LOANS
Banks beat lending target
Under a special program in cooperation with the government, Taiwanese banks had lent NT$235.5 billion (US$76.4 billion) to small and medium-sized enterprises (SMEs) as of the end of August, already beating this year’s target of NT$150 billion, the Financial Supervisory Commission said on Friday. Total loans to SMEs had reached NT$3.44 trillion by the end of August since the special SME financing program was launched in July 2005, accounting for 43.71 percent of total business loans, the commission said. According to the commission, the accumulated loans to SMEs marked an increase of NT$1.73 trillion, or 45.34 percent, over the amount before the implementation of the special credit program.
LABOR
Young Fast following rules
The company accused by local media of illegally employing Chinese workers in Taiwan did not violate government regulations, the Investment Commission said on Friday. The commission said that Young Fast Optoelectronics Co (洋華) filed six applications to host 101 technicians from its manufacturing operations in China for technical training in Taiwan over the past nine months. All of the technicians came to Taiwan to learn advanced touch-panel manufacturing and processing procedures, the commission said. Although they were approved to stay 60 or 70 days, the first two groups — one of five people and the other of 20 — returned to China after 29 days and 59 days respectively, according to the commission. The other four groups are still receiving training.
PHARMACEUTICALS
Meridia leaving US shelves
US pharmaceutical company Abbott Laboratories on Friday said it was pulling its obesity drug Meridia from the US market after European tests found the key ingredient increased the risk of serious heart problems. The withdrawal was being made at the request of the US Food and Drug Administration (FDA), Abbott said in a statement. The FDA requested the withdrawal after reviewing a cardiovascular safety study ordered by European regulators following the approval in Europe of the drug, both Abbott and the FDA said. European regulators suspended the license of Meridia in January.
MINING
Sinochem seeks assurances
China’s Sinochem (中國中化) is seeking assurances from the Canadian government that its bid to acquire Potash Corp will be “fairly considered,” before it proceeds, a major Canadian daily said on Friday. “Sinochem won’t proceed with a bid for the world’s largest fertilizer firm unless it receives a positive signal from Ottawa,” the Globe and Mail said, citing sources close to the state-owned enterprise. A consortium led by Sinochem is considering mounting a rival offer that would top a US$40 billion hostile takeover bid by Anglo-Australian mining giant BHP Billiton in August.
COMPUTERS
US newspapers back Galaxy
The Wall Street Journal, the New York Times and USA Today are among news organizations planning to offer news applications for Samsung’s Galaxy tablet computer, an iPad rival, the Journal said on Friday. The newspaper said the news organizations are seeking to line up behind a new tablet device in order to broaden readership beyond owners of the popular Apple product. Seen as Samsung’s answer to the iPad, the South Korean company has not yet provided pricing details of the device.
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
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