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ECCT urges Taiwan to sign trade pact with China (Mar 11)
The European Chamber of Commerce Taipei (ECCT) has urged Taiwan's government to sign a proposed economic cooperation framework agreement (ECFA) with China as soon as possible, saying it could remove barriers for Taiwan to ink economic pacts with other countries.

ECCT Chairman Nicholas Winsor said at a press briefing Wednesday that he believes that the ECFA would help Taiwan to initiate negotiations for trade enhancement agreements (TEMs) with the European Union and Russia.

This view was supported by Godwin Chang, a member of the ECCT's board of directors and CEO of Societe Generale Coporate and Investment Banking's Taipei Branch, who said that more foreign banks would be willing to come to Taiwan if the government could offer them preferential treatment and if it signs the ECFA with China later this year.

Francine Wu, another board member and CEO of Schroders Investment Management Co., noted that the Closer Economic Partnership Arrangement that was signed between Hong Kong and China...


Taiex index closes at highest since January (Mar 11)
(ChinaPost.com.tw) - Taiwan’s Taiex index rose 8.49, or 0.1 percent, to 7,779.08 at the close of Taipei trading, the highest since Jan. 25.


Science parks workers on unpaid leave drops to 66 (Mar 11)
(ChinaPost.com.tw) - Thanks to a strengthening economic recovery, the number of science park workers on unpaid leave has dropped to 66 in February from a peak of 128,000 in January 2009, Premier Wu Den-yih said yesterday.


EasyCards to be accepted for small purchases (Mar 11)
EasyCards will be accepted as a means of payment for purchases of up to NT$10,000 at contracted stores, starting April 1, EasyCard Corp. announced yesterday.This


Taiwan shares close lower (Mar 11)
Taiwan's share prices closed lower Thursday with the weighted index, the market's key barometer, moving down 29.42 points, or 0.37 percent, to close at 7,749.66.

The local bourse opened at 7,817.59 and fluctuated between a range of 7,818.84 and 7,749.4 during the day's trading. Market turnover totaled NT$90.13 billion (US$2.84 billion).

Seven of the eight major stock categories lost ground, with banking and financial issues shares moving down the most at 1.43 percent.

Foodstuff shares lost 0.87 percent, construction shares dropped 0.5 percent, paper and pulp issues fell 0.39 percent, plastic and chemical stocks lost 0.21, cement shares dropped 0.2 percent, while machinery and electronics issues were down 0.16 percent.

Of the eight major stock categories, only textile shares gained ground, edging up 0.32 percent. Losers outnumbered gainers 1,761 to 1,107, with 334 remaining unchanged. Foreign investors and Chinese QDIIs were net buyers of NT$2.75 billion in shares.


Government moves to curb executives' pay (Mar 11)
A government unit that manages public shareholding has formulated regulations to cap monthly salaries paid to the heads of government-owned or partially state-funded financial institutes at NT$320,000 (US$10,100) in light of a recent "self-enrichment incident" involving the head of a government-owned company.

The cap was calculated by doubling the monthly salary of NT$160,000 received by Susan Chang, chairwoman of the government-owned Taiwan Financial Holding Co., the nation's largest financial services provider.

The Government Shareholding Management and Supervisory Unit under the Executive Yuan passed the regulations Wednesday after it was revealed that Taiwan Asset Management Corp. (Tamco) Chairman Chen Sung-chu has enriched himself out of proportion to his worth.

Chen made NT$400,000 a month, with an additional NT$150,000 in monthly public relations fees, far more than the NT$180,000 received by Finance Minister Lee Sush-der, according to local media reports.

The Tamco chairman ...


Initial examination shows HK investor has no Chinese capital (Mar 11)
According to documents presented by Primus Financial Holdings Ltd., a Hong Kong-based company that won a bid to take over local life insurance company Nan Shan last year, it is not funded by capital from China, Deputy Minister of Economic Affairs Hwang Jung-chiou said Thursday.

However, Hwang told the Legislative Yuan Finance Committee, the Ministry of Economic Affairs (MOEA) had yet to corroborate the contents of the documents submitted by Primus January 12.

Before the corroboration begins, the ministry has demanded that Primus should submit several other documents requested by the Financial Supervisory Commission and the Council for Economic Planning and Development, Hwang went on.

Hwang said that whether that company is funded with Chinese capital -- which would disqualify it from taking over Nan Shan -- or by foreign capital, will be determined within two weeks.

Any overseas company with 30 percent of its capital coming from China is considered by the government to be a Chinese ...


Pickup in global economy will help Taiwan meet growth target: premier (Mar 11)
Premier Wu Den-yih said Thursday that gradual improvements in the domestic and international economic environment will help Taiwan meet its growth target of 4.72 percent this year.

The Directorate-General of Budget, Accounting and Statistics last month raised the forecast of Taiwan's economic growth for 2010 to 4.72 percent, up from an earlier forecast of 4.39 percent.

The premier pointed out Thursday that the chain reactions of the economic recovery -- revealed in a pickup in exports and production capacity of many manufacturers, as well as in hi-tech manufacturers' expansion projects -- were gaining momentum.

Meanwhile, private investments, forecast to increase 14.8 percent from the level of last year, is expected to play a key role in Taiwan's economic recovery, according to Wu.

While job creation and energy savings remain the most important policies to be implemented this year, Premier Wu said, the government as well as industries should also create more "green jobs."

However, W...


US dollar flat (Mar 11)
The U.S. dollar traded flat, ending the day at the previous close of NT$31.847 Thursday on the Taipei Foreign Exchange, apparently as a result of intervention by Taiwan's Central Bank of China to curb a greenback selling spree.

A total of US$1.082 billion changed hands during the trading session.

The U.S. currency opened at NT$31.847 and fluctuated between NT$31.727 and NT$31.847.


Taiwan shares open higher (Mar 11)
The Taiwan Stock Exchange's main index opened higher Thursday than its previous close, moving up 38.51 points at 7,817.59 on a turnover of NT$2.43 billion (US$75.94 million).

The weighted price index gained 8.49 points, or 0.1 percent, to close at 7,779.08 Wednesday.