The Ministry of Economic Affairs is planning a comprehensive price-making mechanism for utilities by year's end before possible markups for water and electricity rates come into force, incoming Ministry of Economic Affairs Vice Minister Hou Ho-hsiung (
"We hope to unveil thorough price-making formulas and a reassessment of water and electricity rates and gasoline prices by the end of this year," Hou said on the sidelines of his inauguration ceremony yesterday.
The ministry has asked the state-run Chinese Petroleum Corp (CPC,
"Oil prices are a more urgent issue," Hou said when asked about the state oil refiner's possible price hike. "In the meantime, the ministry will continue monitoring the movement of the price of crude oil, which has declined recently."
The price of CPC oil has been much lower than skyrocketing crude-oil prices but has still been profitable, Hou said, adding that the ministry was seeking to balance the firm's profitability in an environment of rising costs and public expectations.
The refinery created pre-tax income of NT$16.2 billion (US$500 million) in the first seven months of this year, way ahead of its regulatory pre-tax income of NT$14.9 billion for this year, according to figures from the ministry's Enterprise Commission.
Hou, 61, yesterday formally replaced Yin Chi-ming (
With his expertise in water-resources engineering, Hou will oversee water resources-related units -- the Water Resources Agency and Taiwan Water Corp (
Hou will have to deal with thorny issues such as adjustments to gasoline and electricity rates, water supply from the Shihmen Reservoir in Taoyuan and the proposed eight-year NT$80 billion flood-control bill.
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
TARIFF CONCERNS: The chipmaker cited global uncertainty from US tariffs and a weakening economic outlook, but said its Singapore expansion remains on track Vanguard International Semiconductor Corp (世界先進), a foundry service provider specializing in producing power management and display driver chips, yesterday withdrew its full-year revenue projection of moderate growth for this year, as escalating US tariff tensions raised uncertainty and concern about a potential economic recession. The Hsinchu-based chipmaker in February said revenues this year would grow mildly from last year based on improving supply chain inventory levels and market demand. At the time, it also anticipated gradual quarter revenue growth. However, the US’ sweeping tariff policy has upended the industry’s supply chains and weakened economic prospects for the world economy, it said. “Now
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
RSS