Expectations of interest rate cuts and moderating inflation stabilized global financial markets and boosted the value of funds managed by the Bureau of Labor Funds to NT$606.67 billion (US$19.65 billion) in the first 11 months of last year, up NT$182.79 billion from the amount accumulated in the first 10 months, the bureau said yesterday.
The November gains reversed a NT$153.48 billion decline recorded in October last year, bureau data showed.
With inflation showing signs of slowing, hopes that major central banks would ease their monetary policy following aggressive rate hikes sent equities and bonds higher worldwide in November, the bureau said.
Photo: Lee Chin-hui, Taipei Times
In the first 11 months of last year, the TAIEX soared 23.31 percent, while the MSCI World Index also surged 16.60 percent. In addition, the Bloomberg Barclays Global Aggregate Index rose 1.50 percent in the same period.
The combined value of the funds managed by the bureau — the Labor Pension Fund, the Labor Retirement Fund, the Labor Insurance Fund, the Employment Insurance Fund and the Arrears Wage Payment Fund — totaled about NT$6.03 trillion in the first 11 months of last year.
Based on that value, the gains represented a rate of return of 10.82 percent, the bureau said.
The value of assets in the new Labor Pension Fund, launched in 2015, totaled NT$3.96 trillion at the end of November, the highest of any fund, and its rate of return during the first 11 months of last year was 10.58 percent, the bureau said.
The Labor Retirement Fund has been in place since 1984 and had about NT$994 billion of assets as of the end of November, with a rate of return of 12.66 percent, the bureau said.
Despite the rate cut hopes, the bureau said the global economy remains vulnerable to uncertainties that could weigh on financial markets, while geopolitical tensions are also expected to affect economic recovery.
The bureau said it would keep a close eye on any economic and political developments worldwide and adjust its investment strategy to increase the long-term returns of the labor funds it manages.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday held an equipment installation ceremony for its first 2-nanometer fab in Kaohsiung, six months ahead of schedule, Kaohsiung Mayor Chen Chi-mai (陳其邁) said. “To cope with the strong global demand for advanced chips, TSMC is to start moving in equipment for its first-ever 2-nanometer fab half a year earlier than scheduled,” Chen said at an question-and-answer session at the Kaohsiung City Council. TSMC’s 2-nanometer process technology would help accelerate the development of artificial intelligence (AI) applications as well as the transformation of local industries in Kaohsiung, Chen said in a
TEAM TAIWAN: While lawmakers proposed declaring Nov. 24 a national day, the CPBL commissioner urged the legislature to pass the budget for sports development Lawmakers yesterday proposed designating Nov. 24 as National Baseball Day and updating the design of the NT$500 bill to honor the national team’s victory in the World Baseball Softball Confederation’s Premier12 championship on Sunday, as thousands of fans came out to see the players parade down the streets of Taipei. Players, coaches and staff from the national team returned home on Monday night after achieving their best-ever performance in an international baseball tournament. After receiving a rapturous welcome at the airport, the players turned out yesterday for a street parade in front of thousands of adoring fans waving Taiwanese flags and
RSS