BANKING
Yuan deposits at six-year low
Chinese yuan deposits held by banks operating in Taiwan last month fell to the lowest level in more than six years as the currency’s slumping interest rates made it less attractive, the central bank said on Friday. The balance of yuan deposits totaled 246.01 billion yuan (US$34.64 billion), down about 6.11 billion yuan from the end of March, central bank data showed. That is the lowest level since February 2014, when yuan deposits totaled 247.05 billion yuan. The decline in yuan deposits came after institutional investors allocated yuan-denominated funds to investments, or as payments for purchases, central bank Department of Foreign Exchange specialist Chen Wan-ning (陳婉寧) said, adding that retail investors also moved their deposits to buy yuan-denominated insurance policies.
ELECTRONICS
Hon Hai aids Japan, Israel AI
Hon Hai Precision Industry Co (鴻海精密) has teamed up with semiconductor firms in Japan and Israel to launch an artificial intelligence (AI) image solution. In a statement on Wednesday, Hon Hai said that it has formed a partnership with Japan-headquartered system-on-chip solution provider Socionext Inc and Israel-based AI chip designer Hailo to launch next-generation AI processing solutions for video analytics. The results would be used in diverse segments, such as smart cities, smart medical care and smart retail development, as well as the industrial Internet of Things, Hon Hai said, adding that it is combining its high-density, fan-less and edge computing solution — BOXiedge — with Socionext’s high-efficiency parallel processor — the SynQuacer SC2A11 — and Hailo’s deep learning processor — the Hailo-8 — in the development.
US sports leagues rushed to get in on the multi-billion US dollar bonanza of legalized betting, but the arrest of an National Basketball Association (NBA) coach and player in two sprawling US federal investigations show the potential cost of partnering with the gambling industry. Portland Trail Blazers coach Chauncey Billups, a former Detroit Pistons star and an NBA Hall of Famer, was arrested for his alleged role in rigged illegal poker games that prosecutors say were tied to Mafia crime families. Miami Heat guard Terry Rozier was charged with manipulating his play for the benefit of bettors and former NBA player and
The DBS Foundation yesterday announced the launch of two flagship programs, “Silver Motion” and “Happier Caregiver, Healthier Seniors,” in partnership with CCILU Ltd, Hondao Senior Citizens’ Welfare Foundation and the Garden of Hope Foundation to help Taiwan face the challenges of a rapidly aging population. The foundation said it would invest S$4.91 million (US$3.8 million) over three years to foster inclusion and resilience in an aging society. “Aging may bring challenges, but it also brings opportunities. With many Asian markets rapidly becoming super-aged, the DBS Foundation is working with a regional ecosystem of like-minded partners across the private, public and people sectors
BREAKTHROUGH TECH: Powertech expects its fan-out PLP system to become mainstream, saying it can offer three-times greater production throughput Chip packaging service provider Powertech Technology Inc (力成科技) plans to more than double its capital expenditures next year to more than NT$40 billion (US$1.31 billion) as demand for its new panel-level packaging (PLP) technology, primarily used in chips for artificial intelligence (AI) applications, has greatly exceeded what it can supply. A significant portion of the budget, about US$1 billion, would be earmarked for fan-out PLP technology, Powertech told investors yesterday. Its heavy investment in fan-out PLP technology over the past 10 years is expected to bear fruit in 2027 after the technology enters volume production, it said, adding that the tech would
YEAR-END BOOST: The holiday shopping season in the US and Europe, combined with rising demand for AI applications, is expected to drive exports to a new high, the NDC said Taiwan’s business climate monitor improved last month, transitioning from steady growth for the first time in five months, as robust global demand for artificial intelligence (AI) products and new iPhone shipments boosted exports and corporate sales, the National Development Council (NDC) said yesterday. The council uses a five-color system to measure the nation’s economic state, with “green” indicating steady growth, “red” suggesting a boom and “blue” reflecting a recession. “Yellow-red” and “yellow-blue” suggest a transition to a stronger or weaker condition. The total score of the monitor’s composite index rose to 35 points from a revised 31 in August, ending a four-month
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