BANKING
No decision on inactive cash
The Financial Supervisory Commission yesterday said it has yet to reach a decision over inactive savings accounts, dismissing local media reports that it plans to turn them into state funds for social welfare organizations. The UK, Canada and Australia have passed laws allowing their governments to turn inactive savings accounts into social welfare funds, but the practice may not be desirable or practical for Taiwan, the regulator said.
BANKING
Mega opens in Cambodia
Mega International Commercial Bank (兆豐商銀) yesterday opened a sub-branch in Phnom Penh International Airport, in a continued bid to deepen its presence in the Asia Pacific region, the lender said in a statement. The bank has sought to expand its service network beyond current locations in 10 countries. It has filed applications to open branches or sub-branches in China, Thailand, Vietnam and Myanmar.
FINANCE
CTBC, Chungoku sign deal
On Tuesday, CTBC Financial Holding Co (中信金控) signed an agreement with Chungoku Bank, as the local bank-focused conglomerate is seeking to enlarge its service network in Japan. With 154 branches and outlets in Japan, Chungoku Bank is a major lender in Okayama Prefecture, providing corporate and personal banking, leasing and securities brokerage services, CTBC Financial said in a statement.
TECH PARTNERSHIP: The deal with Arizona-based Amkor would provide TSMC with advanced packing and test capacities, a requirement to serve US customers Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is collaborating with Amkor Technology Inc to provide local advanced packaging and test capacities in Arizona to address customer requirements for geographical flexibility in chip manufacturing. As part of the agreement, TSMC, the world’s biggest contract chipmaker, would contract turnkey advanced packaging and test services from Amkor at their planned facility in Peoria, Arizona, a joint statement released yesterday said. TSMC would leverage these services to support its customers, particularly those using TSMC’s advanced wafer fabrication facilities in Phoenix, Arizona, it said. The companies would jointly define the specific packaging technologies, such as TSMC’s Integrated
An Indian factory producing iPhone components resumed work yesterday after a fire that halted production — the third blaze to disrupt Apple Inc’s local supply chain since the start of last year. Local industrial behemoth Tata Group’s plant in Tamil Nadu, which was shut down by the unexplained fire on Saturday, is a key linchpin of Apple’s nascent supply chain in the country. A spokesperson for subsidiary Tata Electronics Pvt yesterday said that the company would restart work in “many areas of the facility today.” “We’ve been working diligently since Saturday to support our team and to identify the cause of the fire,”
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Sales RecORD: Hon Hai’s consolidated sales rose by about 20 percent last quarter, while Largan, another Apple supplier, saw quarterly sales increase by 17 percent IPhone assembler Hon Hai Precision Industry Co (鴻海精密) on Saturday reported its highest-ever quarterly sales for the third quarter on the back of solid global demand for artificial intelligence (AI) servers. Hon Hai, also known as Foxconn Technology Group (富士康科技集團) globally, said it posted NT$1.85 trillion (US$57.93 billion) in consolidated sales in the July-to-September quarter, up 19.46 percent from the previous quarter and up 20.15 percent from a year earlier. The figure beat the previous third-quarter high of NT$1.74 trillion recorded in 2022, company data showed. Due to rising demand for AI, Hon Hai said its cloud and networking division enjoyed strong sales
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