Appeal made to private sector \n \nVice Minister of Economic Affairs Steve Chen (陳瑞隆) yesterday urged the private sector to play a positive role in government-led international trade talks. \nWhile the opinions of commercial and industrial groups and non-governmental organizations have proved influential in WTO talks, the government also needs the support of the commercial and industrial sectors when negotiating on free-trade agreements with other countries, Chen said. \nIn the past, Taiwanese businessmen generally thought international trade talks were the government's business and seldom participated. \nBut Chen said the participation of the business community is very important to ensure that international trade regulations and measures adopted by the government are practical. \nMutual funds may list in HK \n \nTaiwan's mutual funds may be able to list on Hong Kong's stock exchange to raise funds there, a Chinese-language newspaper reported, citing Financial Supervisory Commission chairman Kong Jaw-sheng (龔照勝). \nKong met Hong Kong regulators this week, who showed interest in Taiwan's mutual funds, the paper said. Hong Kong regulators agreed to attend an emerging market seminar in Taipei on Feb. 24 and Feb. 25, where the issue may be further discussed, it said. \nThe government allows overseas mutual funds to be sold locally, but Taiwan's mutual funds are unable to sell their products overseas, the paper said, citing Kong. Kong also hopes to approach Singapore about selling Taiwan mutual funds there, the paper said. \nSMIC cuts target \n \nSemiconductor Manufacturing International Corp (SMIC, 中芯國際集成電路), China's biggest supplier of made-to-order chips, cut its production-capacity target this year by as much as 24 percent, reducing capital expenditure in response to slowing demand. \nThe company expects to be able to make between 140,000 and 155,000 wafers a month by the end of this year, from an earlier forecast of 185,000, company president Richard Chang said in a briefing at the Shanghai-based company's headquarters. \n"We expect the first quarter to be very hard for the whole industry and growth is likely to be flat for the year," Chang said. \nSemiconductor Manufacturing, whose customers include Samsung Electronics Co and Infineon Technologies AG, plans to reduce equipment spending to US$1 billion this year, from an earlier forecast of US$1.37 billion, Chang said. \nReal estate outlets hit new high \n \nThe number of real-estate agencies totaled 1,217 at the end of last year -- the largest number in six years -- Evertrust Rehouse Co (永慶房屋) reported on Thursday. The figure represents a 41-percent increase over the 2003 level, statistics compiled by the company show. \nA total of 378 new agencies -- including 325 in northern Taipei County -- were opened last year, double the previous year's level. \nTaipei County also had the largest number of real-estate agencies last year, followed by Taipei City and Kaohsiung City. Some 86,000 deals were made in Taipei County alone in the first 11 months of the year, which was 23 percent of the country's total. \nEvertrust Rehouse attributed the marked growth to the improved traffic infrastructure and the government's preferential-loan policy and other incentives to buyers. \nNT dollar drops \n \nThe New Taiwan dollar yesterday traded NT$0.151 lower against its US counterpart, closing at NT$32.019 on the Taipei foreign exchange market. \nTurnover was US$751 million.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s