The Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) said yesterday it will pay Eurotrain US$65 million in compensation for dumping the consortium and choosing a Japanese consortium to build Taiwan's high-speed rail system. \nTHSRC posted the settlement agreement on the Taiwan Stock Market online bulletin board. \n"Following arbitration by an international arbitration court, THSRC agrees to pay US$65 million to Eurotrain, which -- plus interest -- totals US$89 million," the document said. \nTHSRC's press office said the arbitration was made on March 5 by an international arbitration court in Singapore. \nCompared with an arbitration ruled by the International Chamber of Commerce (ICC) early this year, the new settlement saves THSRC US$24 million, according to THSRC. Eurotrain filed for arbitration with the ICC in 2001. \nThe ICC issued an arbitration award on March 15, 2004, wherein THSRC was ordered to pay US$73.04 million in damages and interest to Eurotrain. \nEurotrain -- a consortium led by Germany's Siemens AG and France's Alsthom -- claims THSRC gave it priority negotiating rights for building Taiwan's first high-speed rail in 1997, but awarded the US$14-billion-contract to a Japanese consortium in 1999. But THSRC denied there was any contract. \nThe 345km railway linking Taipei to Kaohsiung is scheduled to start operating in October next year. \nThere were rumors that THSRC favored Japan's Shinkansen system over Eurotrain because former president Lee Teng-hui (李登輝) wanted to forge closer ties with Japan, but THSRC denied there were political considerations.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said that its board of directors approved a proposal to subsidize employees’ purchases of TSMC shares by covering 15 percent of investments, the chipmaker’s latest effort to recruit and retain talent. Employees of TSMC and its fully owned subsidiaries would be allowed to allocate 15 to 20 percent of their monthly salary for share purchases, based on a company employee stock purchase plan, the chipmaker told the Taipei Times. The plan is to take effect in August or September, it said. The board also approved the distribution of a cash dividend of NT$2.75 per share for
This week’s undoing of the TerraUSD algorithmic stablecoin and its sister token, Luna, has ramifications for all of crypto. First, there is the immediate impact: The rapid collapse of a once-popular pair of cryptocurrencies sent a ripple effect across the industry, contributing to plummeting coin prices that wiped hundreds of billions of market value from the digital-asset market and stoked worries over the potential fragility of digital-asset ventures. Then there are the knock-on effects. In addition to delivering punishing losses to individual users and investment firms, the spectacular failure of a market darling like Terra threatens to have a cooling effect
PRODUCTION VALUE: The institute said production value of the foundry sector is expected to grow 28 percent this year after TSMC posted record revenue for April The Industrial Technology Research Institute (ITRI, 工研院) yesterday raised its growth forecast for Taiwan’s semiconductor industry, expecting production value to expand about 19.4 percent to NT$4.88 trillion (US$164.24 billion) this year, primarily aided by stronger growth from foundry companies amid a chip crunch. That means the output of Taiwan’s semiconductor industry would again outpace that of its global peers, which collectively are expected to grow 10.4 percent this year, ITRI said. The institute three months ago estimated that the production value of the nation’s semiconductor industry would grow 17.7 percent annually to NT$4.81 trillion this year, compared with NT$4.08 trillion last year. The
Formosa Plastics Corp (台灣塑膠), the flagship entity of Formosa Plastics Group (台塑集團), yesterday said that it would build a new manufacturing site in Texas at a cost of US$207 million. When completed, the plant would have an annual capacity of 100,000 tonnes of alpha olefins, which are used to make high-density polyethylene (HDPE), among other products, the company said. About 63,000 tonnes would be used by Formosa Plastics, while the remaining 37,000 tonnes would be sold on the international market, it said. The projected completion date of the plant is October 2025, and mass production is scheduled for December that year after a