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June, 28, 2016

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Business > Asia
Premier Lin Chuan said Tuesday that the government's defense budget for 2017 is not likely to reach 3 percent of gross domestic product (GDP), given the country's tight financial situation.
 
China Airlines workers' union asks for  stability amid voting on strike plan
The China Airlines (CAL) Employees Union called Monday for stability and said its members want nothing more than their jobs, while members of a different flight attendant union prepare to vote on whether or not to launch strike action.
 
The mainland bond market, worth approximately 48 trillion yuan (US$7.3 trillion), is the third-largest in the world, behind the United States and Japan.
 
China has built the world's fastest supercomputer using locally made microchips, a survey said Monday, the first time the country has taken the top spot without using U.S. technology.
 
First trade deficit since January hits Japan in May
Japan fell into a trade deficit in May, the first since January, the finance ministry said Monday, as renewed yen strength pressured exports.
 
With worse-than-expected economic momentum, export orders fell 5.8 percent year-on-year to US$33.73 billion in May, marking the 14th month of consecutive decline.
 
Minister without portfolio Shih Chun-chi (施俊吉) has been designated to serve as the new chairman of the Taiwan Stock Exchange Corp. (TWSE), replacing the outgoing Le Shu-der (李述德), who will retire after the expiration of his current term, the Chinese-language United Evening News reported on Monday, citing Cabinet sources.
 
The U.S. dollar fell against the New Taiwan dollar Monday, shedding NT$0.129 to close at NT$32.256 as fears over a possible departure by the United Kingdom from the European Union waned to some extent, dealers said.
 
Select USA 2016 Investment Summit
Taiwan's envoy to the U.S. Stanley Kao, center, front row; Marcus Jadotte, assistant secretary of commerce, third from left, front row; Kurt Tong, principal deputy assistant secretary for the Bureau of Economic and Business Affairs at the Department of State, third from right, front row; and Kin Moy, director of the Taipei Office of the American Institute in Taiwan, second from right, front row, pose together with members of the Taiwan delegation to the "Select USA 2016 Investment Summit" held in Washington D.C. The Taiwan delegation is the second of its kind at the summit.
 
Shares in Taiwan closed higher Monday on follow-through buying from the previous session as the non-high tech sector climbed and select electronics stocks attracted bargain hunting, dealers said.
 
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