■SHIPPING
Evergreen replaces chief
Evergreen Marine Corp. (長榮海運), Asia’s biggest container shipping line, announced on Friday that chief executive vice president Wang Chung-jinn (王宗進) will replace Jack Yen (顏火燿) as the company’s president tomorrow. Wang will also serve as the company’s spokesman, while Yen will become a vice chairman at the nation’s largest container shipping company.
■AUTOMOBILES
Volkswagen net income falls
Germany’s Volkswagen AG, Europe’s largest carmaker by sales, said on Friday its net income for last year fell 80 percent to 960 million euros (US$1.3 billion) from nearly 5 billion euros in 2008. The drop came as revenue fell 8 percent, to 105.2 billion euros from nearly 114 billion euros a year earlier, even though deliveries to customers were up 1.3 percent year-on-year at 6.34 million vehicles from 2008. Volkswagen said its revenue and operating profit for this year are expected to exceed the previous year’s figures.
■FINANCE
Postbank Ireland to close
Postbank Ireland, jointly owned by the Irish post office and French bank BNP Paribas, said on Friday it would stop accepting new customers and wind down by the end of the year. Postbank chairman Thierry Schuman said a number of factors had led to the decision, including “the unprecedented circumstances in which the financial services sector finds itself, the highly competitive savings market within Ireland and the absence of a perspective of profitability in current market circumstances.”
■FINANCE
Fannie Mae asks for cash
Fannie Mae is asking for a federal cash infusion of US$15.3 billion after posting another big loss in the fourth quarter of last year. The mortgage finance company, seized by federal regulators in September 2008, lost US$16.3 billion, or US$2.87 a share in the October-to-December period. That takes into account US$1.2 billion in dividends paid to the Treasury Department. It compares with a loss of US$25.2 billion or US$4.47 a share, in the year-ago period.
■ICELAND
Credit under pressure
The breakdown in talks on how Iceland should compensate Britain and the Netherlands for money lost in the collapse of an Icelandic bank has put pressure on Iceland’s already weak credit status, ratings agency Moody’s said on Friday. Reykjavik’s failure “to resolve the Icesave dispute puts the Icelandic government’s BAA3 rating under downward pressure,” Moody’s said in a statement. “Moody’s believes the failure to reach a new agreement is likely to lead to an extended delay of the IMF program, a weaker economic recovery and potentially, political instability,” it said.
■AGRICULTURE
Coffee producers meet
Delegates representing coffee producers and consumers met in Guatemala on Friday to discuss global warming’s effect on coffee growing, as producers warned climate change has forced them to find new growing grounds. Coffee producers say they are getting hammered by global warming, with higher temperatures forcing growers to move to higher, cooler and more prized ground, putting their cash crop at risk. “In the last 25 years the temperature has risen half a degree in coffee producing countries, five times more than in the 25 years before,” said Nestor Osorio, head of the International Coffee Organization.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
MARKET LEADERSHIP: Investors are flocking to Nvidia, drawn by the company’s long-term fundamntals, dominant position in the AI sector, and pricing and margin power Two years after Nvidia Corp made history by becoming the first chipmaker to achieve a US$1 trillion market capitalization, an even more remarkable milestone is within its grasp: becoming the first company to reach US$4 trillion. After the emergence of China’s DeepSeek (深度求索) sent the stock plunging earlier this year and stoked concerns that outlays on artificial intelligence (AI) infrastructure were set to slow, Nvidia shares have rallied back to a record. The company’s biggest customers remain full steam ahead on spending, much of which is flowing to its computing systems. Microsoft Corp, Meta Platforms Inc, Amazon.com Inc and Alphabet Inc are
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
The US overtaking China as Taiwan’s top export destination could boost industrial development and wage growth, given the US is a high-income economy, an economist said yesterday. However, Taiwan still needs to diversify its export markets due to the unpredictability of US President Donald Trump’s administration, said Chiou Jiunn-rong (邱俊榮), an economics professor at National Central University. Taiwan’s exports soared to a record US$51.74 billion last month, driven by strong demand for artificial intelligence (AI) products and continued orders, with information and communication technology (ICT) and audio/video products leading all sectors. The US reclaimed its position as Taiwan’s top export market, accounting for
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