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Capital gains tax clears committee vote

By Amy Su

The legislature’s Finance Committee yesterday approved by vote a proposal to revise the controversial capital gains tax on securities investment, with the third reading of the amendment to the Income Tax Act (所得稅法) expected to be approved next week at the earliest. Chinese Nationalist Party (KMT)FULL STORY

ASE purchasing Toshiba’s Wuxi fab for US$11m

By Kevin Chen

Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) has acquired a semiconductor assembly and testing factory from Toshiba, taking advantage of the recent weakness in Japanese semiconductor firms. ASE, the world’s biggest chip packager and tester, said in an e-mailed statement yesterday it had agreed to pay ToshibaFULL STORY

Hua Nan looks overseas and to SME loans to lift profit

By Crystal Hsu

Hua Nan Financial Holdings Co (華南金控) aims to improve its earnings this year by raising income contribution from its overseas banking operations and strengthening loans to small and medium enterprises (SME), company officials said yesterday. The state-run financial service provider is looking at loan growth ofFULL STORY

January-April export orders down 1.6%

By Helen Ku

Exports orders in the first four months of the year declined 1.6 percent year-on-year, amid a slow global economic recovery. Orders in the January-to-April period fell to US$137.7 billion from US$139.9 billion during the same period last year, the Ministry of Economic Affairs said yesterday. ThatFULL STORY

Yahoo buying Tumblr platform for US$1.1 billion

Yahoo yesterday announced that it would acquire blogging platform Tumblr for US$1.1 billion, saying the two companies “share a vision to make the Internet the ultimate creative canvas.” The two firms confirmed weekend reports of the tie-up, in a deal which helps the struggling Internet pioneerFULL STORY

Outflow of net capital is ‘normal trend,’ bank says

By Amy Su

The financial account of the nation’s balance of payment (BOP) last quarter showed the longest period of net capital outflows in the nation’s history, after the insurance sector and certain other companies continued to increase their overseas investments, the central bank’s latest data showed. However, theFULL STORY

Q2 auto industry output forecast to increase 6.3%

The production value of the nation’s auto industry is expected to rebound in the second quarter, driven by the launch of new models and more promotional campaigns, the Industrial Economics and Knowledge Research Center (IEK) said in a report on Friday. The output of theFULL STORY

Microsoft updates Xbox as Facebook and Apple gain ground in gaming

Microsoft Corp is revamping the Xbox to fend off competitors ranging from Apple Inc to Facebook Inc. Those companies were nowhere in gaming when the software maker debuted its last version five years ago. Now these newcomers — along with the likes of Google Inc andFULL STORY

Haptic technology set to feature at Computex fair

A new technology using ultra-thin film to convert electrical energy into actual movement will be featured next month at Computex, an international tech fair in Taipei, giving greater dimension to computer-generated entertainment, according to the developer of the technology. Computex, Asia’s largest computer and ITFULL STORY

Taiwan Business Quick Take

TECHNOLOGY Flat-panel output to grow The output value of the flat-panel displays produced by Taiwanese firms is expected to grow 2.2 percent to NT$371.14 billion (US$12.39 billion) this quarter from last quarter because of the growing popularity of smartphones, the Industry and Technology Intelligence Services (ITIS) saidFULL STORY

Goldman investing in green energy

US investment banking giant Goldman Sachs yesterday said it would start investing in Japanese renewable energy projects, with a reported US$2.9 billion outlay over the next five years. The injection comes after Japan’s government stepped into the green power market to set minimum prices in aFULL STORY

Paperwork snafu strands NZ meat exports to China

Hundreds of tonnes of frozen mutton, lamb and beef from New Zealand have been stranded on Chinese docks after China halted certain imports from the country due to a certification dispute. China is New Zealand’s largest export market and its largest consumer of sheep meat. China hasFULL STORY

Thai economy shrank 2.2% in first quarter

Thailand’s economy contracted 2.2 percent in the three months to March from the previous quarter — the first decline in more than a year — as manufacturing output fell, official data showed yesterday. The fall followed a blistering yearlong recovery from devastating floods in lateFULL STORY

Chinese underground banker receives death sentence

A businesswoman in southern China has been sentenced to death on charges of defrauding investors as the government tightens controls on informal financing that is widely used by entrepreneurs. Lin Haiyan (林海燕) was convicted of “illegal fundraising” for collecting 640 million yuan (US$100 million) from investorsFULL STORY

Elan eyeing more deals this year with US$1bn war chest

Elan Corp will still have US$1.2 billion of cash left to spend if shareholders approve its first package of acquisitions and plans to announce more deals in the second half of the year, chief executive Kelly Martin said yesterday. Elan yesterday agreed to buy Austrian rareFULL STORY

British territories have to step up on tax: Cameron

Britain yesterday called upon its overseas territories to “get their house in order” over the sharing of tax information, as the UK looks to lead a global fight against tax evasion ahead of a meeting of the world’s wealthiest states. Britain is using its presidency ofFULL STORY

World Business Quick Take

POULTRY Bird flu costs PRC US$6.5bn China’s H7N9 avian influenza outbreak has cost its poultry industry more than 40 billion yuan (US$6.5 billion) as consumers shun chicken, the Beijing Times quoted officials as saying yesterday. The sector has been losing an average of 1 billion yuanFULL STORY

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