■FINANCE
Bank discloses exposure
Deutsche Bank said on Thursday it has 3.2 billion euros (US$4 billion) in exposure to government bonds and loans from Greece, Ireland and Italy, three countries struggling to get their finances in order, chief executive Josef Ackermann told shareholders at the group’s annual general assembly in Frankurt. It also had exposure of 500 billion euros to Greek government bonds and loans and another 200 million euros to such investments in Ireland, while it had no exposure to Spain and Portugal. Financial market fears of a European debt crisis have focused on the five countries because of their high deficits, debts or both, which has triggered an unprecedented crisis for the 11-year-old eurozone. According to figures from the Bank for International Settlements at the end of last month, German banks had exposure at the end of last year of US$45 billion to Greece, US$47.5 billion to Portugal and US$237 billion to Spain.
■ITALY
Quarter of economy untaxed
Nearly a quarter of the country’s economy goes untaxed, representing a loss to the state of 120 billion euros a year, Prime Minister Silvio Berlusconi disclosed on Thursday. “Twenty-two percent of the economy is not declared to tax authorities,” Berlusconi told a meeting of the OECD. He said tax evasion amounted to “at least 120 billion euros.” Stamping out tax evasion and the operation of an underground economy are among austerity measures valued at 24 billion euros unveiled this week by the Italian government as a means of reducing its public deficit.
■AUTOMOBILES
Toyota sales surge
Japanese automaker Toyota yesterday said global sales surged 21.3 percent year-on-year last month, despite millions of safety recalls worldwide that have left it facing a series of lawsuits in the US. The Toyota group, which includes brands Daihatsu and Hino trucks, said it sold 671,921 vehicles last month, up from 554,034 a year earlier, spokesman Paul Nolasco said. The figure was lower than March sales of 876,126, however. The world’s largest automaker said global production jumped 53.8 percent to 667,495 units compared to a year ago, when the industry was in the grip of the financial crisis. Second-largest maker Honda Motor marked its 10th straight monthly increase of domestic sales, which rose 9.5 percent on-year. Third-largest Nissan saw global production rise 57 percent on-year to 319,673, what it called an all time record for April.
■INTERNET
Germany warns Facebook
Germany’s national consumer-protection agency may take legal measures against Facebook if it finds that the social network’s new privacy controls do not meet German data-protection standards. Carola Elbrecht, head of digital projects at the VZBV agency, welcomed the changes to privacy settings announced by Facebook late on Wednesday, but expressed concern that users would still have to actively opt out of default settings making their data public. “This obligates the user, and that’s a transgression of German law,” Elbrecht said on Thursday. “We are currently examining the terms and condition of data storage and usage, and if it again does not comply with German data protection standards we will file for an injunction.” Germany has some of the toughest privacy laws in the world as a result of its experience with state surveillance systems put in place by the Nazis and the former East German Stasi secret police.
DEMOGRAPHICS: Robotics is the most promising answer to looming labor woes, the long-term care system and national contingency response, an official said Taiwan is to launch a five-year plan to boost the robotics industry in a bid to address labor shortages stemming from a declining and aging population, the Executive Yuan said yesterday. The government approved the initiative, dubbed the Smart Robotics Industry Promotion Plan, via executive order, senior officials told a post-Cabinet meeting news conference in Taipei. Taiwan’s population decline would strain the economy and the nation’s ability to care for vulnerable and elderly people, said Peter Hong (洪樂文), who heads the National Science and Technology Council’s (NSTC) Department of Engineering and Technologies. Projections show that the proportion of Taiwanese 65 or older would
Nvidia Corp yesterday unveiled its new high-speed interconnect technology, NVLink Fusion, with Taiwanese application-specific IC (ASIC) designers Alchip Technologies Ltd (世芯) and MediaTek Inc (聯發科) among the first to adopt the technology to help build semi-custom artificial intelligence (AI) infrastructure for hyperscalers. Nvidia has opened its technology to outside users, as hyperscalers and cloud service providers are building their own cost-effective AI chips, or accelerators, used in AI servers by leveraging ASIC firms’ designing capabilities to reduce their dependence on Nvidia. Previously, NVLink technology was only available for Nvidia’s own AI platform. “NVLink Fusion opens Nvidia’s AI platform and rich ecosystem for
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it is building nine new advanced wafer manufacturing and packaging factories this year, accelerating its expansion amid strong demand for high-performance computing (HPC) and artificial intelligence (AI) applications. The chipmaker built on average five factories per year from 2021 to last year and three from 2017 to 2020, TSMC vice president of advanced technology and mask engineering T.S. Chang (張宗生) said at the company’s annual technology symposium in Hsinchu City. “We are quickening our pace even faster in 2025. We plan to build nine new factories, including eight wafer fabrication plants and one advanced
‘WORLD’S LOSS’: Taiwan’s exclusion robs the world of the benefits it could get from one of the foremost practitioners of disease prevention and public health, Minister Chiu said Taiwan should be allowed to join the World Health Assembly (WHA) as an irreplaceable contributor to global health and disease prevention efforts, Minister of Foreign Affairs Lin Chia-lung (林佳龍) said yesterday. He made the comment at a news conference in Taipei, hours before a Taiwanese delegation was to depart for Geneva, Switzerland, seeking to meet with foreign representatives for a bilateral meeting on the sidelines of the WHA, the WHO’s annual decisionmaking meeting, which would be held from Monday next week to May 27. As of yesterday, Taiwan had yet to receive an invitation. Taiwan has much to offer to the international community’s