China mulls stimulus plan
Beijing is considering an economic stimulus plan worth US$54 billion, including tax cuts and government spending to prop up growth, state media reported yesterday.
The 370 billion yuan (US$54 billion) proposal, which has yet to be finalized, includes 220 billion yuan in fiscal spending and 150 billion yuan in tax cuts, the Economic Observer reported, citing unnamed sources.
The proposal is meant to “give the economy some breathing room” following a slowdown after monetary tightening, the report said, adding that the Ministry of Finance is to work out the plan’s details.
‘Carbon cashbag’ unveiled
South Korea announced plans yesterday for a discount scheme to encourage consumers to buy more energy-efficient products.
Consumers who buy such products will receive carbon points that can be used to pay utilities, transport and other bills or to buy other appliances, the Ministry of Knowledge Economy said.
The “carbon cashbag” system will begin in October.
“It aims to spread the culture of reducing greenhouse gases and promote a shift in consuming patterns to energy-efficient and less carbon-emitting products,” the ministry said in a statement.
Chi Mei raises wharf stake
Chi Mei Corp (奇美實業), parent of a local manufacturer of LCD display panels Chi Mei Optoelectronics Corp (奇美電子), has decided to invest an additional NT$420 million (US$13.38 million) to expand the development of petrochemical wharves at Anping (安平) Harbor in Tainan City, the Kaohsiung Harbor Bureau (KHB) said yesterday.
When the third and fourth wharf development projects are completed, the cargo throughput capacity of the Chi Mei wharf operations at Anping Harbor will be increased by 120,000 tonnes annually to a total of 738,000 tonnes, a KHB official said.
In order to reduce delivery distance, lower potential risk to petrochemical vehicles and improve the flow of materials, Chi Mei invested NT$500 million several years ago to construct two 200m long, 11m deep petrochemical wharves as well as 16 storage tanks and related facilities.
Chi Mei’s 16 storage tanks, constructed in conjunction with KHB in the first and second wharf development projects, were completed in October, allowing a cargo throughput capacity of 611,000 tonnes annually.
Court extends FAT immunity
Taipei District Court yesterday granted Far Eastern Air Transport (FAT, 遠東航空) a 90-day immunity extension starting last Saturday, while it ponders whether or not to grant FAT’s earlier request for corporate restructuring.
Without the immunity extension, FAT debtors and shareholders have the right to take over the company and disrupt the ailing airliner’s restructuring efforts.
Last Friday, the company was finally able to raise NT$30 million to pay for half a month’s salary to its employees. Airline staff have been working without pay for more than six months.
NT dollar ‘relatively stable’
The New Taiwan dollar was “relatively stable,” the central bank said in a faxed statement yesterday.
The NT dollar fell 0.2 percent yesterday, or NT$0.006, to trade at NT$31.43 against the greenback on turnover of US$815 million.
The currency’s loss was smaller than those of the South Korean won, the Singapore dollar and the yen, the central bank reported.
The currency traded near a six-month low after the government reported the slowest pace of growth in more than a year. GDP rose 4.32 percent in the second quarter from a year ago, the Directorate General of Budget, Accounting and Statistics said on Friday.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
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