■ Official makes comments
The economies of Taiwan and Singapore have much in common and also are complementary in some other fields, Yen Ching-chang (顏慶章), Taiwan's permanent representative to the WTO, said Monday.
Yen made the remarks during a WTO meeting held to view Singapore's trade policies, in which representative delegations of more than a dozen member states took part.
Yen said that the two countries have much in common in their economic structures and trade systems and that they are complementary in other areas, giving great potential for the two countries to bolster bilateral trade and economic cooperation.
While hailing Singapore's trade openness and economic liberalization, the Taiwan permanent envoy to the WTO expressed his hope of gaining a better understanding of Singapore's state-run companies.
Yen said that Taiwan is particularly curious about the role played by the Singapore government in the firms, as the state-run firms are active members in many sectors of the city state's economy and form a major driving force behind the country's economic development. He questioned whether such a government role dampens the market mechanism.
■ Taiwan gets more rich people
As of the end of last year, the number of the nation's rich people totaled approximately 52,000, an increase of 4 percent over the previous year, according to a world wealth report published Wednesday by Merrill Lynch and Capgemini.
Chen Chang-shun (陳章順), chief executive of Merrill Lynch in charge of the Greater China market, noted that the number of rich people grew in Taiwan last year due largely to the bullish stock market, the government's relaxed tax policy on domestic investment and local businessmen's successful investments in China.
The report defined rich people as people with assets worth more than US$1 million (excluding real estate).
The combined wealth of these people totaled NT$170 billion, a growth of 3.6 percent over 2002.
Japan is still the wealthiest country in Asia, with 1.3 million rich people for combined wealth registering US$3.26 trillion.
■ Taiwan Broadband picks banks
Chinatrust Commercial Bank (中國信託), Citigroup Inc and DBS Group Holdings Ltd are arranging as much as US$500 million in a loan for Taiwan Broadband Communications Co (台灣寬頻), the country's No. 3 cable television operator.
The company plans to borrow US$350 million to US$500 million in New Taiwan dollars and US dollars for more than six years, bankers involved in the deal said. Details of the loan are still being worked out, they said.
Taiwan Broadband will use the credit to refinance a NT$10.6 billion (US$314 million) loan it signed last year and to pay dividends to Carlyle Group, the Washington-based buyout firm that owns 92 percent of the company, and Shinkong Synthetic Fibers Corp (新光人纖), which holds the remaining 8 percent.
Taiwan Broadband had more than 610,000 subscribers at the end of last year, bankers said. The cable operator was set up in 1999 to buy and manage cable TV systems in Taiwan for Carlyle, according to the buyout firm's Web site.
Carlyle invested US$90.8 million in 1999 to 2001 on Taiwan Broadband, the Web site said.
■ NT dollar rises
The New Taiwan dollar yesterday traded higher against its US counterpart, advancing NT$0.002 to close at NT$33.694 on the Taipei foreign exchange market.
Turnover was US$630 million.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
CHEMICAL FIRE: 10 Indian employees were injured by smoke inhalation at a Tata Electronics plant in Tamil Nadu state that produces components for Apple Inc At least 10 people received medical treatment, with two hospitalized after a major fire on Saturday disrupted production at a key Tata Electronics Pvt Ltd plant in southern India that makes Apple Inc’s iPhone components. The fire occurred at the plant in the city of Hosur in Tamil Nadu state that makes some iPhone components. It broke out near another building inside the Tata complex, which was to begin producing complete iPhones in the coming months. The fire was contained to one building and has been extinguished fully, top district administrative official K.M. Sarayu said. No decision has been made on when
RSS