BANKING
Yuan activity on the rise
Yuan deposits at Taiwanese banks rose 0.48 percent last month to 318.23 billion yuan (US$48.35 billion), after falling for five consecutive months as local investors increased holdings, the latest data released by the central bank showed yesterday. Yuan deposits edged up 0.04 percent to 271.28 billion yuan at domestic banking units and grew 3.12 percent to 46.95 billion yuan at offshore banking units, the data showed. Remittances hit 345.15 billion yuan last month, up 64.19 percent from 210.22 billion yuan in November, as yuan activity tends to be stronger at the end of the year, the central bank said.
FOREIGN AFFAIRS
Canadian double tax cut
Taiwan and Canada have signed an agreement to prevent the taxation of the same income twice in the two nations, the Ministry of Foreign Affairs said yesterday. The signing was completed earlier in the day and is likely to take effect on Jan. 1 next year, after the two sides complete the necessary domestic procedures, the ministry said in a statement. The ministry hoped the agreement would help create a friendlier environment for bilateral investment, especially considering the potential for further cooperation in the technology, healthcare, clean energy, sustainable development and services sectors. Canada is Taiwan’s 24th-largest trade partner and 17th-largest export market, while Taiwan is Canada’s 12th-largest trade partner, the ministry said.
BANKING
King’s Town buy-back ends
King’s Town Bank (京城銀行) yesterday said it had completed its latest round of a share buyback scheme, as the Tainan-based medium-sized bank repurchased 12 million common shares on the open market at NT$22.87 per share on average since Dec. 1 last year. The lender’s shares closed down 2.18 percent at NT$20.2 yesterday in Taipei trading. King’s Town Bank reported net profit of NT$3.68 billion for last year, with earnings per share of NT$3.09.
AUTOMAKERS
Flat yearly growth forecast
Teco Electric and Machinery Co (東元電機), the nation’s largest maker of industrial motors, yesterday said the economy might show “flat growth” this year. “We are not too pessimistic about the economy this year, but we cannot be optimistic either,” Teco chairman Theodore Huang (黃茂雄) told reporters ahead a product launch in Taipei, citing the impacts of an economic recovery in the US, a slowdown in China and uncertainty for Europe. Huang did not provide his economic growth forecast this year. Nomura Holdings Inc this week cut its forecast for Taiwan’s GDP growth to 1.5 percent this year, from its previous estimate of 2.4 percent, leaving Taiwan with one of the region’s weakest growth rates.
OBITUARY
Humble House founder dies
My Humble House Group (寒舍集團) founder Tsai Chen-yang (蔡辰洋), 66, died of a heart attack early yesterday, his family said. The son of Tsai Wan-tsun (蔡萬春), the late founder of the family business group, Tsai Chen-yang founded My Humble House Hospitality Management Consulting Co (寒舍餐旅管理顧問) that operates Le Meridien Taipei, Sheraton Grand Taipei Hotel, Humble House Taipei and A ROY DEE by Sukhothai and Raku Kitchen restaurants. Tsai Chen-yang was a member of the second generation of one of the nation’s wealthiest families, which run several businesses, including Cathay Financial Group (國泰集團).
CHIP RACE: Three years of overbroad export controls drove foreign competitors to pursue their own AI chips, and ‘cost US taxpayers billions of dollars,’ Nvidia said China has figured out the US strategy for allowing it to buy Nvidia Corp’s H200s and is rejecting the artificial intelligence (AI) chip in favor of domestically developed semiconductors, White House AI adviser David Sacks said, citing news reports. US President Donald Trump on Monday said that he would allow shipments of Nvidia’s H200 chips to China, part of an administration effort backed by Sacks to challenge Chinese tech champions such as Huawei Technologies Co (華為) by bringing US competition to their home market. On Friday, Sacks signaled that he was uncertain about whether that approach would work. “They’re rejecting our chips,” Sacks
NATIONAL SECURITY: Intel’s testing of ACM tools despite US government control ‘highlights egregious gaps in US technology protection policies,’ a former official said Chipmaker Intel Corp has tested chipmaking tools this year from a toolmaker with deep roots in China and two overseas units that were targeted by US sanctions, according to two sources with direct knowledge of the matter. Intel, which fended off calls for its CEO’s resignation from US President Donald Trump in August over his alleged ties to China, got the tools from ACM Research Inc, a Fremont, California-based producer of chipmaking equipment. Two of ACM’s units, based in Shanghai and South Korea, were among a number of firms barred last year from receiving US technology over claims they have
It is challenging to build infrastructure in much of Europe. Constrained budgets and polarized politics tend to undermine long-term projects, forcing officials to react to emergencies rather than plan for the future. Not in Austria. Today, the country is to officially open its Koralmbahn tunnel, the 5.9 billion euro (US$6.9 billion) centerpiece of a groundbreaking new railway that will eventually run from Poland’s Baltic coast to the Adriatic Sea, transforming travel within Austria and positioning the Alpine nation at the forefront of logistics in Europe. “It is Austria’s biggest socio-economic experiment in over a century,” said Eric Kirschner, an economist at Graz-based Joanneum
OPTION: Uber said it could provide higher pay for batch trips, if incentives for batching is not removed entirely, as the latter would force it to pass on the costs to consumers Uber Technologies Inc yesterday warned that proposed restrictions on batching orders and minimum wages could prompt a NT$20 delivery fee increase in Taiwan, as lower efficiency would drive up costs. Uber CEO Dara Khosrowshahi made the remarks yesterday during his visit to Taiwan. He is on a multileg trip to the region, which includes stops in South Korea and Japan. His visit coincided the release last month of the Ministry of Labor’s draft bill on the delivery sector, which aims to safeguard delivery workers’ rights and improve their welfare. The ministry set the minimum pay for local food delivery drivers at
RSS