The Financial Supervisory Commission (FSC) may extend the deadline of its blanket deposit guarantee to the end of next year in a bid to stabilize the markets, the Chinese-language Commercial Times reported yesterday.
The proposal, which recommends that the commission extend its blanket deposit guarantee until the end of next year, was submitted by bank executives during their meetings with commission chairman Sean Chen (陳冲) prior to the Lunar New Year holiday, the report said.
Citing an unidentified official, the report said the commission began to study the feasibility of the proposal on Sunday and is expected to come up with a final decision by June at the latest.
The official said the commission is in discussions with the Central Deposit Insurance Corp after learning that most Asian governments, including Hong Kong, Singapore, Malaysia and Thailand, “are providing a blanket guarantee for two years until the end of next year.”
He added that many European countries have set no specific deadlines for their blanket deposit guarantees, with their financial regulators closely watching the future development of the financial markets.
He also said that the commission would weigh up the potential impact on the banking system of clients of small and medium-sized banks who may rush to transfer their deposits to larger banks in the second half of this year before the guarantee expires.
Nevertheless, the local financial market is in no immediate danger of collapsing, the official said, even though the government announced the blanket guarantee on all bank deposits in October.
The commission said it would also discuss the proposal with the central bank before submitting a plan to the Cabinet for approval.
If the deadline is not extended, the government would revert to guaranteeing deposits of up to NT$1.5 million next year.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
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],”