Prosus to acquire India’s BillDesk for US$4.7 billion
Prosus to acquire India’s BillDesk for US$4.7 billionONLINE SERVICE: The European firm’s PayU unit has struck a deal to buy the Indian start-up, creating a digital payment giant with a total volume of US$147 billionBloombergProsus NV has agreed to acquire Indian online payment service BillDesk for 345 billion rupees (US$4.7 billion), making its largest global acquisition to date in the Asian nation. The European investment powerhouse’s PayU unit has struck a deal to buy the 11-year-old start-up, creating a digital payment giant with a total volume of US$147 billion. It would take Prosus’ investment in India to more than US$10 billion to date, the company said in a statement. Prosus, whose biggest investment is Tencent Holdings Ltd (騰訊), would be getting in on an Indian payment arena on the cusp of taking off. Its PayU unit grew total payment volume 51 percent in the year ended March to US$55 billion, Prosus said.
Source:Taipei Times
August 31, 2021 15:56 UTC
S Korea bans app payment monopolies in world first
S Korea bans app payment monopolies in world firstAFP, SEOULSouth Korean lawmakers yesterday passed a law banning tech giants Apple Inc and Alphabet Inc’s Google from forcing app developers to use their payment systems, effectively declaring their lucrative App Store and Play Store monopolies illegal. The bill was approved by 180 votes to nil in the National Assembly, making South Korea the first major economy to pass legislation on the issue, in a move that could set a precedent for other jurisdictions around the world. The law would offer users a choice of app payment providers, enabling them to bypass charges set by the store owner. “This law will certainly set a precedent for other countries, as well as app developers and content creators worldwide,” said Kang Ki-hwan of the Korea Mobile Internet Business Association. Google Korea did not respond to requests for comment.
Source:Taipei Times
August 31, 2021 15:56 UTC
Manufacturing expansion slows: TIER
Manufacturing expansion slows: TIERSTABLE GROWTH: While input, costs, demand and operating conditions retreated in July, selling prices rose as companies moved to reflect higher material and delivery costsBy Crystal Hsu / Staff reporterThe manufacturing industry continued to pick up in July, although the pace of expansion slowed as a resurgence of COVID-19 infections abroad raised uncertainty, the Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) said yesterday. The manufacturing business index compiled by the Taipei-based think tank shed 1.16 points to 16.52, signaling a “yellow-red” light again as it stayed in the expansion zone. Photo: CNATaiwanese manufacturers have benefited from increased infrastructure spending by advanced nations to support their economies and an ongoing global supply chain realignment, TIER said. The slowdown arose from slightly unfavorable movements on inputs, costs, demand and operating conditions, while selling prices gained further steam, it said. Selling prices picked up 0.18 points across sectors as manufacturers announced price hikes to reflect more expensive raw materials and shipping charges, it said.
Source:Taipei Times
August 31, 2021 15:56 UTC
COVID-19: CECC reports three new local cases
COVID-19: CECC reports three new local casesTEST SCARE: A woman in her 80s was suspected to have been infected with COVID-19 after conflicting test results, but the CECC did not consider her a confirmed caseBy Lee I-chia / Staff reporterThe Central Epidemic Command Center (CECC) yesterday reported three local COVID-19 cases, one imported case and one death. Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, said none of the local cases tested positive during isolation. The deceased was a Taiwanese man in his 60s who tested positive in Vietnam on Aug. 8, Chen said. He tested positive upon ending quarantine yesterday, CECC data showed. At least 14 days had passed after he received his second dose before he tested positive for COVID-19 on Saturday.
Source:Taipei Times
August 31, 2021 15:56 UTC
China to rein in private equity funds
China to rein in private equity fundsILLICIT FUNDRAISING: The regulator vowed to crack down on ‘fake’ private equity funds that are sold to the general public instead of targeted investors, an official saidBloombergChina’s securities regulator said it plans to rein in the nation’s private equity and venture capital funds, stop public offerings disguised as private placements and fight embezzlement of assets. “Private equity funds must return to the defined role of being private and supporting innovation and start-ups,” Yi said in the speech published on the commission’s Web site. The commission has been cracking down on irregularities among private funds — which cover private equity and venture capital funds, as well as the Chinese equivalent of hedge funds — with annual inspections of hundreds of players from 2016 to 2019. Regulators have in the meantime encouraged the development of private equity funds as a channel of direct financing to support the economy. The number of registered fund managers has exploded in the past several years, with “false” private equity expanding alongside “true” private equity, damaging the industry, Yi said in his recent speech.
Source:Taipei Times
August 31, 2021 15:56 UTC
Chang Hwa Bank expects profitability to improve
Chang Hwa Bank expects profitability to improveBy Crystal Hsu / Staff reporterState-run Chang Hwa Commercial Bank (彰化銀行) yesterday said it expects profitability to improve in the second half of the year, despite a lackluster showing in the first six months, as growing vaccination rates at home and abroad would make operating conditions more friendly. A Chang Hwa Commercial Bank branch in Taipei’s Zhongshan District is pictured on June 2. Chang Hwa Bank’s loan-to-deposit ratio edged up to 76.39 percent last quarter, compared with 76.15 percent three months earlier, and should gain strength moving forward, officials said. The downtrend might reverse in the second half, as the world further emerges from the COVID-19 pandemic, giving customers and the bank more confidence about doing business, officials said. Chang Hwa Bank said it would raise its holdings of local shares during price corrections, guided by the principle of stability in dealing with investment funds.
Source:Taipei Times
August 31, 2021 15:56 UTC
COVID-19: Reward for travel agencies raised to NT$1.1bn
COVID-19: Reward for travel agencies raised to NT$1.1bnBy Shelley Shan / Staff reporterThe Tourism Bureau on Monday raised the total reward for travel agencies that organize the most domestic tour groups during the COVID-19 pandemic to NT$1.1 billion (US$39.6 million) from NT$800 million announced previously. However, the announcement drew criticism from small and medium-sized travel agencies, which said that the program would only benefit large travel agencies that can afford large marketing campaigns to attract customers. The number of tour groups that can be subsidized with government funds should depend on the size of travel agencies, he added. Lion Travel general manager Andy Yu (游國珍) said that more travel industry operators are eyeing business opportunities that would be created through the issuance of travel vouchers, now that they can be used to cover a variety of travel expenses. Visitors can use the locker rooms and showers on condition that they provide contact information and observe disease prevention guidelines, it added.
Source:Taipei Times
August 31, 2021 15:56 UTC
Storey wins ‘race of truth’ for 16th gold
Storey wins ‘race of truth’ for 16th goldRECORD HOPES: If the cyclist can retain her C4-5 road race title for a Tokyo gold medal hat-trick tomorrow, she would become the greatest ever British ParalympianAFP, TOKYOCycling queen Sarah Storey yesterday said she had to conquer a “race of truth” as she claimed a British record-equalling 16th Paralympic gold medal. “It’s the race of truth,” said Storey, who was born without a functioning left hand. Twenty-nine years later, she looks unassailable having broken her own world record in the pursuit and taken her third successive C5 time trial gold. However, she said she would not be taking for granted winning a third successive road race tomorrow, after taking gold in London in 2012 and Rio de Janeiro five years ago. “Road races are so unpredictable, they really, really are,” she said.
Source:Taipei Times
August 31, 2021 15:56 UTC
Kwang Yang invests NT$40m in battery unit
“We want to offer diverse battery swapping options other than battery swapping stations. “We will not stop deploying battery swapping stations.”Kwang Yang has to date built 420 battery swapping stations, lagging behind its schedule as COVID-19 pandemic restrictions slowed its progress. The company currently has 437 battery swapping stations at CPC stations. Kwang Yang said CPC is one of its major partners, with about 100 swapping stations to be deployed at CPC stations. The company is also in talks with other gasoline suppliers, including the one operated by Shang-long Transportation Co (山隆通運), to build battery swapping stations.
Source:Taipei Times
August 31, 2021 15:56 UTC
First autonomous cargo ship faces test in February
First autonomous cargo ship faces test in FebruaryBloombergIn just two decades from now, half of all domestic ships plying Japan’s coastal waters might be piloting themselves. That is the ambitious goal of the Nippon Foundation, a public interest organization backing the nation’s development of ocean-traversing autonomous ships. Photo: BloombergAccording to Nippon Yusen, the 380km voyage would be the world’s first test of an autonomous ship in an area with heavy marine traffic. The global market for autonomous shipping could grow to be worth about US$166 billion by 2030. The “immense challenge” would be developing a regulatory environment and industry standards around autonomous shipping by then, he said.
Source:Taipei Times
August 31, 2021 15:56 UTC
Giving credit
Nvidia said to seek EU approval for Arm takeoverANTITRUST: The European Commission is likely to launch a 90-day full-scale probe after a 25-day preliminary review of Nvidia’s US$54 billion bid to acquire the chip designer Nvidia is likely to seek EU antitrust approval for its US$54 billion takeover of British chip designer Arm early next month, with regulators expected to launch a full-scale investigation after a preliminary review, people familiar with the matter said. The world’s biggest maker of graphics and artificial-intelligence chips announced the Arm deal last year, sparking an immediate backlash in the semiconductor industry. Arm has long been a neutral player licensing key intellectual property to customers that are otherwise intense rivals, including Qualcomm Inc, Samsung Electronics Co and Apple Inc. However, Nvidia said it has garnered the support of Arm customers Broadcom, MediaTek and
Source:Taipei Times
August 31, 2021 15:56 UTC
If Taiwan is lost, US loses, too: Craft
Craft made the remarks at the Ketagalan Forum — 2021 Asia-Pacific Security Dialogue. “If Taiwan is lost, we lose, too.”Taiwan should be included in the Quad as a “plus one” member, Craft said, adding that Taiwan should also participate in Japanese naval exercises. Speaking in a panel discussion, Project 2049 Institute chairman Randall Schriver — a former US assistant secretary of defense for Indo-Pacific security affairs under Trump — also stressed Washington’s commitment to Taiwan. If Taiwan is lost, it would be incredibly difficult to defend the first island chain, the Miyako Strait and freedom of navigation in the South China Sea, he said. Taiwan is also fully committed to collaborating with its neighbors to prevent armed conflict in the Taiwan Strait, and the East and South China seas, she said.
Source:Taipei Times
August 31, 2021 15:56 UTC
Auto sector calls for law change
Auto sector calls for law changeBy Angelica Oung / Staff reporterAfter a slew of patent violation charges filed against Taiwanese aftermarket auto parts manufacturers, industry leaders and legislators are calling for a “right to repair” clause to be added to the Patent Act (專利法). Speaking at a legislative hearing yesterday, makers of automotive lighting and other aftermarket auto parts said such a clause is necessary to “create an open and fair environment” for Taiwan’s 3,400 aftermarket auto parts makers, including 52 publicly traded companies such as Depo Auto Parts Industry Co (帝寶工業). Taiwan dominates the non-glass aftermarket auto parts market, with 90 percent of aftermarket rear bumpers and 70 percent of aftermarket automotive lighting worldwide made in Taiwan, he said. “Taiwan’s aftermarket parts manufacturers put a lot of effort into making parts that are even better than the original manufacturers,” the Central News Agency quoted an industry insider as saying. “As a leading nation in the aftermarket auto parts market, we should follow the lead of the US and the EU in upholding the right to repair.”
Source:Taipei Times
August 31, 2021 15:56 UTC
Protesters say climate policies ‘on life support’
Protesters say climate policies ‘on life support’By Hsieh Chun-lin and Kayleigh Madjar / Staff reporter, with staff writerSaying the nation’s climate governance is “on life support,” youth environmental groups yesterday issued an urgent call for policy reform with the goal of reaching net-zero emissions by 2045. Representatives of several environmental groups from central Taiwan perform at a news conference in Taipei yesterday to urge the government to achieve net-zero carbon emissions by 2045, instead of 2050. With Taiwan’s climate governance “already on life support,” Su’s plan to target 2050 for net-zero emissions in an amendment to the Greenhouse Gas Reduction and Management Act (溫室氣體減量及管理法) does not show enough urgency, the coalition said. Winters are half as long, but if carbon emissions are not reduced soon, Taiwan might not have winter by 2060, he said. The complex burns one-third less coal than is burned at the Taichung Power Plant, but the Taichung plant is the fourth-largest coal-fired power plant in the world, she said.
Source:Taipei Times
August 31, 2021 15:56 UTC
TRA to release new batch of iPass cards shaped like train
TRA to release new batch of iPass cards shaped like trainBy Shelley Shan / Staff reporterThe Taiwan Railways Administration (TRA) yesterday said it would release more EMU900 train-shaped iPass cards on Friday, following a successful launch last month. The railway operator on Aug. 11 put 900 train-shaped electronic ticket cards on sale at its online store (railway.gov.tw/tra-tip-web/tip/tip005/tip511/shop) where it sells TRA-related souvenirs. A person holds an EMU900 train-shaped iPass card in an undated photograph. “We worked with iPass Corp to release 2,800 more EMU900-shaped iPass cards, which would be available for purchase online as well as at TRA stores at railway stations,” it said, adding that this would be the final batch. People who purchase cards at a TRA store can buy other EMU900-themed paraphernalia at a discount if the purchase is made before Sept. 30, the agency said.
Source:Taipei Times
August 31, 2021 15:56 UTC