The Cabinet-level Fair Trade Commission yesterday approved the US company General Electric's acquisition of a one-third stake in Cosmos Bank Taiwan (
The stake purchase by the Connecticut, Ohio-based GE will allow the world's biggest issuer of private-label credit cards to control nearly half of Cosmos' board and superintendent seats.
GE had hoped to acquire a 40 percent to 49 percent stake in Cosmos and so obtain the seats of 4 board members, one independent board member and one superintendent, according to the commission.
Cosmos is the nation's largest cash card issuer, with 905,267 cards in circulation as of the end of May, according to government statistics.
GE's stake in Cosmos is not expected to lead to any change to the nation's financial markets or to unfair competition, in light of both companies' relatively low market share in Taiwan.
GE currently operates a credit card company, lending company and insurance agency in Taiwan, while Cosmos has a market share of less than 1 percent in the nation's lending and deposit markets, according to the commission.
GE's stake in Cosmos is the nation's first such investment by a foreign firm in a local financial institutions. The acquisition is expected to raise Cosmos' international profile.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Gudeng Precision Industrial Co (家登精密), the sole extreme ultraviolet pod supplier to Taiwan Semiconductor Manufacturing Co (台積電), yesterday said it has trimmed its revenue growth target for this year as US tariffs are likely to depress customer demand and weigh on the whole supply chain. Gudeng’s remarks came after the US on Monday notified 14 countries, including Japan and South Korea, of new tariff rates that are set to take effect on Aug. 1. Taiwan is still negotiating for a rate lower than the 32 percent “reciprocal” tariffs announced by the US in April, which it later postponed to today. The
MAJOR CONTRIBUTOR: Revenue from AI servers made up more than 50 percent of Wistron’s total server revenue in the second quarter, the company said Wistron Corp (緯創) on Tuesday reported a 135.6 percent year-on-year surge in revenue for last month, driven by strong demand for artificial intelligence (AI) servers, with the momentum expected to extend into the third quarter. Revenue last month reached NT$209.18 billion (US$7.2 billion), a record high for June, bringing second-quarter revenue to NT$551.29 billion, a 129.47 percent annual increase, the company said. Revenue in the first half of the year totaled NT$897.77 billion, up 87.36 percent from a year earlier and also a record high for the period, it said. The company remains cautiously optimistic about AI server shipments in the third quarter,
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
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