Banks are safe: regulator
Repayment calls from Europe probably will not cause a currency-exchange crunch among the country’s banks because the lenders already have secured enough foreign-asset liquidity, the Financial Supervisory Service said. Foreign-currency cash liquidity at local banks gained fivefold at the end of October compared with the level at the end of June, the regulator said yesterday in an e-mailed statement. Borrowing, including loans and bonds from European countries, totaled US$43.6 billion at the end of October, accounting for 34 percent of overseas borrowing, it said. That compares with US$42 billion at the end of June, when Europe accounted for 36 percent of overseas borrowing, it said.
Huawei limits Iranian links
China’s largest maker of telecommunications equipment said it was voluntarily limiting its business activity in Iran because of the “increasingly complex situation” there. Huawei Technologies Ltd (華為) said it was no longer seeking new customers and was limiting its business with existing customers. It said in a statement on its Web site that it would continue to provide necessary services relating to communication networks that are under delivery or have already been delivered. The Wall Street Journal reported in October that Huawei’s business grew in Iran following a pullback by Western companies after the government’s bloody crackdown on demonstrators in 2009.
SAP expects cloud windfall
The acquisition of US firm Success Factors by SAP will make the German software giant No. 1 in “cloud computing” and show a profit from 2013, Jim Hagemann Snabe, one of SAP’s two co--executives, said in an interview with the financial weekly Focus on Saturday. SAP, the world’s leader in professional software, announced last week that it would acquire Success Factors for US$3.4 billion. Success Factors specializes in cloud computing, which involves managing on the Internet data that is stored on distant servers. It eliminates the need for clients to keep data on their own computers or servers.
Lenovo switching to Japan
Lenovo Group Ltd (聯想) is considering switching some of its personal computer manufacturing operations to Japan from China and other places, the Yomiuri Shimbun reported on Saturday, citing Lenovo senior vice president Milko Van Duijl. Lenovo has a venture with Japan’s NEC Corp and is already making some products at a plant in Yamagata Prefecture, Japan, the report said. The company may make all Lenovo-brand products for the Japanese market at the Yamagata plant, the report said.
Pope extols transparency
Pope Benedict XVI said on Saturday that in the business world, transparency and the search for profit were compatible, speaking at a time when Italy and the eurozone faces deep financial woes. “In the field of economics and finance, fair intentions, transparency and the search for good results are consistent and should never be separated,” the pontiff said in the Vatican. “The economy and the market should never be separated from solidarity.” He was speaking as 3,000 representatives of Italian cooperative associations attended a mass at St Peter’s Basilica, 120 years since the encyclical Rerum Novarum, which addressed the condition of the working class, was issued.
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
India’s COVID-19 economic gloom turned into despair this week, on news that its per capita GDP for this year might be lower than that of Bangladesh. “Any emerging economy doing well is good news,” Kaushik Basu, a former World Bank chief economist, said on Twitter after the IMF updated its World Economic Outlook. “But it’s shocking that India, which had a lead of 25% five years ago, is now trailing.” Ever since it began opening up the economy in the 1990s, India’s dream has been to emulate China’s rapid expansion. After three decades of persevering with that campaign, slipping behind Bangladesh hurts
When the COVID-19 pandemic shut down bars and concert halls in the US in March, a new phenomenon was born: the vacation-rental nightclub. Professional party promoters started scanning Airbnb, Vrbo and other short-term rental sites for mansions and luxury condos for hire. Tickets were going for US$90 on Eventbrite and TikTok for soirees with bottle service and DJs. “People were looking to escape from their own homes and came into our tiny neighborhood to party all day, every day,” said Kristen Robinson Doe, a resident of a quiet suburban Dallas neighborhood, where a party pad was being rented out for more than
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their