SECURITIES
Cathay to take over OSITC
The Financial Supervisory Commission yesterday approved plans by Cathay Securities Investment Trust Co (國泰投信) to take over the existing funds of Ontario Securities Investment Trust Co (OSITC, 安多利投信) after revoking the latter’s business license on Tuesday. Starting immediately, OSITC may not help investors to redeem funds or increase stakes, the FSC said, adding that customers should take related matters to Cathay Investment Trust instead. The commission revoked OSITC’s business license because the fund house failed to address governance and audit flaws.
TELECOMS
Vibo head resigns
Vibo Telecom Inc (威寶電信) yesterday said CEO George Chou (周鐘麒) resigned and company vice chairman William Yen (嚴偉誠) has been appointed by the board to take over Chou’s position. Vibo said Chou resigned from his position to seek a new career plan. The latest personnel adjustment came after Vibo’s major shareholders agreed to sell their stakes in the unprofitable telecom to 4G license winner Taiwan Star Cellular Corp (台灣之星) last month in a NT$4 billion (US$200 million) share-swap deal. Yen also serves as an executive director of Taiwan Star, a subsidiary of conglomerate Ting Hsin International Group (頂新集團). Vibo said Yen’s appointment will help the integration between Vibo and Taiwan Star when launching 4G services.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last