The Financial Supervisory Commission (FSC) is expected to send its proposal to turn Taiwan into an Asia-Pacific financial hub to the Cabinet for review by next week, Vice Chairwoman Lee Jih-chu (李紀珠) said yesterday.
The FSC wants to turn Taiwan into a capital-raising, asset management and financial services hub, Lee said, adding that the commission’s strategies and action plan would be detailed in the proposal.
Vice Premier Paul Chiu (邱正雄) will chair a new committee, which will hold inter-ministerial discussions every two months on pursuing that goal, Lee said. Committee members will include FSC Chairman Gordon Chen (陳樹), the heads of the finance and economic affairs ministries and several advisors from the private sector, she said.
Five sub-committees would address issues such as cross-strait negotiation, foreign exchange, legal matters, taxation and financial professionals, the FTC said.
However, there is no timetable for the banking sector to improve its return on asset (ROA) and return on equity (ROE), even though Chen has vowed to lift the ROA to 1 percent during his four-year term, or he won’t seek reappointment.
Lee also said the commission was in talks with the Ministry of Finance to discuss the barriers that keep overseas Taiwanese companies from listing or cross listing on the local stock markets, such as inheritance taxes and taxes on overseas earnings.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy