■ IPR campaign pays off
Government efforts to protect intellectual property rights (IPR) have paid off, with the value of Taiwanese counterfeit goods seized by the US Customs Service dropping to US$60,000 in the first half of the fiscal year, the Intellectual Property Office said in a press release on Thursday, citing statistics from the US Customs and Border Protection and US Immigration and Customs Enforcement.
The figures in the same period for 2002 and last year were US$2.54 million and US$320,000 respectively, the statement said.
The counterfeit goods seized did not include much computer software, which facilitated intellectual copyright infringement, but instead sunglasses and computer hardware, the statement said.
"The Ministry of Economic Affairs will continue to work with the relevant authorities to protect the interests of copyright holders and establish a quality environment for them," the statement said.
■ Citigroup reshuffles managers
Citigroup announced management changes yesterday in its Asia-Pacific operations, appointing its Hong Kong manager Catherine Weir as head of the group's Global Corporate & Investment Banking (GCIB) venture in Greater China, the US investment bank said in a statement.
The bank also announced that Chan Tze-ching (陳子政) had been appointed as chief operating officer for GCIB in the Asia-Pacific. Chan, reporting to Weir, will remain Citigroup's Taiwan manager, the statement said.
Richard Stanley, previously China manager, is now head of GCIB for ASEAN, it added.
■ Hon Hai expands in Hungary
Hon Hai Precision Industry Co (鴻海精密), the nation's biggest company by sales, will expand operations in Hungary by US$66 million, the Vilaggazdasag daily said, without stating its source.
Hon Hai, which makes PlayStation 2 video-game consoles for Sony Corp and personal computers for Dell Inc, needs to expand its Hungarian unit because of increasing demand, the Vilaggazdasag report said. The plant mostly supplies the local mobile-phone factory of Nokia Oyj.
Hon Hai, which set up the plant for US$44 million last year, also has a plant in the Czech Republic and is among a number of electronics companies moving production facilities from Asia to Eastern Europe.
■ Powerchip raises cash
Powerchip Semiconductor Corp (力晶半導體), which in the first quarter became the nation's largest memory-chip maker, raised US$440.8 million by unloading shares and bonds overseas, the sale's arrangers said.
The company raised US$290.8 million selling global depositary shares at US$7.27 each, a 10 percent discount to its closing price yesterday. It also raised US$150 million selling five-year bonds convertible into shares.
Powerchip chairman Frank Huang (黃崇仁) said in January that the company would double spending for expansion this year to US$1 billion from last year.
■ Philippines draws attention
Chinese Petroleum Corp (中油), the nation's state-owned oil refiner, said it wants to explore for oil and gas in the Philippines, said Philippine Energy Secretary Vincent Perez.
The Philippines also invited Taiwan Power Co (台電) to invest in the assets of National Power Co, a state-owned Philippine utility, that are due to be sold, Perez said.
■ NT dollar down
The NT dollar yesterday continued to lose ground against the greenback, declining NT$0.075 to close at NT$33.605.
Turnover was US$519 million.
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China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
Protectionism: US trade chief Katherine Tai said the hikes would help to counter unfair trade practices from China, while boosting domestic clean energy investments US Trade Representative Katherine Tai (戴琪) defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down the line on other products also recently finalized. The latest moves targeting US$18 billion in Chinese goods come weeks before next month’s US presidential election, with Democrats and Republicans pushing a hard line on China as competition between Washington and Beijing intensifies. In an interview on Thursday
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