Two Taiwanese cos set up joint venture capital fund
TAIPEI, TAIWAN, Mar 29: Chunghwa Telecom Group, the chief telecommunications company in Taiwan, and PChome Online Inc., the largest ecommerce group in Taiwan, on Thursday announced the creation of joint venture capital fund CHT-PCH NO.1, focusing on the support of e-commerce, Internet Digital Life technology startups. With a total investment of NT$400 million and future plans to invest more capital, Chunghwa Telecom and PChome are providing necessary resources to assist in developing Taiwan's early stage entrepreneurship ecosystem. Aligning with the Executive Yuan's 2018 initiative to cultivate Taiwan's venture investment environment, this partnership will help sow the seeds for a new generation of Taiwanese unicorn startups. This national vision that is deeply important to both Chunghwa Telecom and PChome brought the two companies together for the first time in 20 years to engage in in-depth capital and business cooperation in the new territories such as AI, Big Data, FinTech and Intelligent Logistics.
— Media Outreach statement
Electronics output, exports boost Vietnam economy
HANOI, Mar 29: Vietnam's economy grew at its fastest pace in a decade during the first quarter of the year, data showed Thursday, driven by a surge in electronics manufacturing and exports. The reading comes as the communist country is poised to further expand its overseas markets after signing an 11-nation Asia-Pacific trade deal this month that replaces the Trans-Pacific Partnership (TPP), scrapped by the US last year. — AFP
Deutsche's capital base rises
FRANKFURT AM MAIN, Mar 29: The chief executive of trouble-plagued German lender Deutsche Bank has written to employees to dash rumours he would soon be pushed out, saying he was "absolutely committed" to righting the bank. "I am absolutely committed to serving our bank and to continuing down the path" back to stability and profitability, John Cryan wrote in a letter late Wednesday. He strengthened Deutsche's capital foundations with an 8.0-billion-euro ($9.9 billion) share issue last year and floated asset management division DWS on the stock market this month. — AFP