China Development Financial Holding Co (中華開發金控) yesterday appointed veteran banker Chen Mu-tsai (陳木在) to replace outgoing chairman Lin Cheng-yi (林誠一), who unexpectedly tendered his resignation on Thursday night after ruling Chinese Nationalist Party (KMT) lawmakers questioned his credentials.
China Development said in a filing to the Taiwan Stock Exchange yesterday that its board elected Chen — a former chairman of China Development before Lin took his place in March 2006 — to take the helm of the state-controlled financial holding company.
Chen, 63, will formally take over the chairmanship on Monday, the filing said.
He served as chairman of state-run Bank of Taiwan (臺灣銀行) between 2000 and 2004, and led the Farmers Bank of China (農民銀行) between 1998 and 2000.
Separately, Chang Hwa Commercial Bank (彰化銀行) yesterday elected president Julius Chen (陳淮舟) as its new chairman after its two largest shareholders, Taishin Financial Holding Co (台新金控) and the Ministry of Finance, settled differences over the leadership reshuffle.
Chen said Chang Hwa Bank under his leadership would seek to improve its management and financial performance and would not engage in talks about a merger with Taishin Financial in the first year.
Chang Hwa Bank vice president William Lin (林維樑) will take up the vacancy left by Chen.
AI SERVER DEMAND: ‘Overall industry demand continues to outpace supply and we are expanding capacity to meet it,’ the company’s chief executive officer said Hon Hai Precision Industry Co (鴻海精密) yesterday reported that net profit last quarter rose 27 percent from the same quarter last year on the back of demand for cloud services and high-performance computing products. Net profit surged to NT$44.36 billion (US$1.48 billion) from NT$35.04 billion a year earlier. On a quarterly basis, net profit grew 5 percent from NT$42.1 billion. Earnings per share expanded to NT$3.19 from NT$2.53 a year earlier and NT$3.03 in the first quarter. However, a sharp appreciation of the New Taiwan dollar since early May has weighed on the company’s performance, Hon Hai chief financial officer David Huang (黃德才)
The Taiwan Automation Intelligence and Robot Show, which is to be held from Wednesday to Saturday at the Taipei Nangang Exhibition Center, would showcase the latest in artificial intelligence (AI)-driven robotics and automation technologies, the organizer said yesterday. The event would highlight applications in smart manufacturing, as well as information and communications technology, the Taiwan Automation Intelligence and Robotics Association said. More than 1,000 companies are to display innovations in semiconductors, electromechanics, industrial automation and intelligent manufacturing, it said in a news release. Visitors can explore automated guided vehicles, 3D machine vision systems and AI-powered applications at the show, along
FORECAST: The greater computing power needed for emerging AI applications has driven higher demand for advanced semiconductors worldwide, TSMC said The government-supported Industrial Technology Research Institute (ITRI) has raised its forecast for this year’s growth in the output value of Taiwan’s semiconductor industry to above 22 percent on strong global demand for artificial intelligence (AI) applications. In its latest IEK Current Quarterly Model report, the institute said the local semiconductor industry would have output of NT$6.5 trillion (US$216.6 billion) this year, up 22.2 percent from a year earlier, an upward revision from a 19.1 percent increase estimate made in May. The strong showing of the local semiconductor industry largely reflected the stronger-than-expected performance of the integrated circuit (IC) manufacturing segment,
COLLABORATION: Softbank would supply manufacturing gear to the factory, and a joint venture would make AI data center equipment, Young Liu said Hon Hai Precision Industry Co (鴻海精密) would operate a US factory owned by Softbank Group Corp, setting up what is in the running to be the first manufacturing site in the Japanese company’s US$500 billion Stargate venture with OpenAI and Oracle Corp. Softbank is acquiring Hon Hai’s electric-vehicle plant in Ohio, but the Taiwanese company would continue to run the complex after turning it into an artificial intelligence (AI) server production plant, Hon Hai chairman Young Liu (劉揚偉) said yesterday. Softbank would supply manufacturing gear to the factory, and a joint venture between the two companies would make AI data
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