FINANCING
TetraVue closes Series A
TetraVue, a California-based firm that provides advanced 3D imaging technologies, announced the close of its Series A funding of US$10 million, backed by manufacturing giants such as Samsung Electronics Co and Foxconn Technology Group (富士康). TetraVue founder and chief executive officer Paul Banks said in a press release that the new funds would be used on 3D vision technology to enable “smart” vision for “smarter machines.” The US company said it is developing partnerships with car manufacturers, artificial intelligence software developers and hardware makers for self-driving vehicles development.
INVESTMENT
Sun Art Retail halts trading
China’s leading hypermarket operator, Sun Art Retail Group (高鑫零售), yesterday sought a trading halt on its Hong Kong-listed shares beginning at 1:30pm after the shares rose by 6.5 percent in the morning session. The rise came amid media speculation that potential suitors were in talks to buy the RT-Mart (大潤發) hypermarket chain in China. The Chinese-language Commercial Times, citing Ruentex Group (潤泰集團) chairman Samuel Yin (尹衍樑), reported that potential suitors include Chinese e-commerce giant Alibaba Group Holding Ltd (阿里巴巴), Chinese Internet giant Tencent Holdings Ltd (騰訊) and Chinese retail giant Suning Commerce Group Co Ltd (蘇寧電商集團). Taipei-based Ruentex is a major shareholder in Sun Art and operates RT-Mart chains in Taiwan and China.
AUTOMAKERS
Ford Lio Ho to upgrade
Ford Lio Ho Motor Co (福特六和) on Thursday said it would invest NT$4 billion (US$130 million) to upgrade its production processes in Taiwan and manufacture the Escort series of family cars. As part of a program to improve the quality of its vehicles, the investment will mainly involve the purchase of new equipment and introduction of intelligent production, Ford Lio Ho said. The firm also said it plans to add more options to its Escort series to meet customer demand.
SEMICONDUCTORS
FocalTech income up 51%
FocalTech Systems Co Ltd (敦泰科技) posted a 51 percent increase in pre-tax income to NT$158 million for last quarter, compared with NT$105 million in the previous quarter, according to a statement released by the touchpanel controller supplier on Tuesday. FocalTech attributed the growth to an increase in shipments of higher-margin products. Revenue last quarter shrank 12 percent quarter-on-quarter due to a short supply of flat panels, it said. Last year as a whole, it made NT$242 million in pre-tax income, down 7 percent from NT$259 million in 2015 on lower non-operating income. Operating income reached NT$207 million last year, an improvement from an operating loss of NT$136 million in 2015.
FINANCING
New Apple bonds for Taiwan
Apple Inc is set to issue corporate bonds in Taiwan, aiming to raise US$1 billion, market sources said on Thursday. The bonds, with a 30-year maturity, are scheduled to be listed on March 3, the sources said. This is the second time Apple is seeking to raise funds in Taiwan through bond sales after issuing US$1.38 billion in June last year. The first bond sale generated more than US$1.2 billion. The new bonds have been priced at a coupon rate of 4.3 percent, higher than the 4.15 percent in the previous sales following the US Federal Reserve’s interest rate hike in December last year, the sources said.
Vincent Wei led fellow Singaporean farmers around an empty Malaysian plot, laying out plans for a greenhouse and rows of leafy vegetables. What he pitched was not just space for crops, but a lifeline for growers struggling to make ends meet in a city-state with high prices and little vacant land. The future agriculture hub is part of a joint special economic zone launched last year by the two neighbors, expected to cost US$123 million and produce 10,000 tonnes of fresh produce annually. It is attracting Singaporean farmers with promises of cheaper land, labor and energy just over the border.
US actor Matthew McConaughey has filed recordings of his image and voice with US patent authorities to protect them from unauthorized usage by artificial intelligence (AI) platforms, a representative said earlier this week. Several video clips and audio recordings were registered by the commercial arm of the Just Keep Livin’ Foundation, a non-profit created by the Oscar-winning actor and his wife, Camila, according to the US Patent and Trademark Office database. Many artists are increasingly concerned about the uncontrolled use of their image via generative AI since the rollout of ChatGPT and other AI-powered tools. Several US states have adopted
A proposed billionaires’ tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while California Governor Gavin Newsom of the Democratic Party maneuvers to defeat a levy that he fears would lead to an exodus of wealth. A technology mecca, California has more billionaires than any other US state — a few hundred, by some estimates. About half its personal income tax revenue, a financial backbone in the nearly US$350 billion budget, comes from the top 1 percent of earners. A large healthcare union is attempting to place a proposal before
KEEPING UP: The acquisition of a cleanroom in Taiwan would enable Micron to increase production in a market where demand continues to outpace supply, a Micron official said Micron Technology Inc has signed a letter of intent to buy a fabrication site in Taiwan from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion to expand its production of memory chips. Micron would take control of the P5 site in Miaoli County’s Tongluo Township (銅鑼) and plans to ramp up DRAM production in phases after the transaction closes in the second quarter, the company said in a statement on Saturday. The acquisition includes an existing 12 inch fab cleanroom of 27,871m2 and would further position Micron to address growing global demand for memory solutions, the company said. Micron expects the transaction to
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