BANKING
First Bank plans Laos branch
First Commercial Bank (第一銀行), the flagship banking arm of First Financial Holding Co (第一金控), has obtained the green light from the Financial Supervisory Commission to open a branch in Vientiane, the capital of Laos. First Bank said in a statement yesterday it would seek approval from financial authorities in Laos to open the branch as soon as possible.
TECHNOLOGY
Hon Hai sells patents
Hon Hai Precision Industry Co (鴻海精密), the major assembler of Apple Inc’s iPhone and iPad, has sold a number of its communications technology patents to Google Inc for an undisclosed sum. The company said in a statement that it would continue to invest in research and development, “transforming such investments into valuable intellectual property assets.” Pennsylvania-based MiiCs & Partners facilitated the sale, Hon Hai said.
INVESTMENT
Chinese input plummets
Chinese investment in Taiwan in the first quarter plummeted 90.83 percent to US$12.75 million from a year earlier, and investments from other foreign countries also fell in the first quarter by 33.82 percent to US$833.7 million, the Ministry of Economic Affairs’ Investment Commission said on Monday. Meanwhile, Taiwanese investment in China grew 28.97 percent in the first quarter from a year ago to top US$2.8 billion, the commission said.
STEEP DECLINE: Yesterday’s drop was the third-steepest in its history, the steepest being Monday’s drop in the wake of the tariff announcement on Wednesday last week Taiwanese stocks continued their heavy sell-off yesterday, as concerns over US tariffs and unwinding of leveraged bets weighed on the market. The benchmark TAIEX plunged 1,068.19 points, or 5.79 percent, to 17,391.76, notching the biggest drop among Asian peers as it hit a 15-month low. The decline came even after the government on late Tuesday authorized the NT$500 billion (US$15.2 billion) National Stabilization Fund (國安基金) to step in to buoy the market amid investors’ worries over tariffs imposed by US President Donald Trump. Yesterday’s decline was the third-steepest in its history, trailing only the declines of 2,065.87 points on Monday and
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
TARIFF CONCERNS: The chipmaker cited global uncertainty from US tariffs and a weakening economic outlook, but said its Singapore expansion remains on track Vanguard International Semiconductor Corp (世界先進), a foundry service provider specializing in producing power management and display driver chips, yesterday withdrew its full-year revenue projection of moderate growth for this year, as escalating US tariff tensions raised uncertainty and concern about a potential economic recession. The Hsinchu-based chipmaker in February said revenues this year would grow mildly from last year based on improving supply chain inventory levels and market demand. At the time, it also anticipated gradual quarter revenue growth. However, the US’ sweeping tariff policy has upended the industry’s supply chains and weakened economic prospects for the world economy, it said. “Now
RSS