SUGAR
Taisugar reappoints Chen
Taiwan Sugar Corp (Taisugar, 台糖) yesterday appointed former chairman Chen Chao-yih (陳昭義) to the position after Charles Huang (黃育徵) resigned last week. Chen helped bring the company out of the red during his nearly four years at the helm from 2013 to 2016, Taisugar said in a statement. At a handover ceremony, Chen said that he would work to utilize the company’s idle land in Taiwan, as the asset is in high demand due to a growing number of Taiwanese companies returning from China and the development of solar energy accelerates. The company would make an effort to recruit and cultivate talent in the future, he said.
E-COMMERCE
PChome, HTNS sign MOU
PChome Online Inc (網路家庭), the nation’s largest e-commerce operator, yesterday signed a memorandum of understanding (MOU) with South Korean logistics company Hanoro TNS (HTNS) to join forces to expand marketing horizons. Through the agreement, popular South Korean products would be made available on PChome’s online platform, PChome chairman Jan Hung-tze (詹宏志) said in a statement. PChome also aims to promote Taiwanese products in South Korea through HTNS, Jan said. The move came after PChome partnered with Rakuten Inc and eBay Inc earlier this year.
AVIATION
EVA sixth-best in world: poll
EVA Airways Corp (長榮航空) has been ranked the world’s sixth-best airline in a survey released at the Paris Air Show on Tuesday by Skytrax, the UK’s leading aviation service research agency. EVA also took home the honor of having the world’s cleanest airline and was cited for having the best economy-class catering. Qatar Airways Co QCSC returned to the top spot in the Skytrax World Airline Awards, the fifth time the Persian Gulf carrier has won the award, adding to its 2011, 2012, 2015 and 2017 titles. Last year, Singapore Airlines Ltd claimed first place.
BANKING
Average lending rates rise
The nation’s five major state-run banks last month saw their average lending interest rates rise to 1.473 percent, up 0.028 percentage points from 1.445 percent a month earlier. The five lenders are Bank of Taiwan (臺灣銀行), Taiwan Cooperative Bank (合庫銀行), Land Bank of Taiwan (土地銀行), Hua Nan Commercial Bank (華南銀行) and First Commercial Bank (第一銀行). The rate increase indicates increasing loan demand by firms to increase their working capital and capital expenditure, the central bank said in a statement. Excluding government loans, interest rates averaged 1.473 percent, down 0.006 percentage points from 1.5479 percent in April, the central bank said.
FOREIGN EXCHANGE
Yuan deposits drop 2.34%
Yuan deposits in Taiwan last month totaled 268.278 billion yuan (US$38.857 billion), a 2.34 percent decrease from April and the lowest level in more than five years, the central bank said. The decline resulted from some firms’ withdrawal of their yuan deposits to purchase yuan-denominated bonds, the bank said. There were also firms that remitted the Chinese currency to meet operational needs in China, it added. Jih Sun International Commercial Bank (日盛銀行) offers the highest interest rates of 2.3 percent for one-month yuan time deposits; 2.9 percent for three-month and six-month time deposits; and 3.1 percent for one-year time deposits, central bank data showed.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
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