AU Optronics Corp (友達光電) yesterday said it planned to form a US$16 million LCD TV module assembly venture in Brazil with TPV Technology Ltd (冠捷科技), paving the way for its foray into another fast-growing BRIC country following its moves into China.
BRIC refers to Brazil, Russia, India and China.
The joint venture with Hong Kong-listed TPV would be the Taiwanese panel maker’s first production base in Latin America, through which it hopes to provide just-in-time services and customer support, AU Optronics said in a statement.
The proposal was still awaiting approval from regulators, the Hsinchu-based company said.
SECOND VENTURE
The Brazilian plant would be AU Optronics’ second TV module venture with TPV after their US$40 million venture in Gorzow, Poland, which opened in March.
AU Optronics and TPV would own 19 percent and 81 percent of the Brazilian venture respectively.
“The joint venture will provide TV panel modules to TPV and other global TV brands in Brazil,” AU Optronics spokesperson Hsiao Yawen (蕭雅文) said by telephone yesterday.
The joint venture will be set up in a special economic zone in Manaus, Brazil, where it can enjoy tariff exemptions, Hsiao said.
TPV, which sells own-brand TVs under the AOC brand, is the fourth-largest TV maker in Brazil, with 10 percent of the market.
AU Optronics is eyeing the strong growth potential of the flat-panel TV market in Brazil, where cathode-ray tube TVs still account for about half of the TV market.
FUTURE SALES
LCD TV sales are expected to get a further boost when Brazil hosts the 2014 FIFA World Cup and 2016 Olympic Games, the Hsinchu-based firm said in its statement.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS