Thu, Sep 22, 2016 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

CHIPMAKERS

Short supply worsens

The short supply of flash memory chips has worsened, Phison Electronics Corp (群聯) chairman Pua Khein-seng (潘健成) said in a statement yesterday, citing better-than-expected iPhone 7 sales. Supply is expected to remain tight until the end of this year, Pua said. Meanwhile, the board of the world’s No. 3 NAND flash controller supplier yesterday signed off on restated financial statements for the past seven-and-a-half years as requested by the Financial Supervisory Commission earlier this month, according to a separate statement. The board also approved a plan to acquire all shares of Everspeed Technology Ltd (永馳科技) for just NT$1 to strengthen its operational structure. Pua currently has a controlling stake in Everspeed.

LOGISTICS

FedEx, PCSC in partnership

US-based FedEx Express, a subsidiary of FedEX Corp, yesterday announced a partnership with Taiwan’s President Chain Store Corp (PCSC, 統一超商) in a move to bring its international priority document shipment service to more than 5,000 7-Eleven convenience stores across the nation. Consumers can obtain a payment code at FedEx’s Web site and pay and drop off as well as pick up documents for delivery at 7-Eleven stores around the clock, the companies said in a joint statement.

ECONOMY

Public confidence dips

Public confidence in the economy and equity investments dipped this month as investors turned skittish toward the US Federal Reserve’s more hawkish stance on its planned interest rate hike cycle, a survey by Cathay Financial Holding Co (國泰金控) showed yesterday. Despite recent improvements in the nation’s exports and imports, an index tracking the public’s optimism had dropped to minus-22 from minus-19 a month earlier. Optimism in the local bourse and risk appetite fell from minus-20.5 to minus-29.4 and from minus-8.8 to minus-12.4, the survey showed.

SELF-DRIVING CARS

ITRI, Nvidia sign MOU

The Industrial Technology Research Institute (ITRI, 工研院) yesterday signed a memorandum of understanding (MOU) with Nvidia Inc to develop self-driving cars. The institute is testing its first prototype autonomous car in Hsinchu after the project began more than one year ago, focusing on public use in theme parks, high-speed railways and mass transportation systems. Based on the MOU, ITRI will adopt Nvidia’s self-driving DRIVE PX2 platform and chips in developing its own autonomous vehicles.

BANKING

US gets yuan clearing bank

Bank of China Ltd’s (中國銀行) New York branch will be the first yuan clearing bank in the US, the People’s Bank of China said in a statement yesterday. The Chinese government has named yuan clearing banks in 21 overseas cities and countries as part of a drive to promote the use of the currency for transactions worldwide. Bank of China has received the most yuan clearing mandates of China’s banks with 11, including Taipei, Hong Kong, Macau, Sydney and Paris.

SECURITIES

Yang to head Greater China

US private-equity firm KKR & Co on Tuesday announced the appointment of Paul Yang (楊文鈞), president and chief executive officer of China Development Financial Holding Corp (中華開發金控), as its head of Greater China, as the firm continues building its Chinese business. Yang, 48, will be based in Hong Kong and his appointment will take effect in January next year, according to a press release.

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