Taishin Financial Holding Co (台新金控) will complete its merger with Taiwan Securities Corp (台証證券) and Taishin Bills Finance Corp (台新票券) on Jan. 1, 2003, with one Taishin Financial share exchanging for 1.2 Taiwan Securities shares and 1.3 Taishin Bills Finance shares, said Taishin Financial Chairman Thomas Wu (吳東亮) yesterday.
After the merger, Taishin Financial would have increased its assets to NT$42 billion from the current NT$30 billion. It will also have access to a network of 133 outlets nationwide, up from the current 88, Wu said.
Wu said the holding company might revise its 2002 financial forecast after the merger. Its earnings are expected to increase 30 percent year-on-year in 2003, he predicts.
Meanwhile, Wu stressed his determination to improve the Taishin International Bank's (台新銀行) asset quality. Taishin bank, a unit of Taishin Financial that wrote off about NT$10 billion in non-performing loans during the first four months this year, is expected to get rid of an additional NT$10 billion in bad loans by the end of the year, Wu said. Its overdue loan ratio would reach 2.5 percent at the end of this year versus 4.56 percent in April, he estimated.
WAITING GAME: The US has so far only offered a ‘best rate tariff,’ which officials assume is about 15 percent, the same as Japan, a person familiar with the matter said Taiwan and the US have completed “technical consultations” regarding tariffs and a finalized rate is expected to be released soon, Executive Yuan spokeswoman Michelle Lee (李慧芝) told a news conference yesterday, as a 90-day pause on US President Donald Trump’s “reciprocal” tariffs is set to expire today. The two countries have reached a “certain degree of consensus” on issues such as tariffs, nontariff trade barriers, trade facilitation, supply chain resilience and economic security, Lee said. They also discussed opportunities for cooperation, investment and procurement, she said. A joint statement is still being negotiated and would be released once the US government has made
Authorities have detained three former Taiwan Semiconductor Manufacturing Co (TMSC, 台積電) employees on suspicion of compromising classified technology used in making 2-nanometer chips, the Taiwan High Prosecutors’ Office said yesterday. Prosecutors are holding a former TSMC engineer surnamed Chen (陳) and two recently sacked TSMC engineers, including one person surnamed Wu (吳) in detention with restricted communication, following an investigation launched on July 25, a statement said. The announcement came a day after Nikkei Asia reported on the technology theft in an exclusive story, saying TSMC had fired two workers for contravening data rules on advanced chipmaking technology. Two-nanometer wafers are the most
NEW GEAR: On top of the new Tien Kung IV air defense missiles, the military is expected to place orders for a new combat vehicle next year for delivery in 2028 Mass production of Tien Kung IV (Sky Bow IV) missiles is expected to start next year, with plans to order 122 pods, the Ministry of National Defense’s (MND) latest list of regulated military material showed. The document said that the armed forces would obtain 46 pods of the air defense missiles next year and 76 pods the year after that. The Tien Kung IV is designed to intercept cruise missiles and ballistic missiles to an altitude of 70km, compared with the 60km maximum altitude achieved by the Missile Segment Enhancement variant of PAC-3 systems. A defense source said yesterday that the number of
Taiwanese exports to the US are to be subject to a 20 percent tariff starting on Thursday next week, according to an executive order signed by US President Donald Trump yesterday. The 20 percent levy was the same as the tariffs imposed on Vietnam, Sri Lanka and Bangladesh by Trump. It was higher than the tariffs imposed on Japan, South Korea and the EU (15 percent), as well as those on the Philippines (19 percent). A Taiwan official with knowledge of the matter said it is a "phased" tariff rate, and negotiations would continue. "Once negotiations conclude, Taiwan will obtain a better
RSS