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rffrydr
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rffrydr
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 Posted: Fri May 21, 2010 12:26 pm Post subject: |
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Taiwan growth at 30yr high. Too much of a good thing? I don't think so. Taiwan is a follower.
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rffrydr
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| Posted: Tue Apr 20, 2010 7:39 am Post subject: |
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March Taiwan exports of electronics were strong, up 23.8% m/m.
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rffrydr
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HenryTo
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| Posted: Wed Jul 29, 2009 8:47 pm Post subject: |
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Report provides a pretty optimistic view of the latest agreements between Taiwan and China:
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China deal could add 1.7 pct to Taiwan GDP-report
Reuters - Thursday, July 30
TAIPEI, July 29 - A Taiwanese proposal for an agreement establishing closer links with China could add up to 1.72 percent to Taiwan's gross domestic product, according to a think tank report commissioned by the economics ministry.
The Chung-Hua Institution for Economic Research said the suggested accord, by boosting trade and lowering tariffs, would add between 1.65 and 1.72 percent to GDP if fully implemented.
Taiwan, home to the world's top two contract chip makers and whose firms make 80 percent of laptops globally, had GDP totalling about $390 billion in 2008.
"Freer trade and economic cooperation between Taiwan and China presents a key opportunity to resolve difficulties that the Taiwanese economy is facing," Bih Jane Liu, a vice president of the Chung-Hua institution, told a news conference.
Taiwan could also see an additional $8.9 billion in global foreign direct investments in the next seven years if ties are normalised under the proposed agreement, known locally as the Economic Cooperation Framework Agreement , the ministry said. China has said previously it is open to discussion about such an accord but has not specified any timing for talks.
Officials said the deal would also create about 260,000 jobs in Taiwan, where the jobless rate hit a record 5.9 percent in June.
Economics Minister Yiin Chii-ming said during the news conference Taiwan planned to discuss the plan with China in October and hammer out key details by the end of the year, though no actual date has been set for the signing of the agreement.
Taiwan's export-reliant economy has been badly battered by the global economic slowdown, with its first-quarter GDP contracting by an annual 10.24 percent as demand for the island's tech gadgets plummets as consumers cut spending.
The year-old administration of Taiwan's President Ma Ying-jeou, which was elected on a platform of closer economic ties with China, has been turning to its giant neighbour to help revive the sagging economy.
China and Taiwan have been administered separately since the Nationalists fled the mainland in 1949, and economic and political contact has been severely curtailed by the governments on both sides of the strait.
Taiwan's stock market is now the world's second-best performer this year, ranking behind China among 30 share indexes tracked by Thomson Reuters, as investors bet that closer ties could provide more business opportunities for Taiwanese companies.
Many of Taiwan's largest companies such as contract chipmaker TSMC <2330.TW> <TSM.N> and AU Optronics <2409.TW> <AUO.N> have also been reporting a turnaround in business, which they have credited partly to growth in Chinese consumer demand. |
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HenryTo
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HenryTo
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rffrydr
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| Posted: Mon Mar 23, 2009 6:24 pm Post subject: |
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The flow of news out of the technology sector is constructive as there are signs of an increase in chip orders. The DigiTimes reported that TSM has returned to almost full production helped by a surge in handset, telecom product, and graphic processors. TXN and QCOM were said to be boosting their orders by 10% to 15%. ALTR had its orders increase 10%, and NVDA orders bounced about 30%. The pick up in orders is a sign that inventories are clean and/or demand is picking up.
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rffrydr
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| Posted: Wed Mar 04, 2009 6:54 am Post subject: |
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Chipmaking: a business, yes....but with companies?
| Quote: | Taiwanese chipmakers
Published: March 4 2009 09:20 | Last updated: March 4 2009 11:20
It’s fashionable for chief executives to bemoan a lack of visibility. For Taiwan’s memory chipmakers, however, the outlook could not be clearer: an absurdly bloated industry needs to shrink. The best outcome, for Taipei at least, is that a government-led restructuring preserves as many of the 28,000 local jobs as possible. The worst is that egos and lenders get in the way, and Taiwan cedes almost total control of the industry to the Koreans.
Mashing six companies into one is proving tricky, complicated by overlapping technology alliances and the near-bankruptcy of the weakest player, ProMOS. Taiwan Memory Inc could be funded by seed capital from the state and equity from the Formosa Plastics Group, parent of two of the chipmakers. On paper, the mega-corp would have a combined market share of 22 per cent in dynamic random access memory chips – used for short-term storage in computers and other gadgets – posing a real threat to Korea’s Samsung (27 per cent) and Hynix (21). But that simple calculation overlooks the painful integration process and Taiwan’s inexperience in technology consolidation – its only big merger was to create flat panel display-maker AU Optronics in 2001.
UBS expects DRAM industry revenue to contract 31 per cent this year, some 45 per cent lower than the 2006 peak. Left to their own devices, manufacturers could not adjust capacity fast enough to offset plummeting orders. In 2007, amid evidence that the sector was already ex-growth, Taiwanese vendors were still racing to build bigger factories, accounting for almost half of global DRAM capital spending. The combined net debt of the five listed chipmakers is now three times bigger than their aggregate market capitalisation.
Horizons tend to be short in this business: nine of the top ten DRAM suppliers in 1990 are no longer around today, according to research firm, iSuppli. Germany’s Qimonda has already slipped through the cracks. Taipei needs to bash heads together to stop others joining it. |
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rffrydr
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| Posted: Fri Jan 23, 2009 8:44 am Post subject: |
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Taiwan’s industrial production fell 32.4% y/y
Taiwan’s export orders fell 33% y/y.
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rffrydr
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| Posted: Tue Dec 23, 2008 10:00 am Post subject: |
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China looking to "bailout" Taiwan:
| Quote: | China bails out Taiwan
Published: December 22 2008 10:21 | Last updated: December 22 2008 18:58
How to win friends and influence people: pay them. As China grows richer, so does its cheque book diplomacy. This worries multilateral institutions, who see their conditional lending undermined by less fastidious hand-outs, for example in Africa. The financial crisis is now yielding juicier opportunities. Just before Christmas, Beijing offered $19bn of loans to Taiwan, the island from which it has been separated since the Chinese civil war ended in 1949 and over which it claims sovereignty. Chinese state banks have been dragooned into giving loans to Taiwanese investors in the mainland. China will also spend $2bn on flat-screen monitors.
“Compatriots on both sides are part of the same family,” said Wang Yi, head of China’s Taiwan Affairs Office. “We feel the same pain.” Not half. Taiwan, along with other parts of the Chinese diaspora, such as Hong Kong and Singapore, accounts for the majority of foreign direct investment into China. Taiwan’s share clocks in at about 7 per cent in the 15 years to 2004, or even more if it is assumed some is routed through Hong Kong. Taiwanese manufacturers who headed across the Straits in search of cheaper land and wages may have invested some $150bn in China.
Alas, it is easier to see China’s largesse backfiring than giving Taiwan a boost. First, the numbers are small: $2bn represents maybe 6 per cent of Taiwan’s annual flat-panel sales. Ordering China’s banks, which are essentially domestic lenders, to make loans overseas will undoubtedly tax their risk-assessment skills; and any bad loans will hardly cement relations. Chinese aid is no cure-all, as shown by Hong Kong’s closer economic partnership arrangement – styled by Beijing as a “win-win” deal, it in fact brought limited benefits to the territory. This beats bellicose rhetoric, of course, but Taiwan should hardly expect something for nothing. |
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HenryTo
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rffrydr
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| Posted: Thu Dec 11, 2008 9:34 am Post subject: |
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Biggest rate cut since '82. But the currency is what they're watching:
| Quote: | | "There's a hint at a fresh sense of urgency to deliver growth stimulus," Leong told the news agency. "In light of the increased pressure on exports, they'll probably allow a more rapid drift upward in the U.S. dollar against the Taiwan." |
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rffrydr
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rffrydr
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