Taiwan’s Evergreen Group (長榮集團) will order 10 ships from the nation’s leading shipyard for US$1.03 billion, powering ahead with a plan to more than double its container fleet, a report said yesterday. \nTang Tay-ping (譚泰平), president of CSBC Corp, Taiwan (CSBC, 台灣國際造船), told the Chinese-language Commercial Times that his company was expected to obtain the order before the end of this month. \nIf finalized, the contract would require construction of 10 8,000-TEU (20ft equivalent) container vessels at a total price of NT$33.1 billion (US$1.03 billion), with the first ships due for delivery in 2014, the paper said. \nEvergreen said the deal was not finalized when reached for comment. \nThe report came after Evergreen Marine, the world’s fourth largest shipping firm, ordered 10 ships from Samsung Heavy Industries of South Korea for US$1.03 billion early this month. \nGroup chairman Chang Yung-fa (張榮發) told the media earlier this year that Evergreen Marine would spend more than US$5 billion to boost by 100 its current fleet of 81. \nThe 100 ships may cost up to NT$170 billion, he said. \nChang was quoted in the press late last year as saying it was a good time to start acquiring more ships as the global recession was coming to an end. \nIn addition to its 81 container ships, Evergreen charters another 69. \nMeanwhile, Wan Hai Lines Ltd (萬海航運) bought 1,800 shipping containers from China International Marine Containers (Group) Ltd (中集集團) for US$9.25 million, the Taipei-based company said in an exchange filing yesterday. \nThe company also said it added two vessels to a container-ship purchase order from CSBC, raising its budget for the orders by US$23.5 million to US$639.4 million. \nWan Hai now expects to take delivery of 14 ships beginning in the second quarter of 2012, it said in another exchange filing.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to