■ Taiwan Salt to name directors \nTaiwan Salt Co (Taisalt, 台鹽), Taiwan's largest maker of salt and cosmetic products, said it would comply with stock exchange requirements to appoint two independent directors to its nine-member board, Taisalt's general manager, Chiu Wen-an (邱文安), told reporters Monday at the Taiwan Stock Exchange. \nChiu spoke after the stock exchange warned last week that the company's shares will be suspended if it cannot elect independent directors within three months. \nChiu said the company will work the problem out soon, without elaborating. Taisalt shares plunged NT$2.30, or 6.8 percent, to NT$31.60 on the TAIEX. \nTaiwan Salt, which had its stock market debut on Nov. 18, was unable to appoint independent directors last week because its biggest shareholder, the Ministry of Economic Affairs, was barred from voting by a legislative resolution that requires government agencies to vote for government representatives. \nTaisalt shareholders therefore elected six representatives from the ministry. The ministry wanted to vote for four government representatives and two independent directors. \n■ ATM fees to drop \nTransaction fees charged by banks to clients who make cross-bank withdrawals or transfer money via automatic-teller-machines (ATM) will be cut by NT$1, the Ministry of Finance said in a written press release yesterday. \nThe ministry's Bureau of Monetary Affairs said it has given its approval to the Financial Information Service Co's (財金公司) proposal to reduce the fees charged for banks' ATM services from NT$4.5 to NT$3.5 per transaction. The bureau said that it will soon hold a meeting with the Bankers Association of the ROC (銀行公會) to finalize the plan and its effective date. \n■ Charter flights to Subic Bay \nMandarin Airlines (華信航空) will launch charter flights to Subic Bay in the Philippines on Thursday as more and more Taiwanese tourists visit the former US naval base for sightseeing, the airline announced Monday. \nMandarin Airlines will use a 168-seat Boeing 737-800 to operate the twice-weekly charter flight. Taiwanese tourists do not need visas as long as they stay within the Subic Bay area. \nIn conjunction with Mandarin Airlines, two Taiwanese travel agencies are providing package tours to Subic Bay. \nAfter US forces left in 1992, the Philippines developed Subic Bay into an export processing zone -- the Subic Bay Industrial Park. \nFar Eastern Transport Corp (遠東) has been operating twice-weekly regular flights from Kaohsiung to Subic Bay. \n■ Stocks up on the week \nThe stock market's value was at NT$12.76 trillion (US$375.35 billion) at the end of last week, an increase of NT$571.2 billion, or 4.69 percent, over a week earlier, according to the Taiwan Stock Exchange Corp. \nShare prices in all 20 categories were up, with plastics posting the largest growth rate -- 38.43 percent. Analysts attributed the market's sharp increase to the listing of Formosa Petrochemical Co (台塑石化) on Friday on the TAIEX, whose total market value is NT$360.6 billion. \nSince the beginning of this year, a total of NT$20.333 trillion worth of stocks have changed hands, a daily transaction average of NT$82.65 billion. \n■ NT dollar lower \nThe New Taiwan dollar yesterday continued its weakness against its US counterpart, declining NT$0.009 to close the day at NT$34.061 on the Taipei foreign exchange market. \nTurnover was US$476 million.
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the
SCATTERED: Production would be dispersed among a number of countries, which would bring an end to so-called world factories, Hon Hai chairman Young Liu said Decentralized production would be the new focus in manufacturing, Hon Hai Precision Industry Co (鴻海精密) chairman Young Liu (劉揚偉) yesterday told an online forum held by the Market Intelligence & Consulting Institute (MIC, 產業情報研究所). “The COVID-19 pandemic exerted a heavy impact on supply chains as well as production ... [production] would no longer be concentrated in solely one country, this is the end of what we used to call world factories,” Liu said during a panel discussion hosted by MIC director Victor Tsan (詹文男). As the US and China continue to dominate and sway international relations, the rest of the world is
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five