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.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW. Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price, industry experts say. It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world. The high-end segment of the market registered a sales drop
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
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