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.
Taiwan’s technology protection rules prohibits Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) from producing 2-nanometer chips abroad, so the company must keep its most cutting-edge technology at home, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the remarks in response to concerns that TSMC might be forced to produce advanced 2-nanometer chips at its fabs in Arizona ahead of schedule after former US president Donald Trump was re-elected as the next US president on Tuesday. “Since Taiwan has related regulations to protect its own technologies, TSMC cannot produce 2-nanometer chips overseas currently,” Kuo said at a meeting of the legislature’s
GEOPOLITICAL ISSUES? The economics ministry said that political factors should not affect supply chains linking global satellite firms and Taiwanese manufacturers Elon Musk’s Space Exploration Technologies Corp (SpaceX) asked Taiwanese suppliers to transfer manufacturing out of Taiwan, leading to some relocating portions of their supply chain, according to sources employed by and close to the equipment makers and corporate documents. A source at a company that is one of the numerous subcontractors that provide components for SpaceX’s Starlink satellite Internet products said that SpaceX asked their manufacturers to produce outside of Taiwan because of geopolitical risks, pushing at least one to move production to Vietnam. A second source who collaborates with Taiwanese satellite component makers in the nation said that suppliers were directly
Top Taiwanese officials yesterday moved to ease concern about the potential fallout of Donald Trump’s return to the White House, making a case that the technology restrictions promised by the former US president against China would outweigh the risks to the island. The prospect of Trump’s victory in this week’s election is a worry for Taipei given the Republican nominee in the past cast doubt over the US commitment to defend it from Beijing. But other policies championed by Trump toward China hold some appeal for Taiwan. National Development Council Minister Paul Liu (劉鏡清) described the proposed technology curbs as potentially having
EXPORT CONTROLS: US lawmakers have grown more concerned that the US Department of Commerce might not be aggressively enforcing its chip restrictions The US on Friday said it imposed a US$500,000 penalty on New York-based GlobalFoundries Inc, the world’s third-largest contract chipmaker, for shipping chips without authorization to an affiliate of blacklisted Chinese chipmaker Semiconductor Manufacturing International Corp (SMIC, 中芯). The US Department of Commerce in a statement said GlobalFoundries sent 74 shipments worth US$17.1 million to SJ Semiconductor Corp (盛合晶微半導體), an affiliate of SMIC, without seeking a license. Both SMIC and SJ Semiconductor were added to the department’s trade restriction Entity List in 2020 over SMIC’s alleged ties to the Chinese military-industrial complex. SMIC has denied wrongdoing. Exports to firms on the list
RSS