Cathay United Bank (國泰世華銀行) yesterday said it has been granted permission by the Chinese authorities to conduct yuan-based business with China-based Taiwanese firms at its Shanghai branch.
Cathay United, the lending unit of Cathay Financial Holding Co (國泰金控), said in a statement that the addtion of yuan-based businesses would allow it to better serve Taiwanese businesses in China, increase the scope of its cross-border financial services as well as expand its presence in China.
Cathay United opened its Shanghai branch in December 2010, after Land Bank of Taiwan (土地銀行), Chang Hwa Commercial Bank (彰化銀行), First Commercial Bank (第一銀行) and Taiwan Cooperative Bank (合庫銀行) became the first Taiwanese banks to obtain China’s approval to open branches there.
As of the end of last month, Cathay United’s Shanghai branch reported a pretax income of US$4.45 million, compared with the US$2.79 million for the whole of last year, with deposits totaling US$21 million and US$130 million for overall loans, acccording to the bank.
Cathay United’s announcement came after the Bank of China (中國銀行) opened its first branch in Taiwan on June 27 in Taipei and the Bank of Communications (交通銀行) launched its Taiwan branch yesterday. Taiwan gave approval last month to the two Chinese lenders providing corporate financial services in the country.
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has appointed Rose Castanares, executive vice president of TSMC Arizona, as president of the subsidiary, which is responsible for carrying out massive investments by the Taiwanese tech giant in the US state, the company said in a statement yesterday. Castanares will succeed Brian Harrison as president of the Arizona subsidiary on Oct. 1 after the incumbent president steps down from the position with a transfer to the Arizona CEO office to serve as an advisor to TSMC Arizona’s chairman, the statement said. According to TSMC, Harrison is scheduled to retire on Dec. 31. Castanares joined TSMC in
EUROPE ON HOLD: Among a flurry of announcements, Intel said it would postpone new factories in Germany and Poland, but remains committed to its US expansion Intel Corp chief executive officer Pat Gelsinger has landed Amazon.com Inc’s Amazon Web Services (AWS) as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker. Intel and AWS are to coinvest in a custom semiconductor for artificial intelligence computing — what is known as a fabric chip — in a “multiyear, multibillion-dollar framework,” Intel said in a statement on Monday. The work would rely on Intel’s 18A process, an advanced chipmaking technology. Intel shares rose more than 8 percent in late trading after the