China Steel Corp (
Under the alliance, Far Eastern will take a 35 percent stake in an e-commerce venture China Steel has already set up.
China Steel earlier this year invested NT$130 million to create an e-commerce company called Wang Ju You Shi (網際優勢). Far Eastern will inject an additional NT$45 million into the project. The Web company plans to increase its total capitalization to NT$500 million in the future.
"We are talking with many other local firms that have shown interest in investing in the new company," a China Steel official said yesterday.
The new enterprise will provide a way for manufacturing companies to do business over the Internet. According to C.Y. Wang (王鍾渝), chairman of China Steel, Far Eastern Group's major businesses include textiles, cement, banking, retail and telecommunications. China Steel and Far Eastern Group's businesses together will account for a considerable portion of transactions conducted through the new e-commerce venture.
"The total annual purchases and sales of the two corporations amount to NT$500 billion. This alliance ensures a large customer base for Wang Ju You Shi," Wang said.
"China Steel and Far Eastern are among the few local companies that employ the ERP [Enterprise Resource Planning] system," said Douglas Hsu (
China Steel's chairman noted that now is a good time to get into e-commerce because the number of Internet users is rapidly increasing and the technology is quite mature.
According to statistics provided by China Steel, the business-to-business market will reach US$403 billion this year and US$2 trillion by 2002.
According to Laing Chong-chun (
In addition, due to Taiwan's high population density, a focus on consumers is not needed, as customer convenience is less of a problem in Taiwan.
On the otherhand, greater business-to-business integration would be of great value.
STIMULUS PLANS: An official said that China would increase funding from special treasury bonds and expand another program focused on key strategic sectors China is to sharply increase funding from ultra-long treasury bonds this year to spur business investment and consumer-boosting initiatives, a state planner official told a news conference yesterday, as Beijing cranks up fiscal stimulus to revitalize its faltering economy. Special treasury bonds would be used to fund large-scale equipment upgrades and consumer goods trade-ins, said Yuan Da (袁達), deputy secretary-general of the Chinese National Development and Reform Commission. “The size of ultra-long special government bond funds will be sharply increased this year to intensify and expand the implementation of the two new initiatives,” Yuan said. Under the program launched last year, consumers can
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
FUTURE TECH: Nvidia CEO Jensen Huang would give the keynote speech at this year’s Consumer Electronics Show, which is also expected to highlight autonomous vehicles Gadgets, robots and vehicles imbued with artificial intelligence (AI) would once again vie for attention at the Consumer Electronics Show (CES) this week, as vendors behind the scenes would seek ways to deal with tariffs threatened by US president-elect Donald Trump. The annual Consumer Electronics Show opens formally in Las Vegas tomorrow, but preceding days are packed with product announcements. AI would be a major theme of the show, along with autonomous vehicles ranging from tractors and boats to lawn mowers and golf club trollies. “Everybody is going to be talking about AI,” Creative Strategies Inc analyst Carolina Milanesi said. “From fridges to ovens
TECH PULL: Electronics heavyweights also attracted strong buying ahead of the CES, analysts said. Meanwhile, Asian markets were mixed amid Trump’s incoming presidency Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares yesterday closed at a new high in the wake of a rally among tech stocks on Wall Street on Friday, moving the TAIEX sharply higher by more than 600 points. TSMC, the most heavily weighted stock in the TAIEX, rose 4.65 percent to close at a new high of NT$1,125, boosting its market value to NT$29.17 trillion (US$888 billion) and contributing about 400 points to the TAIEX’s rise. The TAIEX ended up 639.41 points, or 2.79 percent, at 23,547.71. Turnover totaled NT$406.478 billion, Taiwan Stock Exchange data showed. The surge in TSMC follows a positive performance
RSS