Central bank surprises markets with interest rate rise

Central bank surprises markets with interest rate rise

2024-03-21

In surprise move, the central bank raised its policy rate by 12.5 basis points on Thursday. The move comes just after the U.S. Federal Reserve decided to leave rates on hold. Taiwan policymakers said the tightening was due inflationary pressures and an expected power price hike in April. The discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations will rise to 2%, 2.375%, and 4.25%, respectively, on Friday.

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央行升息半碼！去年第2季以來首度上調

2024-03-21

超級央行周登場，儘管美國聯準會決議利率不變，但中央銀行卻出乎意料，宣布升息半碼。主要是考量2021年以來，物價漲幅高，加上今年4月國內電價研擬調漲，為了抑制通膨預期心理，央行宣布，調升政策利率0.125個百分點，重貼現率、擔保放款融通利率及短期融通利率，分別為年息2％、2.735％，及4.25％。

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Taiwan shares closes at fresh high of 20,199 points

Taiwan shares soared to a fresh high on Thursday, after Nvidia wowed Wall Street with its latest AI tech, and the Fed kept interest rates unchanged. Taiwan shares rose 2.1%, closing at a record 20,199 points. Not only did AI stocks surge, electricity and green energy stocks moved higher, too, ahead of an anticipated hike to power rates next month.

Jerome Powell
US Federal Reserve chair
Today the FOMC decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings.

The Fed’s announcement on keeping rates steady sparked a rally on Wall Street, with the Dow rising by more than 400 points. One day later, Taiwan shares picked up 414 points to close at 20,199, firmly above the 20,000-point mark. In just four months, the market has gained more than NT$7.4 trillion to reach a total value of NT$64.2 trillion.

Edward Chen
First Capital Management
The Nvidia GTC is getting more exciting by the day. The company unveiled its GB200, creating a splash in the market. Computing power is expected to be 30 times greater in 2030 than in 2020. For Taiwan chipmaker TSMC, that means growth, growth, and more growth.

With AI hopes sky-high, TSMC shares jumped NT$26 to close at NT$784. Delta Electronics shares soared, rising NT$22 to hit NT$388. MediaTek and Quanta gained NT$10 and NT$5.5, respectively. Ahead of the government’s electricity price committee meeting on Friday, electricity and green energy concept stocks also surged, with Shihlin Electric, TESC and Swancor closing limit-up.

Edward Chen
First Capital Management
Rotation during stock selection is important. I recommend an investment strategy that’s based on individual stocks, rather than market trends.

Tsai Ing-wen’s presidential term is set to end in two months. When she assumed office eight years ago, Taiwan shares stood at just 8,131 points. Since then, the market has skyrocketed and now stands above 20,000 points, marking a rise of more than 150%.

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2024-03-21

NSB chief advises against presidential visit to Taiping Island

The National Security Bureau says it would not advise President Tsai Ing-wen to visit Taiping Island at this time. The intelligence agency made the statement after the KMT called on Tsai to visit the island to assert the R.O.C.’s sovereignty. Speaking at the Legislative Yuan, National Security Bureau Director-General Tsai Ming-yen said such a visit would not be advisable due to geopolitical factors and risks to Tsai’s personal safety.

National Security Bureau Director-General Tsai Ming-yen went to the legislature for questioning on Thursday. Speaking to reporters on the sidelines, he weighed in on whether President Tsai Ing-wen should visit Taiping Island before her term ends on May 20.

Tsai Ming-yen
National Security Bureau director-general
The geopolitical environment of the South China Sea, where Taiping Island is located, is relatively complex. Would such an act by the president be seen internationally as a move to escalate regional tensions? And would such an interpretation be beneficial to Taiwan’s diplomatic interests? That’s our foremost consideration.

Geopolitics aside, ensuring the president’s flight safety would also be a challenge, he said.

Tsai Ming-yen
National Security Bureau director-general
The second important consideration is the high degree of militarization in the South China Sea. The international community is quite concerned about the rights to freedom of navigation and overflight in the region. That is to say, many countries are experiencing interference from a certain nation as they pass through the waters and airspace of the area. So we need to assess whether the president’s plane would encounter aviation or security issues during the 1,600-kilometer flight. That is a matter the National Security Bureau needs to consider.

Citing geopolitics and concerns over flight safety, the National Security Bureau chief said he would not recommend a presidential visit to Taiping Island at this time. And with the impasse continuing in the Kinmen-Xiamen maritime area, the cross-strait relationship is more volatile than ever. Taiwan’s defense ministry said that in the 24 hours leading up to 6 a.m. Thursday, it detected 32 Chinese warplanes around the island, marking a two-month high. Twenty of the warplanes crossed the median line of the strait. Five Chinese naval vessels were also detected operating around Taiwan.

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2024-03-21

Amid bus driver shortage, Taoyuan proposes looking overseas

Taiwan should let foreign nationals work as bus drivers. Taoyuan Mayor Chang San-cheng made the suggestion on Wednesday, responding to his city’s shortage of bus drivers. Since the pandemic, many major Taiwan cities have struggled to find drivers. The deficit now reaches 2,000 drivers across the six special municipalities.

A line forms at the stop, as people wait and wait for the bus. The transport sector has been grappling with a shortage of bus drivers since the pandemic. Some companies are offering shorter work hours, but are still failing to attract enough staff. Taoyuan Mayor Chang San-cheng says Taiwan should follow Japan’s example and open up positions to foreign drivers.

Chang San-cheng
Taoyuan mayor
Take Japan for example. Japan has opened up the public transport sector to foreign drivers, recognizing them as professionals in demand. Foreign nationals can apply for residency as professional bus drivers. If Japan can do it, I don’t see why Taiwan can’t.

Taoyuan is facing a shortage of 250 drivers, a gap of 25%. New Taipei has a driver shortage of 500 workers, and Taipei an even bigger shortage of 710. In total, 2,000 drivers are needed across the six special municipalities.

Yang Ching-ting
Taipei Public Transportation Office
Here in Taipei, we agree with the suggestion. We have previously written to the transport ministry, asking it to consider allowing the entry of specialized drivers from abroad.

Taipei City endorsed the proposal, but New Taipei and Taichung declined to comment. Tainan said the change was feasible, as long as drivers are required to have the relevant professional driving licenses. Kaohsiung said it didn’t have a need for foreign drivers. Meanwhile, one bus operator said foreign drivers should be required to pass a language proficiency test.

Voice of Lee Chien-wen
Capital Bus
For example, exchange students in Taiwan. If they want to join the bus driving industry, they must pass a basic Mandarin language test.

Proponents say foreign drivers could be the answer to the labor shortage. But with so many prerequisites, it would take time before a solution is achieved.

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2024-03-21

Hong’s Foundation for Education and Culture launches training program

To preserve Taiwanese folk music, Hong’s Foundation for Education and Culture and the Taiwan Yueqin Folk Song Association have partnered to launch a two-year project to train talented Taiwanese folk music artists. FTV reporter Stephany Yang has the details.

Quyi is a type of storytelling technique in which musicians use singing as their main artistic mode of expression, and they’re typically accompanied by drums, clappers, or stringed instruments. The folk art of quyi was inspired by the history and culture of Taiwan’s agricultural society and was once very popular in Taiwan. This style of music brings together Taiwanese nanguan, yueqin, and other instruments.

Chen Ming-chang
Taiwan Yueqin Folk Song Association
The yueqin is a very classic musical instrument that can only be learned in Taiwan; therefore, in the future, it may become the thing that most represents Taiwan when we go out into the world. So, we want to continue to pass it on.

To preserve traditional Taiwanese folk music, Hong’s Foundation for Education and Culture and the Taiwan Yueqin Folk Song Association have partnered to launch a two-year project to mentor students. The average age of the students is 35 years old, and the youngest is 21 years old. The artists will learn nanguan, yueqin, sanxians as well as other musical instruments.

Royce Hong
Hong’s Foundation for Education and Culture
There are a total of 23 students this time, with backgrounds from various fields, ranging from music and interior design to urban design students. We’re looking forward to new ideas emerging from traditional music. These aspects of traditional culture are often not seen because they haven’t been passed down from generation to generation, so they’re disappearing. We hope that in addition to passing this music culture down, we can innovate and transform it into a new culture.

Despite the many challenges awaiting them in the future, the foundation is committed to ensuring that Taiwanese folk music can be preserved and passed on to the next generation.

For more Taiwan news, tune in:
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Patients and doctors call for equal rights for people with facial deformities

Patients and doctors are calling for equal rights for people with facial deformities. At a press conference, patients who have benefited from facial reconstruction surgery spoke about their experiences of vascular tumors. These tumors, also known as hemangiomas, can cause facial swelling. Patients often suffer from unwanted attention, bullying or discrimination due to their appearance.

Twenty-nine-year-old Hsiao-tao has had facial swelling and asymmetry since childhood due to a vascular tumor. She used to dislike being photographed, and her appearance attracted lots of attention from other children. It brought many challenges to her life.

Hsiao-tao
Patient
After having surgery and therapy, my face has clearly improved. I think I can be more confident and more natural in groups.

Hsiao-hui has a similar vascular tumor, and, while growing up, experienced discrimination due to her appearance.

Hsiao-hui
Patient
My mood is definitely better since the surgery. I can see I don’t have the tumor, and after the reconstruction it’s much more effective than before.

Congenital vascular tumors or hemangiomas are a rare skin condition. Also known as “strawberry marks,” they grow gradually over time, and may cause obvious visual differences or functional impediments. It’s not just a cosmetic issue, but can also have psychological effects. Surgeons can use a “high SMAS” facelift technique and therapy to reconstruct the patient’s face and help them create a new smile.

Lee Jian-jr
CMUH Aesthetic Medical and Surgery Center
Due to technological advances, we can enable them to get away from such a lot of injustice. We want everyone to understand the importance of “face equality.” There is no reason for us to give them extra attention or unjust treatment just because of these deficiencies on their face.

Doctors are calling on the media to pay heed to “face equality,” and put an end to discrimination for people with facial deformities.

For more Taiwan news, tune in:
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2024-03-21

Taiwan university partners with British research center to tackle super-aging

Taiwan will enter a super-aged society in 2025, meaning that one in every five people will be over the age of 65. To tackle the challenges of societal aging, a top Taiwan university is working with the U.K.’s National Innovation Center for Ageing on research and development. FTV reporter Stephany Yang has the details.

Next year, Taiwan will become a super-aged society. To tackle the challenges of societal aging, Taiwan’s National Yang-Ming Chiao Tung University and the U.K.’s National Innovation Center Ageing have signed an MOU on research and development.

Chen Liang-kung
Taipei Municipal Gan-Dau Hospital superintendent
Population aging is a global challenge. In most of the developing and especially developed countries. Taiwan and the U.K. are facing the same challenges. Especially in Asia, Taiwan has a very serious issue about the aging speed. We age much faster than most European countries but the challenges are similar. Nowadays, when we look at our care needs for currently older people, especially for those who have diseases, disabilities, or dementia. But we are hoping that through his collaboration, to make things a little bit more advanced and earlier, and take a more proactive and preventive approach. Leveraging the resources from the industry to create a total solution.

Lynne Corner
National Innovation Centre Ageing COO
Are we longevity-ready? This affects all ages but of course, it affects older people too. In Taiwan, there is fabulous science, fabulous technology, fabulous businesses, fabulous people, and communities. We are really honored to be working closely in Taiwan to share knowledge, to exchange ideas and creativity, and together work very closely with the communities to really ground products and services that are so needed in the needs and ideas of older people in the communities. That way, we think we can make a difference in literally millions of lives across the world.

Through the collaboration, both sides hope to shift from care to prevention.

Lynne Corner
National Innovation Centre Ageing COO
There are some fantastic research ongoing. I am particularly excited about the potential for digital technologies in order to for example, sensors and wearables in the home which really enable people to have early warning when there might be a problem so if they can predict a problem, they can also help prevent it.

Chen Liang-kung
Taipei Municipal Gan-Dau Hospital superintendent
I have to say in the past 10 years, the Taiwan government has done so much compared to Japan or Korea in the past 10 years, but that is more focused on healthcare services. The government promotes some healthcare service models for the older people. Also, the government launched a long-term care service but that is not enough because those services are designed to care for the current older people who needs care but we need more prospective projects.

Under the new partnership, Taiwan will open up an office for geriatric research. Taiwan and the U.K. hope to work together to help develop new solutions and solve issues raised by societal aging.

For more Taiwan news, tune in:
Sun to Fri at 9:30 pm on Channel 152
Tue to Sat at 1 am on Channel 53

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