Joint venture wins rail project \n \nA joint venture between Australian construction company Barclay Mowlem Rail Group and Teco Electric and Machinery Co (東元電機) secured a NT$3.3 billion contract to build the Tsoying Depot in southern Taiwan for the Taiwan High Speed Rail project, statements from both companies said yesterday. \nThe Tsoying Depot is expected to carry out routine inspections and service rolling stock for the new high-speed railway link between Taipei and Kaohsiung, which is scheduled to open in 2005. \nThe joint venture will construct 31 structures on the 40-hectare Tsoying site, including ballasted track rail sidings, rail storage areas and signaling facilities, and large steel-framed portal constructions and workshops. \nChina Airlines adding flights \nChina Airlines Co (華航) plans to add flights to Honolulu and Frankfurt to meet an increase in demand as the SARS epidemic subsides. \nThe carrier will add two flights a week to Honolulu from Taipei starting next Thursday, boosting the number to seven a week, public relations specialist Joseph Wu (武志厚) said. The airlines will also add a fourth weekly flight to Frankfurt starting two days later, he said. \nChina Airlines' sales fell 13 percent to NT$5.35 billion (US$156 million) last month from a year ago. \nTaiwan may pay less for LNG \n \nThe state-run Chinese Petroleum Corp (中油) may pay less than US$3 per million British thermal units for liquefied natural gas (LNG) from Qatar, below the average price for the fuel in East Asia, Tex Report's Daily Energy edition said, without saying where it obtained the information. \nThe price to be paid by Chinese Petroleum for LNG from Qatar's Ras Laffan venture was based on an assumed oil price of US$20 per barrel, Tex said. LNG prices are typically set by a formula that's linked to benchmark oil prices. \nJapanese buyers now pay an average US$3.80 per million British thermal units for LNG, based on the same assumed oil price, Tex said. \nChinese Petroleum last week won a NT$298.2 billion (US$8.7 billion) contract to supply the LNG bought from Qatar to Taiwan Power Co (台電) for 25 years starting in 2008. \nDoCoMo urges share swap \nNTT DoCoMo Inc, Japan's top mobile operator, wants its Taiwanese unit, KG Telecommunications Co (和信電訊), to swap shares with bigger rival Far EasTone Telecom-munications Co (遠傳電信) instead of cash for a merger to avoid losses, a Chinese-language newspaper reported, without citing its sources. \nThe paper said Far EasTone chairman Douglas Hsu (徐旭東) has a tentative agreement with NTT DoCoMo to swap shares, adding that Far EasTone's offer of NT$12 a share for KG Telecom would lead to losses on NTT DoCoMo's investment in KG Telecom. \nYang to quit bank job \n \nYang Tze-kaing (楊子江), who has been appointed vice minister of Finance, will quit his presidency at the China Development Industrial Bank (CDIB, 中華開發工銀) to take up his new job next Wednesday, the lender's parent company China Development Financial Holding Co (中華開發金控) said yesterday in a statement. \nTo replace Yang, the board of China Development Financial yesterday appointed Benny Hu (胡定吾), CDIB's chairman, to double as the bank's president. \nNT dollar continues gains \nThe New Taiwan dollar yesterday continued its strength against its US counterpart, rising NT$0.009 to close at NT$34.341 on the Taipei foreign exchange market. \nTurnover was US$1.054 billion.
Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to remain the third-largest IC supplier this year, unchanged from last year, IC Insights said yesterday. IC designer MediaTek Inc (聯發科) is expected to become the 11th-largest, up from 16th last year, the semiconductor market research firm said. TSMC is expected to post US$45.42 billion in sales, up 31 percent from last year, IC Insights said in a report released on its Web site. TSMC’s sales growth is largely due to a surge in orders from Apple Inc and HiSilicon Technologies Co (海思半導體) — two of its major clients — which
SETTING AN EXAMPLE: The commission suspended the bank’s two top executives as ‘a warning to all banks,’ while the fine is the biggest to be given to a bank in a single case The Financial Supervisory Commission (FSC) yesterday fined E.Sun Commercial Bank (玉山銀行) NT$20 million (US$693,698) over a theft scandal and punished the bank’s two top executives. A customer relationship manager surnamed Pan (潘) at the bank’s branch in Kaohsiung’s Fengshan District (鳳山) stole NT$140 million from 41 clients over the past seven years, the commission said. Pan secretly transferred the stolen money to accounts belonging to her and her family members by using clients’ debit cards, passwords or documents that were stamped using the clients’ personal stamps between July 2013 and June this year, the commission said. The commission suspended Ben Chen (陳炳良), the
With the speed cryptocurrency is emerging as the millennial generation’s alternative asset of choice in India, it is hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody. Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old start-up, were arrested in late 2018. No, they had not pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap bitcoin, ether or ripple for cash or vice versa. That was the whole point of unocoin, their crypto token exchange.
BREATH OF LIFE: The firm said the under-utilized plant should start mass production in the first quarter, timed to coincide with Intel Corp’s release of its Ice Lake server chip Hon Hai Precision Industry Co (鴻海精密) plans to assemble key components for Google servers at its plant in Wisconsin, people familiar with the matter said, finally breathing life into a factory that US President Donald Trump hailed as crucial to bringing manufacturing back to the US. The company has decided to locate production for this new contract at the existing complex rather than make the components at home or in China, the people said, asking not to be identified. The under-utilized plant should start mass production in the first quarter, timed with the release of Intel Corp’s Ice Lake server chips,