■ Formosa hikes prices
Formosa Petrochemical Corp (台塑石化) announced yesterday that it will raise its wholesale gasoline and diesel prices by NT$0.6 per liter, an average increase of 3.56 percent, because of a rise in international crude oil prices.
The price increase took effect at midnight last night.
Formosa's announcement came one day after Chinese Petroleum Corp (中油) hiked its prices on those items.
The new rate will take effect at midnight yesterday.
National Petroleum Corp (全國加油站), which buys oil products from Formosa, said despite the price hikes, it will continue its NT$2.5 per liter discount for consumers using their member cards till the end of the year.
■ Concern voiced over board meet
China Development Financial Holding Corp (中華開發金控) issued a statement yesterday that it's subsidiary China Development Industrial Bank (開發工銀), which holds a 7 percent stake in its parent company, won't cast votes in an upcoming board election.
China Development plans to hold a board meeting on April 5.
KGI Securities Co (中信證) and its affiliate Chin Life Insurance Co (中國人壽) have a joint 6.2 percent stake in China Development and have discussed seeking a greater say on the company's board.
Citing the insurance law, China Development yesterday argued that any insurers' stock investments should aim for capital gains instead of a management takeover, the statement said.
■ Water price hike mulled
Deputy director of Water Resources Agency Chen Shen-hsien (陳伸賢) said yesterday that water prices may be adjusted in September, but the range of the hike has not yet been decided.
Chen Shen-hsien's comment came in response to a suggestion by Taiwan Water Supply Corp (自來水公司) chairman Chen Chih-yi (陳志奕) yesterday that water prices should be raised from NT$9.5 per cubic meter to NT$13.5 per cubic meter. The businessman said the rates have been frozen for 10 years and no longer reflect current costs.
■ CAL sets recruiting goals
China Airlines (華航) said it plans to recruit 100 pilots, 80 flight attendants and about 130 engineers and maintenance crew this year, the carrier said in a statement yesterday.
The airline currently employs more than 9,000 people worldwide. But the introduction of new aircraft and new routes means the company needs to recruit new staff beginning next month, it said.
"China Airlines will introduce seven aircraft this year and new passenger services to Seattle, Houston and Hiroshima,"the statement said.
■ M2 rises 6.8%
The nation's M2 money supply rose 6.8 percent from a year earlier in February, its fastest in three years, the central bank said in a statement.
That followed a 6.5 percent expansion in January and is the biggest gain since January 2001. Taiwan's M2, the broadest measure of the nation's money supply, grew 3.8 percent last year.
Taiwan's M1B money supply, which excludes time deposits and foreign-currency deposits included in M2, grew 20.4 percent last month, the bank said in yesterday's statement.
M1A, which tracks net currency in circulation plus checking accounts and passbook deposits, expanded 18.6 percent last month.
■ NT dollar dips slightly
The New Taiwan dollar yesterday traded lower against its US counterpart, declining NT$0.027 to close at NT$33.278 on the Taipei foreign exchange market.
Turnover was US$599 million.
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