Words banned for firms
Enterprises are to be banned from using words like “China,” “Chinese” or “state” in their names, the Communist Party-run People’s Daily newspaper said yesterday, citing draft proposals from market regulators. The country has become increasingly wary about the use of sensitive language and imagery for commercial or entertainment purposes. It has also taken action to ban the misuse of the national anthem as well as satirical representations of historical and even fictional heroes. The new draft rules issued by the State Administration for Market Regulation said the use of certain words in company names was “detrimental to the interests of state and society” and needed to be banned. The new rules would also ban non-state firms from describing themselves as “central,” “nationwide,” “state” or “international.” The new restrictions would allow, for example, a company to name itself “Acme China Jewelry” but not “China Acme” unless it gains the explicit approval of the State Council.
Ofo, Reddy Go quit Sydney
Bike-sharing companies Ofo Inc (共享單車) and Australia’s Reddy Go have announced they are pulling out of Sydney, less than a year after their launch in the city. Ofo this week said that it had made a “strategic decision to focus on priority markets internationally” and would “wind down” its operations in Sydney and Adelaide over the next two months. “As part of this process Ofo is to begin to remove bikes from cities and consolidate them to our warehouses,” a spokesperson said. Reddy Go yesterday said it was also pulling out of Sydney.
Uber invests in Lime
Uber Technologies Inc on Monday said that it is investing in Lime, a start-up based in San Mateo, California. “Our investment and partnership in Lime is another step toward our vision of becoming a one-stop shop for all your transportation needs,” Uber vice president Rachel Holt said in a statement. The ride-hailing company is to add Lime motorized scooters to the Uber mobile app, giving customers another option for getting around cities, especially to and from public transit systems, Holt said. Lime cofounders Toby Sun and Brad Bao wrote in a blog that Uber’s sizeable investment is part of a US$335 million fundraising round led by GV, the venture-capital arm of Google parent Alphabet Inc. They said Alphabet is among several new investors. The money is to help Lime expand and develop new products. According to the company’s Web site, people can rent Lime scooters in more than 70 locations in the US and Europe.
Temasek to dial down pace
Singaporean investment giant Temasek Holdings Ltd yesterday said the value of its global portfolio reached a record high last year, but added that it would temper investments this year owing to brewing trade and geopolitical tensions. Net global holdings expanded to S$308 billion (US$235 billion) in the financial year that ended on March 31, up 12 percent from the year before in local currency terms, the company said in its annual report. Temasek, one of the city-state’s two main investment vehicles, said it invested S$29 billion over the past year and divested S$16 billion. “This record net portfolio value ... was up S$33 billion from last year, bolstered by good global economic momentum and buoyant equity markets,” chairman Lim Boon Heng (林文興) said in the firm’s annual report.
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
Taipei Times: When do you think the hospitality industry can return to how it was before the COVID-19 pandemic? How does Formosa International Hotels Group (FIH, 晶華酒店集團) fare this quarter and beyond? FIH chairman Steve Pan (潘思亮): The virus outbreak will have a serious impact on business travel, driven mainly by meetings, incentive travel, conferences and exhibitions over the past three decades. For the past six months, many businesspeople have grown used to exchanging information on the Internet, where more people can participate. The trend might sustain for three to five years until people are vaccinated and it is safe to
DIGITAL COMMERCE: In 2016, only 2 percent of orders were delivered in Taiwan, but that has risen to 10 percent, Foodpanda Taiwan Co operations director Nick Yu said Online food delivery platforms have seen explosive growth in Taiwan this year, helped by business opportunities related to the COVID-19 pandemic, company executives said at a digital commerce conference in Taipei yesterday. When the threat of COVID-19 kept people from going out to eat, more people experimented with ordering food deliveries online, Foodpanda Taiwan Co Ltd (富胖達) operations director Nick Yu (余岳勳) said. Foodpanda started operations in Taiwan in 2012. “We experienced 5,000 percent growth in the past 24 months,” Yu said. “That’s more than the previous six years combined.” In 2016, only 2 percent of food orders were delivered in Taiwan, but that