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.
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.
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.
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms
Intel Corp has received licenses from US authorities to continue supplying certain products to Huawei Technologies Co (華為), a company spokesman said yesterday. Washington has been pushing governments around to world to squeeze out Huawei, saying that the telecom giant would hand data to Beijing for espionage. From Monday last week, new curbs have barred US companies from supplying or servicing Huawei. This week, the state-backed China Securities Journal reported that Intel had received permission to supply Huawei. China’s Semiconductor Manufacturing International Corp (SMIC, 中芯國際), which uses US-origin equipment to make chips for Huawei and other companies, last week confirmed that it had sought
INVEST IN TAIWAN: A metal components casting firm and the world’s largest maker of aluminum bicycle rims also obtained approvals to join the program Solar Applied Materials Technology Co (SOLAR, 光洋應用材料), a part of Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) “green supply chain,” has pledged to invest NT$1 billion (US$34.1 million) to build a new plant at the Tainan Technology Industrial Park (台南科技工業區), the Ministry of Economic Affairs said yesterday. SOLAR has been collaborating with TSMC to extract precious metals from waste and reuse them as “sputtering target” material in high-end semiconductor manufacturing, a TSMC press release issued in May said. Established in 1978, SOLAR also offers key materials and integrated services to customers in the optoelectronics, information and communications technology, petrochemicals and consumer electronics industries,
Swancor Renewable Energy Co (上緯新能源) yesterday announced plans for a 4.4 gigawatt (GW) offshore wind project off Miaoli County as part of its commitment toward Taiwan’s energy transformation, the company said in a statement. The “Formosa 4” project includes three deep-water wind farms 18km to 20km off the coast, Swancor Renewable CEO Lucas Lin (林雍堯) said, adding that planning for the project began last year. A proposal for Formosa 4 was this week submitted to the Environmental Protection Agency (EPA), the company said. Swancor Renewable jointly developed the Formosa 1 project, a 128 megawatt (MW) wind farm about 4km off Miaoli and the