PAPER
TPPC to close Sinying plant
Taiwan Pulp and Paper Corp (TPPC, 台灣紙業) on Friday announced that it is to cease operations at its pulp and paper plant in Tainan’s Sinying District (新營) due to mounting losses. The company said in a filing with the Taiwan Stock Exchange Corp (TWSE) that the plant incurred accumulated losses of about NT$1.75 billion (US$55.9 million) over the past five years due to aging facilities and rising production costs.
BANKING
Mega Bank to set up center
Mega International Commercial Bank (兆豐銀行) on Friday said it will establish a money laundering prevention center, an overseas operations management division and a business management division. The bank, which was recently fined by financial regulators in New York and Taipei for compliance failures, said it would put risk control affairs under the direct supervision of its chairman. Meanwhile, First Commercial Bank (第一銀行) has pledged to shore up information security by replacing a significant number of automated teller machines and teaming up with global consultancy firm KPMG, the state-run bank said on Saturday.
STOCK MARKETS
TWSE, KRX to list ETFs
Taiwan and South Korea are to begin mutual listings of exchange-traded funds (ETFs) on Oct. 7, the TWSE said last week. The TWSE signed a memorandum of understanding with the Korea Exchange (KRX) in December last year to forge closer cooperation. The launch of mutual ETF listings in Taipei and Seoul will further diversify the product mix in Taiwan’s capital market, TWSE said. It will also help Taiwan become more international and meet global standards, the exchange said.
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