FINANCIAL
Fubon unveils fintech plan
Fubon Financial Holding Co (富邦金控) yesterday outlined plans focusing development on big data, blockchain and robo-advisory services as part of the conglomerate’s strategy to adapt to the expected proliferation of financial technology (fintech). Due to a lack of long-term development, Taiwan relies on foreign software solutions in the field, said Eric Lee (李相臣), chief of Fubon’s fintech innovation office, adding that domestic development would lead to job growth, as well as cultivate local talent. To minimize exposure, the company will prioritize credit ratings, risk management and information security before pursuing market growth, Lee said.
TOBACCO
Cigarette tax plan drafted
A joint policy meeting of executive and legislative branch officials on Monday resulted in the drafting of a proposal to raise the cigarette tax by NT$20 (US$0.64) per pack, Cabinet spokesman Hsu Kuo-yung (徐國勇) said. The new measure, which is to be finalized by the legislature, is expected to increase tax revenue by NT$15.8 billion per year, Hsu said, adding that the government would use the income to fund a long-term care program for seniors and the physically challenged. A pack of cigarettes is currently taxed NT$11.8 plus a NT$20 surcharge. The surcharge is to remain the same in the latest proposal, Hsu said, adding that policymakers decided to increase the tax, but not the surcharge, because the tax would better ensure a stable source of funding for the long-term care program.
BANKING
Overseas branches see loss
Overseas branches of domestic banks in August reported a net loss of NT$3.74 billion, dragged down by a massive fine levied against Mega International Commercial Bank’s (兆豐銀行) New York branch for breaches of US money laundering rules. The state-run bank paid the US$180 million fine in August. In June, overseas branches recorded net income of NT$2.34 billion. Overall, domestic banks saw their earnings dip 20.7 percent month-on-month and 13 percent year-on-year to NT$21.66 billion in August. In the first eight months of this year, domestic banks reported that earnings fell 4.1 percent year-on-year to NT$214.26 billion, data from the Financial Supervisory Commission’s Banking Bureau showed.
ENTERTAINMENT
XPEC calls for rating change
XPEC Entertainment Inc (樂陞科技) yesterday appealed to the Taipei Exchange to remove a full-cash delivery rating that was placed on the company’s shares. The company’s shares, which have been on a precipitous tumble since August following a botched tender offer, yesterday continued to drop by the daily 10 percent limit to NT$27.45. The company said that without a resumption of regular trading, shareholders’ interests would be harmed.
MACHINERY
Global PMX revenue rises
Global PMX Co Ltd (智伸科), a supplier of precision machinery processing services, reported revenue of NT$299.6 million for last month, up by 28.7 percent from a year earlier, backed by strong demand for automotive safety components and medical equipment. From January through last month, total revenue increased 16.2 percent from the same period last year. The company expects revenue to grow further in the fourth quarter, as its major customers’ demand remains strong, the firm said in a statement yesterday.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
Thousands of parents in Singapore are furious after a Cordlife Group Ltd (康盛人生集團), a major operator of cord blood banks in Asia, irreparably damaged their children’s samples through improper handling, with some now pursuing legal action. The ongoing case, one of the worst to hit the largely untested industry, has renewed concerns over companies marketing themselves to anxious parents with mostly unproven assurances. This has implications across the region, given Cordlife’s operations in Hong Kong, Macau, Indonesia, the Philippines and India. The parents paid for years to have their infants’ cord blood stored, with the understanding that the stem cells they contained