SME loan target increased
The Financial Supervisory Commission yesterday announced it would raise its annual growth target for state-run banks’ loans to local small and medium-sized enterprises (SMEs) to NT$270 billion (US$9.21 billion) each year, from the NT$240 billion growth target set five years ago. The last time the commission raised the target was in 2013, when it increased loan growth targets from NT$220 billion to NT$240 billion. Last year, total SME loans extended by state-run banks grew NT$366.9 billion year-on-year to NT$6.1 trillion, accounting for 60.66 percent of all loans extended to the public and private sectors last year, the commission said.
Coverage third-highest in Asia
The nation’s deposit insurance coverage is the highest in Asia and the third-highest in the world, indicating that the nation is keen to protect local consumers and their assets, William Su (蘇財源), executive vice president of government-run Central Deposit Insurance Corp (中央存保) said at a public function yesterday. Taiwan’s deposit insurance coverage of NT$3 million per depositor follows the US, which provides up to US$250,000 in deposit insurance coverage, and the EU at 100,000 euros (US$123,214).
AmCham welcome TPP talk
The American Chamber of Commerce in Taipei (AmCham) yesterday welcomed US President Donald Trump’s willingness to study the possibility of re-entering the negotiations for the Trans-Pacific Partnership (TPP). Joining the pact would be a huge benefit for the US and for Taiwan if it could enter in the second round, AmCham Taipei said in a statement. “We believe Taiwan will have a better chance of gaining membership if the US joins the TPP,” the trade group said.
Ichia reports losses
Handset keypad maker Ichia Technologies Inc (毅嘉科技) yesterday released unaudited operating results for last quarter showing pretax losses of NT$124 million due to the negative impacts of seasonal factors and unfavorable foreign exchange rates. Pretax losses per share were NT$0.4 for the first quarter, compared with earnings per share of NT$0.01 in the previous quarter, the company said in a statement. Ichia reported gross margin of 1 percent and operating losses of NT$74 million in the first quarter.
Altek IoT prototype ready
Altek Corp (華晶科技) on Thursday said it would be the first original design manufacturer to offer reference designs based on Qualcomm Inc’s vision intelligence platform for Internet of Things (IoT) devices. The company said in a statement that it has completed the development of the first VR 360 prototype camera and commercial surveillance prototype camera based on Qualcomm’s new chips system, which is aimed at supporting powerful computing across a wide range of IoT applications.
Powerchip resumes supply
Memory chipmaker Powerchip Technology Corp (力晶科技) on Thursday said it had resumed DRAM chip supply to clients after fixing equipment problems. The Hsinchu-based company said it had identified malfunctioning manufacturing equipment following recent maintenance work. After adjusting production lines, the company is able to fully supply DRAM chips to major clients, Powerchip said.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion