Deutsche Bank bonds are go
The Financial Supervisory Com-mission said yesterday that Deutsche Bank's application to issue the nation's first batch of US dollar-denominated corporate bonds will take effect next Tuesday, seven working days after the foreign bank lodged the application last Friday.
The whole batch of bonds to be traded in Taiwan's offshore bond market is worth US$200 million to US$500 million with a face value of US$10,000 per sheet and a yield of between 4.6 percent and 5 percent, the commission said in a statement released yesterday.
The market regulator is holding a game to name the bond with 15 choices for participants, including Formosa Bond and Taiwan 101 Bond.
Wafer foundries cool heels
The wafer foundry industry will have to wait up to six months for its clients to clear their inventory, a spokesman for Taiwan Semicon-ductor Manufacturing Co (TSMC, 台積電), the world's largest contract chipmaker, said yesterday.
The comments confirmed a Chinese-language Economic Daily News report, in which company vice chairman Tseng Fan-cheng (曾繁城) also said that the launch of new processors for personal computers and Microsoft's new operating system had not provided a much anticipated boost for the PC market.
"Yes, Tseng did say that," TSMC spokesman Tzeng Jinn-haw (曾晉皓) said on the excess inventory, "but he stopped short of saying the industry will begin witnessing a business upturn afterwards."
King's Town woos Lyu
King's Town Bank (京城銀行), the successor to Tainan Business Bank (台南企銀), announced on Sunday that it had invited former minister of finance Joseph Lyu (呂桔誠) to be the bank's chairman.
After raising NT$3.8 billion (US$115.36 million) and a change of name last year, King's Town has endeavored to promote its business and improve asset quality, lowering its bad loan ratio to 2.26 percent and raising its coverage ratio to 32.07 percent as of last month, the bank said in a filing yesterday.
The bank expected the appointment of Lyu, a seasoned banker, to help enhance operations and strengthen management in light of his experiences at the Bank of Taiwan (台灣銀行), the Land Bank of Taiwan (土地銀行) and foreign financial institutions, the filing said.
Lyu stepped down in July after a five-month stint at the finance ministry amid heavy criticism of the ministry's loss of board seats in state-controlled Mega Financial Holding Co (兆豐金控) to smaller rival Chinatrust Financial Holding Co (中信金控). The loss raised concerns of a conflict of interest.
Money supply growth down
The nation's growth in money supply slowed last month as expansion in bank lending and investment cooled.
M2, the broadest measure of money supply, rose 5.43 percent last month from a year earlier after gaining 5.72 percent in July, the Central Bank of China said yesterday.
M1A, which tracks net currency in circulation plus checking accounts and passbook deposits, gained 3.18 percent last month after climbing 4.58 percent in July, the central bank said.
M1B, which excludes time deposits and foreign-currency deposits included in M2, rose 2.77 percent last month from a year earlier, following a 3.12 percent increase the previous month.
NT dollar gains on greenback
The New Taiwan dollar gained against the US dollar on the Taipei Foreign Exchange yesterday, moving up NT$0.001 to close at NT$32.939. A total of US$627 million changed hands during the day's trading.
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort