ENERGY
Neo, Cathay announce tie-up
Neo Solar Power Corp (新日光能源) yesterday said it plans an initial investment of NT$1.5 billion (US$47.76 million) in a joint venture with Cathay Life Insurance Co (國泰人壽) in new solar power plants in Taiwan. The joint venture will have paid-in capital of NT$3.5 billion, Neo Solar said in a statement, adding that second-round investments would be made in accordance with the development of the new venture. Neo Solar said it has plans for 800 megawatts worth of solar power plant construction with its 70 percent-owned subsidiary General Energy Solutions Inc (永旺能源). General Energy operates solar power plants in western Europe, Africa, Latin America, the Middle East and Southeast Asia.
BANKING
High earnings reported
Southeast Asia-based branches of Taiwanese banks reported record-high earnings in the first half of the year, data from the Financial Supervisory Commission showed yesterday. Combined earnings from 33 branches in the region reached NT$4 billion, approaching the NT$5.4 billion recorded in the entirety of last year, the data showed. Singapore led the region with NT$2.51 billion in earnings contributions in the first half, while Vietnam and Cambodia had shown considerable growth momentum, the commission’s Banking Bureau said.
BIOTECHNOLOGY
TaiGen trials approved
TaiGen Biotechnology Co (太景生技) on Wednesday announced that its new hepatitis C virus inhibitor, Furaprevir, has received approval from the Chinese Food and Drug Administration to begin clinical trials under Class 1.1 designation. The drug has entered second-phase clinical trials in Taiwan and the US and is the only Taiwan-developed drug to be granted fast-track status by Chinese authorities. TaiGen said the Chinese study would explore Furaprevir’s efficacy when used in conjunction with antiviral drug Ribavirin. The company hopes to reduce the treatment period for hepatitis C from between 24 and 48 weeks to about 12 weeks. There are 160 million to 170 hepatitis C patients worldwide, of which a quarter are Chinese, the company said.
AUTOMAKERS
S Korean probe expanded
South Korea has expanded an investigation into the fabrication of emissions and noise-level test results to all foreign car brands after fining Volkswagen AG over breaches. The South Korean Ministry of the Environment last week launched a probe of 23 foreign automakers involving 110 diesel models, ministry director Hong Dong-kon said by telephone. The results of the investigation are to be announced in two to three months, Hong said. Earlier this month, South Korea blocked sales of 80 VW models and fined the company 17.8 billion won (US$16 million).
CHINA
Housing prices rise 0.8%
Housing prices in China rose 0.8 percent last month nationwide, but stalled or fell in more cities than in June, an official survey showed yesterday. Average new home prices in China’s 70 major cities rose 7.9 percent last month from a year earlier, accelerating from a 7.3 percent increase in June, the survey said. However, last month’s home prices rose at the same pace as in June, which was the slowest since April, according to a Reuters calculation based on data issued by the Chinese National Bureau of Statistics.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
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