■ Macroeconomics No hard landing for China \n \nUS Treasury Secretary John Snow predicted Friday that China would avoid a "hard landing" as it tried to bring soaring growth back to Earth. But, in an interview with CNBC television, he also renewed a call for Beijing to loosen the yuan-dollar peg. "There has been overheating in the Chinese economy," the chief US economic policymaker said. The Chinese authorities were trying to dampen inflationary pressures without slowing growth so far that the economy no longer produced a lot of jobs, Snow said. "It is a difficult thing to do. I think they will be successful in avoiding the so-called hard landing," the treasury secretary said. "But, again, the procedures and processes being used to slow the economy down don't include something that we think should be there, and that is reliance on greater flexibility in the yuan." \n \n■ Scandals \nUN corruption probe widens \n \nExxon Mobil Corp and ChevronTexaco Corp confirmed Friday that they have been subpoenaed for records related to a United Nations oil-for-food program in Iraq. The US Attorney for the Southern District of New York is investigating alleged improprieties in the program. A spokeswoman for Exxon Mobil said the subpoena covered only documents related to the program and did not accuse the Irving-based oil giant of wrongdoing. "We are in receipt of the subpoena, and we are responding accordingly," said the spokeswoman, Prem Nair. "We follow all laws and regulations." Exxon Mobil declined to comment further on the subpoena or say exactly when it received the subpoena. \n \n■ Automobiles \nCarmaker orders recall \n \nA Chinese joint venture with Japanese automaker Honda Motor Co has ordered the recall of more than 70,000 cars because of potential fuel tank problems, the official Xinhua News Agency said. The recall covers 70,240 Honda Accord sedans produced by Guangzhou Honda Automobile Co Ltd in southern China between Jan. 15, 2003, and Oct. 29, 2003, Xinhua said. They will be inspected beginning Monday for welding cracks in fuel tanks, it said. So far, no accidents have occurred because of the defect, which road tests have found was aggravated when the car travels at high speeds on rough roads, Xinhua said Friday. \n \n■ Internet \nTransfer speed record set \n \nUS telecom group Sprint and a Swedish partner said Friday they set a new world speed record of data transport over the Internet of 4.23 gigabits per second. "This result is almost three times better than the current record listed in the 2004 edition of the Guinness Book of World Records," Sprint said in a statement. "For Internet users whose need for speed is a priority, this feat would be equal to streaming 600 full-length movies simultaneously out to movie theaters," said Chase Cotton, director of data systems engineering for Sprint. Sprint said its engineers and a team from the Swedish National Research and Education Network (SUNET) in April sent nearly 840 gigabytes of data from a computer in San Jose, California, roughly halfway around the globe to associates at another PC at the University of Lulea in northern Sweden in under 27 minutes. The data traveled across Sprint's Internet backbone and the SUNET network at 4.23 gigabits per second "using commercial networks and commonly available computer networking hardware."
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
STAYING AHEAD: TSMC expects its sales this year to grow 14 to 19 percent and could spend up to US$3.52 billion on research and development, leaving its rivals far behind Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) reported that the US last year approved 99 percent of its patent applications, which placed the tech giant among the top patent holders in the US. In its Corporate Social Responsibility Report, TSMC said it last year secured about 3,600 patents worldwide, including more than 2,300 in the US. As of the end of last year, TSMC owned more than 39,000 patents, the report said. The company last year filed almost 6,500 patent applications worldwide and ranked among the top 10 patent applicants in the US. In Taiwan, it was the largest patent applicant for the fourth