TRADE
WTO drops growth forecast
The WTO yesterday downgraded its global trade forecast for this year and next, pointing to escalating trade tensions around the world. “Escalating trade tensions and tighter credit market conditions in important markets will slow trade growth for the rest of this year and in 2019,” the WTO said in a statement. “Trade will continue to expand, but at a more moderate pace than previously forecast.” The organization expects merchandise trade volumes to expand 3.9 percent this year and 3.7 percent next year, down from an April forecast of 4.4 percent and 4.0 percent growth respectively. The WTO said that trade measures and threats since its last report in April were only having a “modest” economic effect for now, “but the uncertainty they generate may already be having an impact through reduced investment spending.”
BANKING
Seba Crypto secures funding
Seba Crypto AG, a Swiss financial services company run by ex-UBS Group AG bankers, said it is seeking to become one of the world’s first regulated banks to let consumers trade fiat money into cryptocurrency. It has secured 100 million Swiss francs (US$103.17 million) from private and institutional investors for the venture, which is dependent on being granted a banking license from FINMA, the Swiss financial regulator, the company said. Chief executive officer Guido Buehler, who previously worked as a managing director of asset servicing at UBS, said his company has been in talks with FINMA since April. A final application for a license would be submitted by the end of next month, he said.
TRANSPORTATION
Uber to pay US$148m fine
Uber Technologies Inc must pay US$148 million and tighten data security after the ride-hailing company failed for a year to notify drivers that hackers had stolen their personal information, according to a settlement announced on Wednesday. Uber reached the agreement with all 50 US states and the District of Columbia after a massive data breach in 2016. Instead of reporting it, Uber hid evidence of the theft and paid ransom to ensure the data would not be misused. The settlement requires Uber to comply with US state consumer protection laws safeguarding personal information and to immediately notify authorities in case of a breach; to establish methods to protect user data stored on third-party platforms and create strong password-protection policies. The company is also to hire an outside firm to conduct an assessment of Uber’s data security and implement its recommendations.
TECHNOLOGY
Facebook reveals headset
Facebook Inc on Wednesday unveiled a wireless virtual-reality (VR) headset called Oculus Quest, an attempt to help popularize the developing technology with a more mainstream audience. The headset is to go on sale in spring next year for US$399, complete with hand controllers to give people a sense of presence in VR, Facebook chief executive officer Mark Zuckerberg said at the Oculus Connect conference in San Jose, California. People are more likely to use a technology that they can wear while moving around freely, Zuckerberg said. Facebook sees VR, a technology that immerses users in a virtual environment, as the next great advance in human communication. Facebook wants people to use VR to do more than play games — it has created virtual spaces for users to hang out and watch movies together, for example, or experience events.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
Pegatron Corp (和碩), an iPhone assembler for Apple Inc, is to spend NT$5.64 billion (US$186.82 million) to acquire HTC Corp’s (宏達電) factories in Taoyuan and invest NT$578.57 million in its India subsidiary to expand manufacturing capacity, after its board approved the plans on Wednesday. The Taoyuan factories would expand production of consumer electronics, and communication and computing devices, while the India investment would boost production of communications devices and possibly automotive electronics later, a Pegatron official told the Taipei Times by telephone yesterday. Pegatron expects to complete the Taoyuan factory transaction in the third quarter, said the official, who declined to be
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