M1B and M2 growth slows
Last month’s M1B — a measure of the amount of money in circulation in the nation — grew 7.23 percent year-on-year, slower than the 7.65 percent annual growth in April, the central bank said in a statement yesterday. M2 — which includes M1B, time deposits, foreign currency deposits and mutual funds — also saw annual growth slow to 3.4 percent, from 3.71 percent in April, the bank said. The declines were mainly because of net foreign capital outflows and slower growth in bank loans and investments, the bank added. For the first five months of this year, the average annual growth rates of M1B and M2 were 6.85 percent and 3.25 percent respectively, the bank said.
CHT to hire 1,000 workers
Chunghwa Telecom Co (CHT, 中華電信), the nation’s biggest telecom, yesterday said that it plans to hire about 1,000 people with expertise in technology this year, with monthly pay of up to NT$48,000. College graduates with a technology-related degree could receive a starting monthly salary of NT$37,000, the company said. The hiring spree comes as it expects to face its largest-ever amount of retirement applications over the next five years. A total of 581 employees retired in the first half of this year, it said.
Bamboo eyes more routes
Bamboo Airways Co Ltd, Vietnam’s fifth airline, said that it plans to operate more routes between Taiwan and Vietnam — including the popular tourist destination of Ha Long Bay, Nha Trang, Hanoi and Phu Quoc in September — after it launched direct flights between Taiwan Taoyuan International Airport and Da Nang on Tuesday. The round-trip flights, operated on Airbus SE A321neo aircraft every five days, are the first international route served by the airline. Bamboo Airways said that it plans to extend its flights to Taiwan and onward to the US, as well as service other routes to neighboring countries such as Japan and South Korea by 2022.
Harley, Qianjiang to team up
Harley-Davidson Inc is to partner with China’s Qianjiang Motorcycle Co (錢江摩托) to produce a new smaller motorcycle. Harley-Davidson on Wednesday said that the new bike would have an engine displacement of 338cc, by far the smallest engine it has ever made, and would be sold in China starting at the end of next year. The new model would initially be sold in China, one of the world’s largest motorcycle markets, before it is introduced to other Asian markets, Harley-Davidson said. Qianjiang is majority controlled by Geely Holding Group Co (吉利控股), a Chinese company that owns the Volvo brand of cars.
iPhone demand weak: bank
Apple Inc could be seeing weaker-than-expected demand for its iPhone product line, especially in China, JPMorgan Chase & Co said on Monday. The macroeconomic uncertainty “is likely to drive greater headwinds to the smartphone market,” the US bank wrote in a note. JPMorgan lowered its iPhone shipment forecasts for the second quarter through the fourth quarter, dropping them by 4 percent to 139.5 million units. Credit Suisse Group AG said that the pace of decline for iPhone shipments in China has improved this quarter due to price cuts, but they were still down 4 percent compared with the year-ago period.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to