Business and Finance

New York fines Chinese bank US$215m

‘EVASIVE’:Regulators said AgBank had masked the true identity of parties using SWIFT, and found unusual transactions between Chinese firms and parties in Russia and Yemen

Taipei Times
Date: Nov 06, 2016
By: AFP, NEW YORK

New York’s state bank regulator on Friday fined the giant Agricultural Bank of China Ltd (AgBank, 中國農業銀行) US$215 million for violating anti-money laundering laws and obscuring suspicious transactions involving Russia, China, Afghanistan and other countries.

Citing a deliberate failure to scrutinize dubious money transfers, the New York State Department of Financial Services (DFS) said the bank, the third-largest in the world, created “a substantial risk” that terrorist groups, sanctions-barred countries and criminals could have passed funds through the bank.

The bank had also “silenced” a whistle-blower who attempted to carry out internal investigations, the DFS said.

The move by the powerful New York regulator followed a September action by the US Federal Reserve, which ordered AgBank to improve internal controls against money laundering.    [FULL  STORY]

Uber effort

The China Post
Date: November 5, 2016
By: CNA

p05bDavid Plouffe, senior vice president of policy and strategy at ride-sharing company Uber, speaks at an event in Taipei on Friday, Nov. 4. Plouffe said Uber would work with the government in Taipei to build an environment that allows ride-sharing to flourish.    [FULL  STORY]

U.S. dollar closes higher on Taipei forex

Focus Taiwan
Date: 2016/11/04
By: Y.F. Low

201611040011t0001Taipei, Nov. 4 (CNA) The U.S. dollar rose against the Taiwan dollar Friday, gaining NT$0.005 to close at NT$31.473.

Turnover totaled US$443 million during the trading session.

The greenback opened at NT$31.470 and moved between NT$31.450 and NT$31.509 before the close.     [FULL  STORY]

Aging population could hurt growth

GOVERNMENT MEASURES:The Japanese Chamber of Commerce said Taiwan needs to be more business friendly and offer better investments to avoid negative growth

Taipei Times
Date: Nov 05, 2016
By: Crystal Hsu / Staff reporter

The Japanese Chamber of Commerce and Industry in Taipei yesterday called on the government to draft measures to boost domestic demand in the medium term, as the nation’s aging population constrains private consumption.

The trend could deepen and become a problem by 2025 when the population starts to show negative growth, the chamber said in its annual report released yesterday.

“Taiwan’s private consumption runs the risk of contraction over the medium to long term. Authorities should work out measures to reverse it,” the report said.

Private consumption, which accounts for 60 percent of GDP, has played an important part in driving economic growth in the past decade, the report said.    [FULL  STORY]

HTC to launch VR arcade program in Europe and the US

The China Post
Date: November 5, 2016
By: Jason Yueh Huang, Special to The China Post

TAIPEI, Taiwan — HTC has revealed plans to enter the VR (Virtual Reality) arcade market in Europe and the U.S. with their new “Viveport Arcade Program.”

HTC manager Rikard Steiber said the company plans to convert public virtual gaming into a US$100 million industry over the next two years and to launch their product in Europe and America by the end of this year.

According to the Verge, HTC announced at the San Francisco 2016 VRX conference its plans to launch titles such as the survival-horror shooter, “The Brookhaven Experiment,” and the interactive climbing experience, “Everest VR,” in the Viveport Arcade Program.

Considering the high prices of personal Vive VR goggles and the need for high-end gaming computers, many companies have plans to promote Vive products in public entertainment centers, instead of for personal consoles. HTC has collaborated with internet cafes in China to further develop and create a more stable gaming experience. In the meantime, however, HTC believes the Viveport Arcade Program will be better suited to public places, such as internet cafes, theaters, and the recently opened “Viveland,” the VR theme park located in Taipei, as they will provide a much more stable environment for the masses, with the benefit that the gaming titles can be commercially licensed.    [FULL  STORY]

October 2016 hottest on record in Taiwan

The record was last broken in 2008, when the mean temperature was recorded at 26.37 degrees Celsius.

Taiwan News
Date: 2016/11/03
By: Wendy Lee , Taiwan News, Staff Writer

Last month saw the hottest October in Taiwan since records began in 1931, with the mean temperature clipboard01being 1.95 degrees Celsius above the long-term average, making it the warmest October in Taiwan’s recorded history.

According to the data collected from 13 weather stations throughout each cities and counties across Taiwan during the years 1931 to 2016, last month’s mean temperature (27.05℃) was 1.95 degrees above the respective average figures, and the highest ever recorded during the month of October.

The record was last broken in 2008, when the mean temperature was recorded at 26.37 degrees Celsius, according to the Central Weather Bureau (CWB).

This year’s weak northeasterly winds and ongoing global warming were mainly responsible for the extremely high temperatures, the bureau said.    [FULL  STORY]

2017 Smart City Expo to focus on IoT: organizer

Focus Taiwan
Date: 2016/11/03
By: Chung Yung-fen and Romulo Huang

Taipei, Nov. 3 (CNA) The 2017 Smart City Summit and Expo, which will be held in Taipei on Feb. 21-24,

CNA file photo

CNA file photo

will focus on the development and application of the Internet of Things (IoT), an organizer of the international event said on Thursday.

The Taipei Computer Association (TCA) said in a statement that smart cities are a crucial field for the application of IoT which is in turn a vital foundation for the realization of intelligent communities.

The exhibition will be held at the Taipei World Trade Center’s Nangang Exhibition Hall. A series of forums and conferences will be held in conjunction with the exposition, including the World Telecom Smart City Conference, Sustainable City Forum, Smart Healthcare Seminar and Asia-Pacific Smart Building Forum, the TCA said.    [FULL  STORY]

Inventec puts India operation on hold

SEEKING PARTNERS:Taxation difficulties in India for an unnamed client has prompted Inventec to search for other clients to support its US$10m Chennai manufacturing plant

Taipei Times
Date: Nov 04, 2016
By: Lauly Li / Staff reporter

Contract electronics maker Inventec Corp (英業達) has set up a plant in India, but has not started operations due to a taxation issue involving one of its major clients and the local government.

The company, whose clients include Apple Inc and Xiaomi Corp (小米), yesterday said it has decided to leave the plant idle until the issue is resolved and it is seeking other clients to place orders.

“We can not start operating the plant while a major client has taxation issues with the local government,” an Inventec official, who declined to be named, told the Taipei Times.

The official said the about US$10 million plant was set up in India’s Chennai in Tamil Nadu state in the second quarter of last year to help one of Inventec’s US notebook computer clients meet Indian Prime Minister Narendra Modi’s “Make in India” policy.    [FULL  STORY]

MOEA delegation’s tour to Malaysia, Indonesia bears fruit

Taiwan Today
Date: November 2, 2016

A delegation organized by the Ministry of Economic Affairs concluded its weeklong visit to Malaysia and

MOEA Vice Minister Yang Wei-fuu (center) is joined by James Chi-ping Chang (left), head of the Taipei Economic and Cultural Office in Malaysia, in opening a trade promotion event Oct. 25 in Kuala Lumpur. (Courtesy of MOEA)

MOEA Vice Minister Yang Wei-fuu (center) is joined by James Chi-ping Chang (left), head of the Taipei Economic and Cultural Office in Malaysia, in opening a trade promotion event Oct. 25 in Kuala Lumpur. (Courtesy of MOEA)

Indonesia Oct. 29, successfully deepening business ties with the two Association of Southeast Asian Nations member states.

Led by MOEA Vice Minister Yang Wei-fuu, the 24-member group comprised officials from Tainan City Government and executives from Taiwan External Trade Development Council (TAITRA) and several state-backed enterprises, including China Steel Corp. and CPC Corp.

During their Oct. 23-25 stay in Malaysia, the group visited several trade promotion organizations and exchanged views on efforts to boost e-commerce, halal industries, trade and investment. The vice minister also held discussions with representatives of business associations in Kuala Lumpur to bring them up to speed on the government’s New Southbound Policy, which is designed to enhance ties between Taiwan and countries in South and Southeast Asia, as well as Australia and New Zealand.

In addition, delegates attended TAITRA-organized trade promotion events in the Malaysian capital aimed at creating business opportunities for Taiwan sectors such as auto parts, consumer products, hardware, green energy and information and communications technology.    [FULL  STORY]

DPP lawmaker demands removal of Uber app

Focus Taiwan
Date: 2016/11/02
By: Chen Wei-ting and S.C. Chang

Taipei, Nov. 2 (CNA) A ruling party lawmaker said Wednesday that the Taiwan government should 201611020022t0001demand the removal of the Uber app from the Apple and Google web services to counter the illegal operations of the app-based ride-hailing service in Taiwan.

Democratic Progressive Party (DPP) Legislator Cheng Yun-peng (鄭運鵬) pointed to the example of Japan, saying that the Japanese government knows how to use big data to manage its taxi services. “Our government should be able to do the same,” Cheng said at a legislative committee meeting.

In response, Transportation Minister Ho Chen Tan (賀陳旦) said he will look into Cheng’s suggestion of removing the Uber app and will find ways of solving the Uber problem.

Cheng also recommended that Taiwan’s banking sector block the use of credit cards for payment of Uber services, as the company is suspected of evading taxes in Taiwan.    [FULL  STORY]