Taiwan postponed a planned US investor tour for a month after banks such as Goldman Sachs Group Inc and Merrill Lynch & Co declined to participate, fearing retaliation by China, an official said.
Credit Suisse First Boston (CSFB) was excluded from a US$10 billion share sale after sponsoring a similar trip, according to the Asian Wall Street Journal.
"That politically motivated decision has made the US trip more difficult to arrange without foreign brokerage houses' assistance," Ju Fu-chen (朱富春), president of the Taiwan Stock Exchange, said.
Ju said the US journey will take place in November. Goldman and Merrill "had previously expressed interest in helping arrange those trips," he said.
Goldman's spokesman in Hong Kong, Peter Rose, declined to comment. Merrill's Hong Kong spokesman couldn't be reached.
Credit Suisse earned China's ire by sponsoring a trip to Europe that included Fu, Finance Minister Yen Ching-chang (
"CSFB is being punished for stepping on China's toes," said Liu Juming, head of research at Asia Pacific Securities Investment Trust Co in Taiwan.
The dispute is also fodder for US lawmakers critical of China. Tom DeLay, majority whip of the US House of Representatives, issued a statement calling the move "international extortion."
The investment-banking unit of the Swiss-owned Credit Suisse Group, may now have to placate Beijing as China prepares for share sales the bank estimates may be worth as much as US$12.5 billion this year.
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
RSS