Business and Finance

Acer takes majority stake in VR venture

REALITY CHECK:Acer is to control one more board seat than Starbreeze, which is to hold 33.3 percent in the venture and no longer needs to inject another US$7.5 million

Taipei Times
Date: Oct 25, 2017
By: Lauly Li  /  Staff reporter
Acer Inc (宏碁) yesterday said it is to inject US$5 million into its virtual reality (VR) joint venture with Starbreeze AB, StarVR Corp (宏星技術), increasing its stake from 50 percent to 66.7 percent as part of efforts to grow its presence in the VR industry.

“VR is one of Acer’s key focus areas… The increase of Acer’s stake in StarVR underlines our commitment to the industry and we look forward to continuing to deliver best-in-class VR experiences through our partnership with Starbreeze,” Acer chairman and chief executive officer Jason Chen (陳俊聖) said in a statement.

According to information given to the Department of Commerce by StarVR, the number of board seats is to increase from four to five, of which Acer is to control three.

Starbreeze chief executive officer Bo Andersson Klint is to continue to serve as chairman of StarVR, while Acer information technology president Jerry Kao (高樹國) will remain president, an Acer official said by telephone.    [FULL  STORY]

Apple best-selling brand in Taiwan phone market in September

The China Post
Date: October 24, 2017
By: Jeffrey Wu and Frances Huang

TAIPEI (CNA) – Apple Inc. had the highest market share in Taiwan’s mobile phone

Strong buying in the last nine days of September vaulted Apple into the top position in the sales volume rankings after placing second in August, according to industry sources. In terms of sales value, the sources said, Apple grabbed a 52.7 percent share in the Taiwan market, up from 36.4 percent seen in August. (NOWnews file photo)

market in September in both sales volume and value after launching its latest iPhone models, industry sources said Tuesday.

Although the iPhone 8 and iPhone 8 Plus went on sale in Taiwan market on Sept. 22, strong buying in the last nine days of the month vaulted Apple into the top position in the sales volume rankings after placing second in August, the sources said.

In terms of sales volume, Apple took a 26.1 percent share in Taiwan in September, up from 14.4 percent seen in August, finishing ahead of South Korea’s Samsung Electronics Co., which had a 21.1 percent share.

They were followed by Taiwan-based PC brand Asustek Computer Inc. (華碩) with a 12.6 percent share, China’s OPPO with an 8.2 percent share and Japan’s Sony Corp. with a 7.5 percent share, the sources said.    [FULL  STORY]

New York State finds second Taiwan bank non-compliant

Radio Taiwan International
Date: 2017-10-23

The New York branch of Taiwan’s Hua Nan Commercial Bank has failed to pass the latest financial examinations related to compliance with US money-laundering regulations. That was the word on Monday from Taiwan’s Financial Supervisory Commission (FSC).

FSC Chairman Wellington Koo spoke about the situation at a hearing of the Legislature’s Finance Committee. He said the New York branches of eight Taiwanese banks passed the financial examinations, but Hua Nan and another bank — Mega Bank – were not found to be compliant.

In August, 2016, Mega Bank was fined US$180 million after it was found to have violated the US Bank Secrecy Act, which is also known as the anti-money laundering law, by failing to report instances of suspected money laundering transactions by its customers.    [FULL  STORY]

Massive investment needed to hit renewable energy goal: official

Focus Taiwan
Date: 2017/10/23
By: Huang Ya-chuan and Kuan-lin Liu

Taipei, Oct. 23 (CNA) Meeting the national goal of having renewable energy contribute

Yang Wei-fuu (楊偉甫, second right)

20 percent of Taiwan’s electricity needs by 2025 could require a NT$1.8 trillion (US$59.5 billion) investment, Vice Economic Affairs Minister Yang Wei-fuu (楊偉甫) said Monday.

Speaking at a forum on renewable energy, Yang said Taiwan had 4.8 gigawatts (GW) of installed renewable energy capacity as of July 2017, but a total of 20 GW of solar power capacity and 4.2 GW of wind power capacity would be needed to meet the 2025 energy goal.

That will take an additional NT$1.8 trillion in investment, the vice minister noted.

A total of NT$1.2 trillion will be needed to increase the installed capacity of roof-mounted solar panels to 3GW and of ground-mounted panels to 17GW by 2025, Yang said.    [FULL  STORY]

Apple ‘grateful’ to TSMC for investment

FLAWLESS EXECUTION:TSMC had 6,000 people working around the clock to bring up the Tainan fab in just 11 months, Apple chief operation officer Jeff Williams said

Taipei Times
Date: Oct 24, 2017
By: Lisa Wang  /  Staff reporter

Apple Inc is grateful to Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電)

Apple Inc chief operating officer Jeff Williams, left, Taiwan Semiconductor Manufacturing Co (TSMC) chairman Morris Chang, right, and other guests pose for a group photograph yesterday during a panel discussion to celebrate the 30th anniversary of the foundation of TSMC.  Photo: Hung You-fang, Taipei Times

capital investment of US$9 billion in the Taiwanese firm’s first initiative with Apple to supply all the processors used in iPhones and iPads, Apple chief operating officer Jeff Williams said yesterday.

Williams made the remarks at a panel discussion in Taipei organized by TSMC as part of a series of activities celebrating the 30th anniversary of the foundation of the world’s biggest contract chipmaker.

Williams did not specify which iPhone he was referring to.

“TSMC invested US$9 billion and had 6,000 people working around the clock to bring up the Tainan fab in just 11 months, and in the end, the execution was flawless,” Williams said. “Companies in the world spent US$9 billion in capital across everything, not a single bet.”

In that short period of time, Apple and TSMC together shipped more than 500 million chips, Williams said.    [FULL  STORY]

CPC to increase fuel prices in wake of Middle East tensions

Focus Taiwan
Date: 2017/10/22
By: Liao Yu-yang and William Yen

Taipei, Oct. 22 (CNA) State-owned oil refiner CPC Corp., Taiwan (中油) said it will

CNA file photo

increase domestic gasoline and diesel prices by NT$0.2 (US$0.0066) and NT$0.3, respectively, per liter this week, starting at midnight Sunday, in wake of increased tensions in the Middle East.

After the adjustment, prices at CPC gas stations nationwide will be NT$22.9 per liter for super diesel, NT$25.1 per liter for 92 octane unleaded, NT$26.6 per liter for 95 unleaded and NT$28.6 per liter for 98 unleaded, the company said.

CPC said the price increase comes after growing tensions between the United States (US) and Iran in the wake of U.S. President Donald Trump’s refusal to certify Tehran’s compliance with a 2015 deal restricting the Middle Eastern country’s nuclear program in exchange for sanctions relief.

In addition, an escalation in political tensions within Iraq has also increased the price of crude oil, impacting domestic gasoline prices, CPC said.    [FULL  STORY]

Insurers face risks in China: analysis

LOSING BIG:Shin Kong Life Insurance posted a loss-to-investment ratio of 100 percent after losing all of its investment in its Chinese venture, a Legislative Yuan analysis said

Taipei Times
Date: Oct 23, 2017
By: Staff writer

Local insurance companies are at risk of incurring heavy losses from their investments in China after Shin Kong Life Insurance Co (新光人壽) saw the book value of its Chinese venture drop to zero at the end of the second quarter this year, a Legislative Yuan analysis released on Friday said.

Shin Kong Life Insurance, Cathay Life Insurance Co (國泰人壽) and Taiwan Life Insurance Co (台灣人壽保險), a subsidiary of CTBC Financial Holding Co (中信金控), have made investments in China through joint ventures with Chinese partners.

The analysis showed that the three insurers are reeling from losses at their Chinese ventures, with loss-to-investment ratios of 100 percent, 47.87 percent and 59.16 percent respectively as of June 30.    [FULL  STORY]

New report expected to show drop in unemployment for September

Radio Taiwan International
Date: 2017-10-21

An upcoming report from the government statistics office is expected to show that the unemployment rate dropped during September.

This is in part because of developments during August. August this year had an especially low unemployment rate of 3.89%. This is the lowest unemployment has been in any August during the past 17 years.

August also marks the end of the traditional summer job-hunting season for new graduates. With the economy recovering, this summer has seen a greater number of new hires take to the workforce.

The report on September employment figures is expected out Monday.
[FULL  STORY]

3 Taiwan tech firms feature in Forbes top regarded company list

Three Taiwanese high-tech manufacturers have been included in the Forbes magazine “Top Regarded Companies” list for 2017.

Taiwan News  
Date: 2017/10/22
By:  Central News Agency

Three Taiwanese high-tech manufacturers have been included in the Forbes magazine “Top Regarded Companies” list for 2017. (Photo from ASUS official we
Three Taiwanese high-tech manufacturers have been included in the Forbes magazine “Top Regarded Companies” list for 2017.

Forbes ranked Taiwan-based PC vendor Asustek Computer Inc. (華碩) 26th on the list, ahead of contract chipmaker Taiwan Semiconductor Manufacturing Co. (台積電) in 177th and iPhone assembler Hon Hai Precision Industry Co. (鴻海) in 248th.

The first-ever top regarded companies list by Forbes applied a wide range of criteria such as company trustworthiness, social conduct, reputation as an employer and market performance of products or services.    [FULL  STORY]

Hua Nan Bank’s New York branch not involved in money laundering

Focus Taiwan
Date: 2017/10/21
By: Chiu Po-sheng and Kuan-lin Liu

Taipei, Oct. 21 (CNA) Vice Finance Minister Su Jain-rong (蘇建榮) denied claims that

Su Jain-rong (蘇建榮, CNA file photo)

the New York branch of Hua Nan Commercial Bank is involved in money laundering during an interview with CNA on Saturday.

Speaking on the phone with CNA, Su said the reason the New York State Department of Financial Services (NYDFS) is investigating the Taiwanese bank’s New York branch is unrelated to money laundering.

Citing responses the ministry has received from Hua Nan Financial Holdings, the vice minister said the bank is being investigated for procedural failings, which cannot be revealed at the moment because of the ongoing investigation.

Hua Nan Financial Holdings released a statement on the same day stressing that the investigation does not involve potential money laundering and indicating the group will accept changes proposed by NYDFS and adopt any necessary reforms.
[FULL  STORY]