Taiwan Economic News articles from January 2009

Taiwan Economic News archives from January 2009

Taiwanese Banks Will Suffer Worst Performance in Asia in 2009: Fitch.
January 22, 2009... Taipei, Jan. 22, 2009 (CENS)--Fitch Ratings predicted yesterday (Jan. 21) that Taiwanese banks will suffer the worst performance among the Asian peers in 2009, with their total deficit estimated at staggering NT$140 billion for the year. The...

Gov't Urges FPG to Lead Consolidation of the DRAM Industry.
January 21, 2009... Taipei, Jan. 21, 2009 (CENS)--The government intends to have Formosa Plastics Group (FPG) join hands with Micron of the U.S. in consolidating Taiwan's beleaguered DRAM (dynamic random access memory) industry, according to the Chinese-language...

Gov't May Issue Consumption Coupons Again.
January 20, 2009... Taipei, Jan. 20, 2009 (CENS)--The government may issue consumption coupons for the second time, should the effect of the first issuance on the economic growth proves to exceed one percentage point, said Su Chun-bin, spokesman of the Executive...

Finance Ministry Mulls Resuming Tax Rebates for Some Export Items.
January 19, 2009... Taipei, Jan. 19, 2009 (CENS)--To bolster the slumping export, the Ministry of Finance (MOF) is considering to resume the tax rebates for some exported products which already lost the privilege previously. The preferential treatment will be...

TSE and LSE Agree on Mutual Listing of ETF.
January 17, 2009... Taipei, Jan. 17, 2009 (CENS)-Executives of the Taiwan Stock Exchange (TSE) and London Stock Exchange (LSE) have agreed to allow mutual listings of exchange traded funds (ETF), marking an important step for the globalization of the local...

Taipei City Grants Beleaguered Businesses Grace Period for Tax Payment.
January 16, 2009... Taipei, Jan. 16, 2009 (CENS)--The Taipei City Government has decided to grant businesses in the city with serious business decline a grace period of up to half a year in paying various municipal taxes. The city's taxation officials pointed...

Gov't and Banks Refusing to Provide Fresh Fund to ProMos.
January 15, 2009... Taipei, Jan. 15, 2009 (CENS)--With both the government and creditor banks having decided not to inject fresh funds to ProMos Technologies, the Taiwanese DRAM (dynamic random access memory) maker may default on the NT$11 billion convertible...

Legislature Ratifies Bill for NT$500 B. Public Investments.
January 14, 2009... Taipei, Jan. 14, 2009 (CENS)--The Legislative Yuan ratified the "Special Statute for Stimulating Economy via Expanding Infrastructural Investment" yesterday (Jan. 15), aiming to bolster the slumping economy with the infusion of NT$500 billion...

Legislature Ratifies Bill for NT$500 B. Public Investments (0114001).
January 14, 2009... Taipei, Jan. 14, 2009 (CENS)--The Legislative Yuan ratified the "Special Statute for Stimulating Economy via Expanding Infrastructural Investment" yesterday (Jan. 15), aiming to bolster the slumping economy with the infusion of NT$500 billion...

Legislature Legalizes Development of Casino Business on Offshore Islands.
January 13, 2009... Taipei, Jan. 13, 2009 (CENS)--The Legislative Yuan ratified the revised Statute for the Development of Offshore Islands yesterday (Jan. 12), paving the way for offshore island to develop gambling business. The revised statute allows offshore...

Cabinet Considering Setup of Housing-Loan Guarantee Fund.
January 12, 2009... Taipei, Jan. 12, 2009 (CENS)--The Executive Yuan is scheduled to discuss the establishment of a housing-loan guarantee fund today (Jan. 12), in order to cope with the credit crunch and invigorates the housing market. The fund is designed to...

President Ma Announces Halving Management Fee for Science-Park Firms.
January 10, 2009... Taipei, Jan. 10, 2009 (CENS)--To support the beleaguered hi-tech firms in science parks, President Ma Ying-jeou announced yesterday (Jan. 9) the decision halving the management fees charged by the park administrations for one year. The...

Gov't Sets 2009 Economic Growth Target at 2.5%.
January 9, 2009... Taipei, Jan. 9, 2009 (CENS)--The government has projected to achieve 2.5% of economic growth and maintain the CPI (consumer price index) increase under 1% in 2009, according to the 2009 national economic development plan released by the...

Export Suffers Record Decline of 42% in December 2008.
January 8, 2009... Taipei, Jan. 8, 2008 (CENS)--Impacted by the fast deterioration in global economy, Taiwan's exports nosedived 41.9% year-on-year in December 2008, the sharpest decline ever. Lin Li-chen, director general of the statistics department of the...

New Accounting Criteria May Push Most Steel Makers Into the Red in 2008.
January 7, 2009... Taipei, Jan. 7, 2009 (CENS)--Many Taiwanese steel firms may be in the red in 2008, as they make huge provisions for their inventory loss resulting from sharp plunge in product and material prices in the fourth quarter, in accordance with the...

Evergreen Unveils Mega Shipbuilding Project Amid Global Recession.
January 6, 2009... Taipei, Jan. 6, 2009 (CENS)--Evergreen Marine has decided to spend US$5.5 billion building 100 container ships before the anticipated recovery of the global economy in 2012, thereby becoming the world's third largest container shipper, up...

Business Leader Urges Postponement of New Accounting Criteria.
January 5, 2009... Taipei, Jan. 5, 2009 (CENS)--Rock Hsu, chairman of Kinpo Group, has urged the government to postpone the implementation of the No. 10 Basic Financial Statements, an accounting criterion regarding the calculation of inventory value, warning...