scale remote work policy, joining global technology companies, such as Apple Inc and Google, that encourage employees to work from home.

The chipmaker has also asked employees to work in split shifts from this week, it said.

As the number of virus infections continues to climb worldwide, TSMC has urged employees to halt unnecessary overseas business travel by April 12, it added.    [FULL  STORY]

THSR to offer reduced services starting April due to coronavirus

Taiwan News
Date: 2020/03/23
By: Huang Tzu-ti, Taiwan News, Staff Writer

TAIPEI (Taiwan News) — Taiwan High Speed Rail (THSR) announced Monday (March 23) that train services will be pared down between April 18 and June 21 due to a fall in passenger demand caused by the coronavirus outbreak.

The slimmed timetables will be implemented for off-peak hours from Friday to Sunday, with 1,016 trains slashed to 975 trains a week. This reflects a 4 percent reduction in services, according to the company.

As people are reluctant to travel for fear of contracting the novel virus, the high-speed railway which connects Taipei and the southern city of Kaohsiung has seen a significant drop in ridership since February, notably during the weekends.

THSR has ramped up disease prevention across the rail network, with more frequent disinfection at stations, ticketing machines, elevators, and escalators. Infrared thermometers are expected to be put in place by late April.    [FULL  STORY]

Focus Taiwan
Date: 03/23/2020
By: Su Ssu-yun, Chang Hsiung-feng and Evelyn Kao

Taipei, March 23 (CNA) Taiwan's jobless rate remained relatively stable in February despite the growing battle with the novel coronavirus disease (COVID-19) during the month, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Monday.

The nominal jobless rate in February rose 0.06 percentage points from a month earlier to 3.70 percent but the seasonally adjusted rate edged down 0.01 percentage points from a month earlier, also to 3.70 percent.

The DGBAS said in a statement that the COVID-19 outbreak that started in late January has started to hit the travel, hotel, and retail sectors hard and it is watching closely to see how the epidemic will affect the local job market over time.

Meanwhile, the Ministry of Labor (MOL) said Monday the number of new job openings in Taiwan's manufacturing sector increased by 35.38 percent in February from a month earlier.
[FULL  STORY]

WEATHERING A PANDEMIC: To remain competitive, the hotel group would ‘take advantage of the slow season’ to upgrade its services and products, its chairman said

Taipei Times
Date: Mar 24, 2020
By: Crystal Hsu / Staff reporter

Formosa International Hotels Corp (FIH, 晶華國際酒店集團) yesterday said that its board of directors would not collect a bonus from last year’s earnings and senior executives would take a temporary pay cut of 30 percent to help the company ride out the COVID-19 pandemic.

The decision was made after the board approved last year’s earnings results. The nation’s top hotel and restaurant operator posted NT$1.38 billion (US$45.39 million) in net profit, or earnings per share of NT$10.58.

That represents a 2 percent decline from a year earlier, as the group can no longer recognize income from properties overseas after selling its majority stakes to InterContinental Hotels Group PLC.“I’m grateful to the board directors and senior executives for their understanding and sacrifices,” FIH chairman Steven Pan (潘思亮) said.    [FULL  STORY]

Masks will be available for inbound passengers and cost NT$50 or US$2 for 3 masks

  Taiwan News
Date: 2020/03/21
By: Sophia Yang, Taiwan News, Staff Writer

TAIPEI (Taiwan News) — Having caught up with an upsurge in local demand for surgical masks due to the Wuhan coronavirus pandemic, Taiwan's Centers for Disease Control (CECC) announced on Friday (March 20) it would make masks available at airports.

Working together, the government and local mask manufacturers are now churning out 10 million masks a day. This is a huge leap from the 1.88 million units three months ago.

The CECC said masks will be available at all duty-free shops at the country's five international airports from Saturday (March 21) and each inbound passenger can buy one pack of three adult-size or five child-size masks for NT$50 or US$2. A boarding pass, passport, or equivalent travel documents are required to make the purchase.

Purchases for both Taiwanese and foreigners will be recorded in the country's National Health Insurance system and is subject to the rationing policy of every Taiwanese and Alien Resident Certificate (ARC) holder buying three adult-size or five child-size masks per week. Each unit costs just NT$5 (US$0.17), regardless of the size.    [FULL  ST-ORY]

Focus Taiwan
Date: 03/21/2020
By: Wu Po-wei and Lee Hsin-Yin

Taipei, March 21 (CNA) Local manufacturers of instant noodles and toilet paper have pledged to boost production amid public fears of shortages of basic household items due to the new coronavirus outbreak, according to the Ministry of Economic Affairs on Saturday.

The ministry said in a Facebook post that during a meeting with the manufacturers Saturday, they pledged to run their production lines around the clock for the next two weeks to meet a surge in demand.

Participating instant noodle providers included Uni-President and Wei Lih Food Industrial Co., while toilet paper suppliers included YFY Inc., Cheng Loong Corp. and Golden Century Paper, the ministry said.

Taiwan has seen a panic run on food and basic household items — with toilet paper at the top of the list — after the number of confirmed cases of the new coronavirus surged above 100 earlier this week.    [FULL  STORY]

Clients worldwide are canceling ad campaigns and pulling cash from the sector, while billboards rented before the outbreak advertise products at deserted airports

Taipei Times
Date: Mar 22, 2020 page16
By: Kate Holton / Reuters, LONDON

The cancelation of major sporting events and the decimation of the luxury, entertainment and travel industries is delivering a hammer blow to a global advertising industry that was already reeling from years of tech-led turmoil.

What should have been a bumper year with UEFA Euro 2020, the Tokyo Olympics and US elections looks like it could be one of the worst for ad giants WPP PLC, Omnicom Group Inc, Publicis Groupe SA and IPG Inc as the economy shuts down.

Advertising executives told reporters that clients are pulling campaigns, photoshoots for glossy magazines are off and major brands are cutting budgets to conserve cash after the COVID-19 pandemic upended the way people go about their daily lives.“This is a very sudden, immediate and significant hit to people’s revenue and bottom line. A lot of people will go to the wall as a result of it,” London Advertising founder and chief executive Michael Moszynski said. “All the media agencies globally are being told by their clients to cancel their spend.”    [FULL  STORY]

Admits hit will be far worse than during 2003 SARS outbreak

Taiwan News
Date: 2020/03/20
By: Sophia Yang, Taiwan News, Staff Writer\

TAIPEI (Taiwan News) — As airlines continue to scrap almost all flights, the tourism sector is suffering a huge blow from the coronavirus (COVID-19) outbreak — one that is "far bigger" than during the 2003 SARS outbreak, said Taiwan's central bank on Thursday (March 19).

The COVID-19 crisis is having a ripple effect across Taiwan and around the world as activities grind to a halt. The central bank said that the epidemic is affecting supply chains, disrupting manufacturing operations, and hurting domestic demand, so it is cutting the country's growth outlook to 1.92% for 2020.

As more nations have imposed lockdowns and bans on all foreign visitors, tourist agencies in Taiwan have halted overseas tours until the end of April.

During the SARS outbreak in 2003, the total passenger traffic at the country's international airports dropped by 69.5 percent, with the number of outbound and inbound visitors down 71.5 percent and 68.7 percent, respectively. Overall, the economy slumped into a negative growth rate of 1.15 percent.    [FULL  STORY]