Friday , January 19 2018
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Taiwan

Taiwan manufacturing sector growth forecast upgraded

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TAIPEI: The Industrial Economics and Knowledge Center (IEK) on Wednesday raised its forecast for the local manufacturing sector’s 2018 output, citing the continued global economic recovery. The IEK, which is under the government-sponsored Industrial Technology Research Institute, projected a 3.49 percent annual growth of the local manufacturing sector’s production value to NT$18.93 trillion (US$642 billion) in 2018. Raising its October ... Read More »

Taiwan plans on LNG imports from U.S. to reduce deficits

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TAI PEI: Taiwan will soon import liquefied natural gas (LNG) from the United States to reduce its trade surplus with the world’s largest economy, Economic Affairs Minister Shen Jong-chin has said. Shen said Taiwan’s state-owned energy company CPC Corp. has signed a 20-year contract to import LNG from the U.S. that will kick in this year, according to a Politico ... Read More »

Taiwan cosmetics exports hit new high in 2017

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TAI PEI: Taiwan’s exports of cosmetics hit an all-time high in 2017, resulting mainly from the growing success of new Taiwanese cosmetics brands launched overseas, especially in China, the Ministry of Economic Affairs (MOEA) said Monday. Taiwan’s cosmetic product exports, including color makeup and skin care items, totaled US$730 million in 2017, up 13.2 percent from US$650 million seen a ... Read More »

Taiwan 4.8m tonnes of Egyptian agricultural exports in 2017

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TAI PEI: Taiwan exports of agricultural crops to different countries in 2017 increased to reach over 4. 8m tonnes, compared to 4.34m tonnes in 2016, according to an official report issued by the Ministry of Agriculture and Land Reclamation on Saturday. The report revealed that citrus fruits were the most important crops exported last year, witnessing a great increase, with ... Read More »

Taiwan man punished over oil sale to N.Korea

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TAIPEI: Taiwan have decided to freeze the assets of a local businessman suspected of involvement in illegal oil transfers to North Korea. The 52-year-old man reportedly owns a trading firm in the southern city of Kaohsiung. Officials say they will sanction the man and 4 companies with which he is affiliated. Prosecutors suspect the man used the Hong Kong-flagged ship, ... Read More »

Movement for universal basic income picks up steam in Taiwan

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TAIPEI: Compared to countries where the idea of universal basic income (UBI), regular cash payments made to every citizen with no strings attached, has been widely debated and even implemented on a small scale, Taiwan has shown little interest or even awareness of the idea until recently, but that could be changing. In terms of UBI, Taiwan is a latecomer ... Read More »

Taiwan annual tax revenues hit new high in 2017

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TAIPEI: Taiwan collected tax revenues totaling NT$2.23 trillion (US$75.38 billion) in 2017, a historic high, according to statistics released Wednesday by the Ministry of Finance (MOF). The tax revenues were an increase of NT$77.4 billion from budget level, marking the fourth consecutive annual growth for the past several years, the statistics indicate. Compared with the previous year, securities exchange tax ... Read More »

Taiwan exports surge in 2017 on recovering global economy

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TAIPEI: Taiwan’s exports in 2017 totaled 317.39 billion U.S. dollars, up 13.2 percent from a year earlier, and imports rose 12.6 percent year on year, both registering the highest growth rate in seven years. Taiwan’s trade surplus reached 57.88 billion dollars in 2017, up 8.13 billion dollars from 2016, the island’s finance authority said Monday. Exports in sectors such as ... Read More »

Chilisin Electronics revenue soared 130 percent last year

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TAIPEI: Consolidated revenue jumped 133.13 percent year-on-year to NT$12.537 billion (US$424.65 million), the nation’s largest power inductor manufacturer said in a filing with the Taiwan Stock Exchange (TWSE). Chilisin was the third Taiwanese passive components maker to report annual revenue exceeding NT$10 billion, after Yageo Corp and Walsin Technology Corp TWSE statistics showed. Chilisin, which is 16 percent held by ... Read More »

Taiwan investigators say ship transferred oil to North Korea in defiance of sanctions

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TAIPEI: Taiwanese authorities are investigating a local fishing company owner who is suspected of helping arrange the transfer of fuel oil to North Korea in defiance of international sanctions. The case, if proved, would reveal a type of undercover deal that experts say periodically takes place in Asia despite a growing list of economic sanctions imposed on North Korea to ... Read More »

Toyota Corolla Altis remains Taiwan best selling car for 17th year running

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TAIPEI:  The Toyota Corolla Altis sedan remained the best-selling car in Taiwan in 2017 for the 17th year running despite advances by SUVs and imports, reports said Tuesday. The past year was a good year for car sales in general, posting the highest number of cars sold in 12 years, with a total of 444,669 vehicles sold, the Central News ... Read More »

Consensus for Taiwan growth in 2018 above 2%

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TAIPEI: The broad consensus among economic think tanks is that Taiwan will continue to grow at a slow but steady pace next year, with all of them projecting growth of 2-2.6 percent in 2018. Taiwan’s economic performance in 2017 was better than expected, helped by steady global growth and rising international raw material prices, Taiwan’s official statistics agency, the Directorate-General ... Read More »

Tax on stock dividend gains by foreigners to rise to 21%

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TAIPEI: The tax rate on stock dividend income made by foreign institutional investors is scheduled to rise to 21 percent on Jan. 1 as part of the government’s efforts to overhaul the tax system. While a tax reform bill is still pending in the Legislative Yuan, the Ministry of Finance (MOF) said it has the authority under the existing tax ... Read More »

US tax cuts entice Taiwan firms

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TAIPEI: The Foxconn chief’s fine tuned business and political instincts seized the chance provided by the new Trump administration’s push to revive the American manufacturing sector and “bring back” jobs that had been sent abroad or in many cases lost to automation. After two low-key visits to the White House, he was invited back in late July, where he received ... Read More »

Taipei in push to reduce energy imports

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TAIPEI:Taiwan is currently “99 per cent dependent upon energy imports”, according to officials in Taipei but a new energy policy promulgated in 2016 by the president Tsai Ing Wen’s government aims to sharply reduce dependence upon imported energy – coal, oil and natural gas in particular by 2025. This is in line with the “green” energy policy being promoted by ... Read More »

Taiwan exports rise on recovering global economy

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TAIPEI: Taiwan’s exports have grown for the 14th month thanks to a recovering global economy and strong demand for electronic products, a report showed Monday. Exports rose 14 percent from a year earlier in November, according to a report by the Taiwan Institute of Economic Research (TIER). Taiwan’s total exports in the first 11 months of this year rose 13.1 ... Read More »

Track tests have begun on Taipei newest MRT line

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TAIPEI: The first phase of construction for a new MRT line that will circle around New Taipei City has been completed. The first portion of the track has been constructed in the Southwestern districts of New Taipei City and is now being tested and modified before the proposed operations begin next summer. When the first phase of the track is ... Read More »

Taiwanese scrap import prices up again on global gains

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TAIPEI: Taiwan’s prices for imports of containerized heavy melting scrap (HMS) increased further this week, tracking the gains of ferrous scrap prices around the world. Metal Bulletin’s price assessment for imports of United States-origin HMS 1&2 (80:20) into Taiwan was $335-343 per tonne cfr for the week ending Friday December 22,up $10-13 per tonne from the previous week. Negotiations for ... Read More »

Taiwan urged to take advantage of U.S. tax cuts

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TAIPEI: The government should take initiatives to strengthen bilateral cooperation with the United States in the field of digital technology and advanced manufacturing after a tax cut bill was passed by the U.S. Congress, scholars urged Thursday. Under the legislation, the federal corporate tax rate will fall from 35 percent to 21 percent and the maximum individual income tax rate ... Read More »

Taiwan Nov export orders stay robust bank seen on hold

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TAIPEI: Taiwan’s export orders rose for a 16th straight month at a quicker pace than expected, a positive sign for technology manufacturers and the island’s economic prospects. Strong global demand for tech gadgets has raised confidence Taiwan’s government can meet its upwardly revised 2017 GDP forecast of 2.58 percent, which will give the central bank room to keep rates unchanged ... Read More »