New vehicle sales rise
New vehicle sales rose 10.1 percent month-on-month, but dropped 28.4 percent year-on-year to 25,226 units last month, data compiled by local motor vehicle offices showed yesterday. In the first nine months of the year, total vehicle sales decreased 0.5 percent from a year earlier to 312,148 units, the data showed. Hotai Motor Co (和泰汽車), which distributes Toyota and Lexus models, continued to be the market leader, selling 5,393 cars last month, with a market share of 21.4 percent, and 96,561 cars from January to last month for a 30.9 percent market share, data showed.
GDP growth ‘difficult’: DGBAS
Directorate-General of Budget, Accounting and Statistics (DGBAS) Minister Shih Su-mei (石素梅) yesterday said it would be difficult for the nation to maintain a GDP growth rate of more than 1 percent this year, as third-quarter GDP growth might show a contraction from a year earlier. However, Shih told lawmakers during a meeting of the Economics Committee at the legislature in Taipei that the outlook for the fourth quarter seems “slightly better.” In August, the DGBAS forecast that GDP would increase by 1.56 percent this year from last year.
BIDV to set up Taipei office
The Financial Supervisory Commission yesterday said it approved an application by the Bank for Investment and Development of Vietnam (BIDV) to set up a representative office in Taipei, making it the first Vietnamese financial institution to establish a representative office in Taiwan. Banking Bureau Deputy Director-General Jean Chiu (邱淑貞) said Taiwan is the fourth-largest foreign investor in Vietnam, and the BIDV is likely to upgrade its Taiwanese office into a branch. Eight Taiwanese banks have among them set up one subsidiary and 11 branches in Vietnam, she said.
VIA sells subsidiary to Intel
Chip designer VIA Technologies Inc (威盛科技) yesterday said it sold a handset chip subsidiary to rival Intel Corp on Wednesday. Terms of the deal are unknown, but the company in July said it inked an agreement with a third-party company to sell its stake in VIA Telecom Co (威睿電通), with expected asset gains of US$100 million. VIA Telecom, 50 percent owned by VIA Technologies, designs mobile phone chips supporting CDMA technology.
CSC appoints new president
China Steel Corp (CSC, 中鋼) yesterday said its board decided to name president Andrew Sung (宋志育) as the company’s new chairman, replacing Tsou Juo-chi (鄒若齊), who unexpectedly resigned last week. Tsou is to become an honorary consultant with the company, while vice president Lin Horng-nan (林弘男) is to fill the vacancy left by Sung, CSC said in a statement. The personnel adjustments took effect yesterday. The board also approved the spending of NT$3.35 billion (US$101.27 million) to buy a property in Kaohsiung for storage.
TransAsia names president
TransAsia Airways Corp (復興航空) yesterday said Executive Aviation Taiwan Corp (飛特立航空) president Chen Wei-chau (陳葦洲) would serve as its new president, beginning on Monday. Chen is to replace Fred Wu (吳滬生), who is to continue to help the company as a consultant.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
ELECTRIC FARMLAND: TSMC’s proposal to clear 230 hectares of reforested land for what would become Taiwan’s largest photovoltaic solar farm has generated concerns New rules curbing solar farms built on agricultural land sparked fierce debate at a packed public hearing at the Legislative Yuan yesterday, with industry representatives saying that the new restrictions would endanger President Tsai Ing-wen’s (蔡英文) green energy goals, while agricultural officials emphasized the importance of protecting farmers and the environment. The Tsai administration has set a target to generate 20 percent of the nation’s power from renewable sources by 2025, by which time it also aims to install 20 gigawatts (GW) of solar power, including 6GW from rooftop solar systems and 14GW from ground-mounted solar farms. Although rooftop solar systems are
‘SENSITIVE MARKETS’: The previously unannounced project would involve the company handing over control of data to a third party to sidestep privacy concerns Google has abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the COVID-19 pandemic, two employees familiar with the matter said, revealing the challenges for US tech giants to secure business in those markets. In May, the search giant shut down the initiative, known as “Isolated Region” and which sought to address nations’ desires to control data within their borders, the employees said. The action was considered a “massive strategy shift,” said one of the employees, who added that Isolated Region had involved hundreds of employees
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted monthly revenue that suggested second-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chipmaker weather the COVID-19 pandemic and US sanctions on its second-biggest customer Huawei Technologies Co (華為). Apple Inc’s main iPhone chipmaker posted sales of NT$120.88 billion (US$4.08 billion) for last month, up 40.8 percent year-on-year and bringing its revenue for the second quarter to NT$310.7 billion, beating the NT$308.8 billion analysts expected on average. TSMC, a barometer for the industry thanks to its heft in the global supply chain, had previously lowered its revenue outlook for this