Cathay United Bank (國泰世華銀行) yesterday signed a memorandum of understanding with China’s Bank of Communications (BoCom, 交通銀行) to cooperate in syndicated loans, bancassurance, account receivable trading and capital flows, the Taiwanese lender said in a statement.
The agreement was another step into China for the banking arm of Cathay Financial Holdings Co (國泰金控), the nation’s largest listed financial conglomerate by assets, the statement said.
Just last week Cathay United inked a deal with the Agricultural Bank of China (中國農業銀行).
BoCom, founded in 1908 in Shanghai, is one of the top five leading commercial banks in China and has an extensive network of more than 2,800 branches covering more than 80 major cities. With assets totaling 4 trillion yuan (US$618.8 billion), it reported 39 billion yuan in net profits last year, the statement said.
Cathay United plans to sign a cooperation agreement with the Bank of China (中國銀行) soon, the statement said, as part of its drive to serve Taiwanese firms based in China. Unlike domestic competitors that have focused on second-tier Chinese cities, the lender has set up a branch in Shanghai.
Shares of Cathay Financial rose 0.23 percent to NT$43.85 yesterday. The stock has dropped 15.18 percent since the beginning of the year, underperforming the TAIEX’s 3.92 percent fall.
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],”
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
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