Citibank Taiwan Ltd (台灣花旗) is expected to report NT$11 billion (US$344.6 million) in revenues for last year, president Victor Kuan (管國霖) said yesterday. The bank posted NT$10.3 billion in revenues as of Nov. 30.
Although last year’s full-year revenue was 26 percent below that of the NT$15 billion posted in 2008, Kuan expects a better year this year.
“We expect [the bank] to do better this year than last year,” Kuan said after a charity function.
“We experienced a rebound in businesses in the second half of last year, especially in the wealth management segment, which recovered faster than any other businesses,” he said, adding that his bank clients had seen a return of between 15 percent and 30 percent on investments from about a year ago when the local economy hit bottom.
The Financial Supervisory Commission’s latest statistics showed that the bank posted NT$6.84 billion in pre-tax profit in the first 11 months of last year — the highest among 32 foreign banks.
CAUTIOUSLY OPTIMISTIC
Kuan, however, took a cautiously optimistic view on the bank’s and the macroeconomic prospects this year, saying that uncertainties over interest rate hikes, inflation, high valuation in share prices and possible economic dips in the US and China could still spell bad news.
Zhang Yazhou was sitting in the passenger seat of her Tesla Model 3 when she said she heard her father’s panicked voice: The brakes do not work. Approaching a red light, her father swerved around two cars before plowing into a sport utility vehicle and a sedan, and crashing into a large concrete barrier. Stunned, Zhang gazed at the deflating airbag in front of her. She could never have imagined what was to come: Tesla Inc sued her for defamation for complaining publicly about the vehicles brakes — and won. A Chinese court ordered Zhang to pay more than US$23,000 in
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday held its first board of directors meeting in the US, at which it did not unveil any new US investments despite mounting tariff threats from US President Donald Trump. Trump has threatened to impose 100 percent tariffs on Taiwan-made chips, prompting market speculation that TSMC might consider boosting its chip capacity in the US or ramping up production of advanced chips such as those using a 2-nanometer technology process at its Arizona fabs ahead of schedule. Speculation also swirled that the chipmaker might consider building its own advanced packaging capacity in the US as part
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said that its investment plan in Arizona is going according to schedule, following a local media report claiming that the company is planning to break ground on its third wafer fab in the US in June. In a statement, TSMC said it does not comment on market speculation, but that its investments in Arizona are proceeding well. TSMC is investing more than US$65 billion in Arizona to build three advanced wafer fabs. The first one has started production using the 4-nanometer (nm) process, while the second one would start mass production using the
US President Donald Trump has threatened to impose up to 100 percent tariffs on Taiwan’s semiconductor exports to the US to encourage chip manufacturers to move their production facilities to the US, but experts are questioning his strategy, warning it could harm industries on both sides. “I’m very confused and surprised that the Trump administration would try and do this,” Bob O’Donnell, chief analyst and founder of TECHnalysis Research in California, said in an interview with the Central News Agency on Wednesday. “It seems to reflect the fact that they don’t understand how the semiconductor industry really works,” O’Donnell said. Economic sanctions would