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.
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
HSBC Holdings PLC is deepening its commitment to Taiwan as the economy emerges as one of the bank’s fastest-growing markets globally, driven by an artificial intelligence (AI) investment boom, expanding cross-border trade, and rising wealth creation. “The advantage that Taiwan has is a growth story linked to the semiconductor and broader AI industries, strong underlying corporate performance, and wealth creation,” said Surendra Rosha, HSBC’s co-chief executive for Asia and the Middle East, in an exclusive interview with the Taipei Times on June 2, during this year’s HSBC Taiwan Conference. That combination has helped HSBC cement its position as the most profitable international
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
Hon Hai Precision Industry Co (鴻海精密) yesterday said it would work with US chipmaker Intel Corp to jointly develop and deploy next-generation artificial intelligence (AI) infrastructure and intelligent computing platforms in a move to capture booming demand for AI computing systems. Hon Hai, also known as Foxconn Technology Group (富士康), said in a statement that the partnership would combine its global manufacturing scale, system integration expertise and AI data center deployment capabilities with Intel’s strengths in processor architecture, silicon technologies and software ecosystem. The companies said they plan to work on equipment used in AI data centers, including server racks powered by
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