M2 expanded in June \n \nBanks' lending and investment rose last month for the first time in almost two years, helping expand the nation's money supply at the fastest pace since January, the central bank said. \nTotal loans and investments by major financial institutions rose 1.8 percent from a year earlier, the first increase since August 2001, the central bank said in a statement. \nM2, the broadest measure of the money supply, grew 2.9 percent after expanding 2.6 percent in May. \nM1B money supply rose 9.2 percent last month after increasing 7.1 percent in May. \nM1A, which tracks net currency in circulation plus checking accounts and passbook deposits, grew 6.6 percent after expanding 7.3 percent the previous month, today's report showed. \nForeign investment in the nation's stocks and increased trade receipts also helped boost M2 last month, the central bank said. \nCathay Financial's Q2 profit up \n \nCathay Financial Holding Co (國泰金控), the nation's biggest financial services company, indicated net income in the second quarter surged more than 13-fold following its acquisition of the country's 11th-biggest bank by assets. \nProfit rose to NT$6.5 billion (US$189 million) from NT$486 million in the year-earlier quarter, according to figures Bloomberg News derived by subtracting first-quarter results from the first-half figures Cathay Financial reported in an e-mailed statement. \nThe company didn't elaborate. \nShowa Denko to ally with Trace \n \nShowa Denko K.K., a Japanese aluminum smelter and maker of plastics and resins, said Thursday that it will ally with closely held Taiwan's Trace Storage Technol-ogy Corp (和喬科技) to expand production of hard disks for computers, consumer audiovisual equipment and car navigators. \nThe company also said that it will increase production capacity for its hard disks. \nIt has developed a flexible solar panel that may be used for recharging portable consumer electronics equipment, AFX-Asia reported yesterday. \nWindance complex opens \n \nA shopping-entertainment complex styled the largest in Asia opened in Hsinchu yesterday. \nThe Windance complex (風城購物中心), comprising 12 storeys above ground and five basement floors, is home to some 120 specialty shops, 15 restaurants, two department stores, a movie theater, indoor amusement park and five-star hotel. \nCiting a survey by a local public relations agency, Windance officials said the complex, with a total floor area of 362,321m2, is the largest of its kind in Asia. \nMost of the facilities are open with the exception of the movie theater, amusement park and hotel, which will have to wait until later this year. \nNT dollar slips \n \nThe NT dollar dipped against the US dollar yesterday, falling NT$0.007 to NT$34.405. Turnover totalled US$260 million. \nHowever, the NT dollar was poised for its first winning week in three after overseas investor purchases of the nation stocks boosted speculation of rising demand for the currency. \nForeign money managers bought NT$7.8 billion (US$227 million) more of stocks than they sold this week through Thursday, according to Bloomberg data. \n"Relatively high demand for Taiwan's stocks from overseas investors strengthened the Tai-wan dollar,'' said Gary Huang, a foreign-exchange trader at Union Bank of Taiwan. \nHuang correctly forecast a decline in the currency on May 29. \nGains were limited by concern the central bank will sell its currency to protect exporters.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
ROW: A probe would determine if the rights of shareholders who were not allowed to vote yesterday had been violated, while the stock exchange also wants answers The election of board directors yesterday at Tatung Co (大同) sparked controversy after the company blocked some institutional and individual shareholders from participating in the general shareholders’ meeting, prompting the Financial Supervisory Commission (FSC) to announce that the vote would be investigated. Lin Kuo Wen-yen (林郭文艷) was re-elected as chairwoman of the household-appliance maker’s nine-member board, but prior to the vote she announced that several shareholders would not have voting rights. They were being denied a vote because they had contravened the Business Mergers and Acquisitions Act (企業併購法), and the Act Governing Relations Between the People of the Taiwan Area and