PETROCHEMICALS
YC sees revenues surge
YC Group (炎洲集團), which is principally engaged in the manufacture of thin films, adhesive tapes and packaging materials, on Saturday said the group’s major units saw substantial revenue growth last month due to seasonal demand. On a monthly basis, flagship unit YC Co Ltd’s (炎洲) revenue reached NT$1.49 billion (US$49.5 million) last month, up 10.33 percent from July, while subsidiaries Achem Technology Corp (萬洲) and Xin Chio Global Co Ltd (新洲) also reported revenue increases of 8.8 percent and 8.94 percent to NT$1.003 billion and NT$137 million respectively. The group is cautiously optimistic about business next quarter, as it might benefit from stable crude oil and raw material prices, as well as the completion of a new housing project in New Taipei City’s Linkou District (林口) , YC Group spokesman Kevin Lin (林建羽) said.
BANKING
Local yuan deposits rise
Yuan deposits held by banks operating in Taiwan rose for the fourth consecutive month last month on the back of the strength of the Chinese currency against the US dollar, the central bank said on Friday. Yuan deposits, including negotiable certificates of deposit, totaled 310.08 billion yuan (US$47.31 billion) at the end of last month, up 693 million yuan from the end of July, with deposits held by local banks’ domestic banking units totaling 277.81 billion yuan, an increase of 980 million yuan from a month earlier, and those held by offshore banking units hitting 32.27 billion yuan, down 287 million yuan month-on-month, the central bank said. To attract more yuan deposits, Ta Chong Bank (大眾銀行) offers a 4 percent interest rate for six-month yuan deposits, the highest among its local peers.
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
Former Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman Mark Liu (劉德音) yesterday warned against the tendency to label stakeholders as either “pro-China” or “pro-US,” calling such rigid thinking a “trap” that could impede policy discussions. Liu, an adviser to the Cabinet’s Economic Development Committee, made the comments in his keynote speech at the committee’s first advisers’ meeting. Speaking in front of Premier Cho Jung-tai (卓榮泰), National Development Council (NDC) Minister Paul Liu (劉鏡清) and other officials, Liu urged the public to be wary of falling into the “trap” of categorizing people involved in discussions into either the “pro-China” or “pro-US” camp. Liu,
Minister of Economic Affairs J.W. Kuo (郭智輝) yesterday said Taiwan’s government plans to set up a business service company in Kyushu, Japan, to help Taiwanese companies operating there. “The company will follow the one-stop service model similar to the science parks we have in Taiwan,” Kuo said. “As each prefecture is providing different conditions, we will establish a new company providing services and helping Taiwanese companies swiftly settle in Japan.” Kuo did not specify the exact location of the planned company but said it would not be in Kumamoto, the Kyushu prefecture in which Taiwan Semiconductor Manufacturing Company (TSMC, 台積電) has a
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