British bank Standard Chartered PLC said its private-bank relationship manager, Wu Yidian Eden (吳伊甸), has been detained by police in China.
“We are unable to comment on the reason for her detention — this is a matter for the police,” Singapore-based spokeswoman Melissa Cheah said in an e-mailed response to queries yesterday. “We can confirm that Standard Chartered is not being investigated.”
Police from Wuxi City, Jiangsu Province, notified Wu’s family in Shanghai of her detention on Tuesday last week, the Wall Street Journal reported yesterday.
Chinese authorities are investigating a client of Wu, a naturalized Singaporean citizen, who allegedly fled with as much as US$50 million from Agricultural Bank of China Ltd (中國農業銀行), according to the report.
A press officer at state-owned Agricultural Bank declined to comment and four calls to the Wuxi city government’s publicity department were not answered.
Singapore’s consulate-general in Shanghai is aware of the case and will render all necessary consular assistance, attache Lynn Ho said in an e-mail.
Standard Chartered, the third-largest foreign bank by branches in China, cannot comment further on the detention as it is part of an ongoing investigation, Cheah said.
Jason David Tan, Wu’s fiance, said she had been questioned “repeatedly” since the middle of January by police in Shanghai about a client who was a banker with Agricultural Bank’s branch in Jiangyin, the Journal reported. That client is alleged to have fled overseas, according to the report.
Standard Chartered, HSBC Holdings PLC and Hong Kong-based Bank of East Asia Ltd are among foreign lenders expanding in China to tap its growing wealth.
DECOUPLING? In a sign of deeper US-China technology decoupling, Apple has held initial talks about using Baidu’s generative AI technology in its iPhones, the Wall Street Journal said China has introduced guidelines to phase out US microprocessors from Intel Corp and Advanced Micro Devices Inc (AMD) from government PCs and servers, the Financial Times reported yesterday. The procurement guidance also seeks to sideline Microsoft Corp’s Windows operating system and foreign-made database software in favor of domestic options, the report said. Chinese officials have begun following the guidelines, which were unveiled in December last year, the report said. They order government agencies above the township level to include criteria requiring “safe and reliable” processors and operating systems when making purchases, the newspaper said. The US has been aiming to boost domestic semiconductor
Nvidia Corp earned its US$2.2 trillion market cap by producing artificial intelligence (AI) chips that have become the lifeblood powering the new era of generative AI developers from start-ups to Microsoft Corp, OpenAI and Google parent Alphabet Inc. Almost as important to its hardware is the company’s nearly 20 years’ worth of computer code, which helps make competition with the company nearly impossible. More than 4 million global developers rely on Nvidia’s CUDA software platform to build AI and other apps. Now a coalition of tech companies that includes Qualcomm Inc, Google and Intel Corp plans to loosen Nvidia’s chokehold by going
ENERGY IMPACT: The electricity rate hike is expected to add about NT$4 billion to TSMC’s electricity bill a year and cut its annual earnings per share by about NT$0.154 Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has left its long-term gross margin target unchanged despite the government deciding on Friday to raise electricity rates. One of the heaviest power consuming manufacturers in Taiwan, TSMC said it always respects the government’s energy policy and would continue to operate its fabs by making efforts in energy conservation. The chipmaker said it has left a long-term goal of more than 53 percent in gross margin unchanged. The Ministry of Economic Affairs concluded a power rate evaluation meeting on Friday, announcing electricity tariffs would go up by 11 percent on average to about NT$3.4518 per kilowatt-hour (kWh)
OPENING ADDRESS: The CEO is to give a speech on the future of high-performance computing and artificial intelligence at the trade show’s opening on June 3, TAITRA said Advanced Micro Devices Inc (AMD) chairperson and chief executive officer Lisa Su (蘇姿丰) is to deliver the opening keynote speech at Computex Taipei this year, the event’s organizer said in a statement yesterday. Su is to give a speech on the future of high-performance computing (HPC) in the artificial intelligence (AI) era to open Computex, one of the world’s largest computer and technology trade events, at 9:30am on June 3, the Taiwan External Trade Development Council (TAITRA) said. Su is to explore how AMD and the company’s strategic technology partners are pushing the limits of AI and HPC, from data centers to