■ SinoPac posts profit
SinoPac Holdings Co (建華金控), Taiwan's 10th-largest financial holding firm, announced unaudited profit of NT$2.97 billion (US$88 million) in the year's first half.
The profit is 51 percent of SinoPac's full-year earnings forecast of NT$5.79 billion, the company said in a statement. In 2003, SinoPac reported an audited first-half profit of NT$1.7 billion.
SinoPac said last November it hired Goldman Sachs Group Inc as a financial adviser to find merger partners.
■ Quanta borrows for new plant
Quanta Display Inc (廣輝電子), a flat-panel display maker controlled by Taiwan's biggest notebook computer producer, borrowed NT$30 billion (US$890 million) to set up a new factory.
Chinatrust Financial Holding Co (中信金控), Hua Nan Financial Holdings Co (華南金控) and 24 other banks agreed today to provide the loan, the company said in a statement.
Taiwanese flat-panel makers such as AU Optronics Corp (友達光電) and Taoyuan-based Quanta Display are expanding to meet demand. Global sales of liquid crystal displays are expected to rise 73 percent this year because of higher-than-expected demand for flat-screen televisions, researcher DisplaySearch said.
■ Via's share plan nixed
Taiwan's Financial Supervisory Commission rejected Via Techno-logies Inc's (威盛電子) plan to issue 81.9 million shares as bonus stock for employees and shareholder dividends, a Chinese-language newspaper said, citing unidentified sources at the commission.
Via Technologies proposed to grant 19 million new shares to its workers, which the commission called a disproportionately large number compared with the 62.9 million earmarked as dividends for shareholders, the report said.
The company said it will submit supporting documents to the commission to explain its employee bonus and shareholder dividend policies, the report said.
Via Technologies, Taiwan's biggest maker of chipsets for personal computers, had a loss last year of NT$1.7 billion (US$50 million), or NT$1.3 a share.
■ Citibank taps China manager
Citibank yesterday announced the appointment of Benny Chen (陳邦仁) as country business manager responsible for the lender's global consumer business in China, it said in a statement.
The change will take effect from August 1, after Richard Stanley's move to Singapore as head of global corporate and investment banking for ASEAN.
Chen is currently a senior executive vice president and retail banking group general manager at Chinatrust Commercial Bank (中國信託銀行).
■ Marvell resumes TSMC orders
Marvell Technology Group Ltd has made new orders with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Singapore's Chartered Semiconductor Manufacturing Ltd (特許), a Chinese-language newspaper said, citing an unidentified overseas investor source.
Bermuda-based Marvell switched to TSMC and Chartered from China's Semiconductor Manufacturing International Corp (中芯國際集成電路) because it wasn't satisfied with the Chinese company's production quality, the Taipei-based paper said.
■ NT dollar down
The New Taiwan dollar yesterday traded lower against its US counterpart, declining NT$0.025 to close at NT$33.724 on the Taipei foreign exchange market. Turnover was US$460 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
STAYING AHEAD: TSMC expects its sales this year to grow 14 to 19 percent and could spend up to US$3.52 billion on research and development, leaving its rivals far behind Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) reported that the US last year approved 99 percent of its patent applications, which placed the tech giant among the top patent holders in the US. In its Corporate Social Responsibility Report, TSMC said it last year secured about 3,600 patents worldwide, including more than 2,300 in the US. As of the end of last year, TSMC owned more than 39,000 patents, the report said. The company last year filed almost 6,500 patent applications worldwide and ranked among the top 10 patent applicants in the US. In Taiwan, it was the largest patent applicant for the fourth