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Local insurers vulnerable to market volatility: S&P

The recent plunge in local life insurers’ net worth does not suggest a downturn in their credit quality, but it highlights the sector’s sensitivity to market volatility and difficulties in capital management, Taiwan Ratings Corp (中華信評) said yesterday.
Life insurers’ net worth or shareholders’ equity tumbled to NT$1.26 trillion (US$42 billion) at the end of June, from NT$2.72 trillion six months earlier, data from the Financial Supervisory Commission last week showed.
“We do not believe the reduction in shareholder equity alone indicates credit deterioration,” Taiwan Ratings said, blaming the value erosion on falling bond prices amid interest rate hikes.
Local ....

T Ai Pei , Clare Cheng , Taiwan Ratings Corp , Financial Supervisory Commission , Taipei Times , Crystal Hsu , Taiwan Ratings , The Taipei Times ,

Mortgage rates for first-time home buyers to rise

Interest rates for preferential mortgages for first-time home buyers would rise by 0.125 percentage points at state-run lenders to fully reflect the central bank’s latest rate hike, the Ministry of Finance said yesterday.
The central bank last week raised its policy discount rate from 1.375 percent to 1.5 percent, the second increase after a 0.25 percentage point hike in March, to help combat inflation.
The rate hike prompted Chunghwa Post Co (中華郵政) to raise interest rates for two-year time deposits by the same pace to 1.22 percent, effective yesterday.
The ministry, which has controlling stakes in eight state-run lenders, said the banks may ....

T Ai Pei , Clare Cheng , Chunghwa Post Co , Taipei Times , Crystal Hsu , The Taipei Times ,

Manufacturing PMI moderates in April

The official manufacturing purchasing managers’ index (PMI) last month came in at 56.3, staying in the expansion zone for the 22nd month, but shedding 1.5 points from March, as mounting inflationary pressures and China’s COVID-19 lockdowns weighed on new orders and clouded the outlook, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究) said yesterday.
PMI data reflect the health of the manufacturing industry, with values larger than 50 suggesting expansion and scores lower than the threshold indicating contraction.
All manufacturing sectors reported that business improved last month, but were less upbeat about prospects as new orders posted their first decline in ....

T Ai Pei , Clare Cheng , Chang Chuang , Taipei Times , Chung Hua Institution For Economic Research , Crystal Hsu , Chung Hua Institution , Economic Research , Hua Institution , The Taipei Times ,

Business tax helps lift revenue for last month by 0.9%

The government last month collected NT$202.7 billion (US$6.97 billion) in tax revenue, up NT$1.8 billion, or 0.9 percent, from a year earlier, Ministry of Finance data showed yesterday.
The biggest increase was in business tax revenue, which rose by NT$5.4 billion, or 6.2 percent, to NT$92.6 billion, thanks to rising tax income from imported electronic components, information technology and audio-video products, as well as base metal and related finished products, the ministry said in a statement.
Other major increases in tax revenue last month came from corporate income tax, which increased by NT$2.3 billion, or 61 percent, to NT$6.1 billion, and in ....

T Ai Pei , Clare Cheng , Taipei Times , Chen Cheng Hui , The Taipei Times ,

Tax revenue drops 2.7% amid cooler stock market

The government last month collected NT$76.8 billion (US$2.71 billion) in tax revenue, down 2.7 percent from February last year, the Ministry of Finance said yesterday, attributing the retreat to lower revenue from securities transaction and sales taxes.
Securities transaction tax revenue was NT$11 billion, down 13.9 percent year-on-year, as daily turnover shrank 9 percent to NT$362.9 billion, Department of Statistics Deputy Director-General Chen Yu-feng (陳玉豐) said.
Russia’s invasion of Ukraine and expectations of the US Federal Reserve increasing interest rates drove investors to the sidelines, Chen said.
Foreign portfolio managers have cut holdings in local shares, as they are concerned about fuel and ....

T Ai Pei , Clare Cheng , Chen Yu Feng , Financial Supervisory Commission , Department Of Statistics Deputy , Taipei Times , Crystal Hsu , Statistics Deputy Director General Chen Yu Feng , Lunar New Year , The Taipei Times ,