■ Wan Hai buys CAL shares
Wan Hai Lines Ltd (萬海航運), the nation's third- largest shipper by market value, bought 20.4 million shares in China Airlines (華航) for NT$376.4 million (US$11.2 million).
Wan Hai said it bought shares in the country's biggest carrier from the market starting on June 28 until yesterday for an average NT$18.4. The 0.73 percent stake is part of short-term investments made by Wan Hai because of "steady yields," company vice president Jason Lee (李炫宏) said.
Wan Hai and China Airlines "complement each other in operations," said Alex Yang, senior vice president at SinoPac Capital Management Corp (建華投顧).
"Wan Hai would be a suitable candidate" to appeal to when the government prepares to sell its stake in China Airlines, he said.
China Airlines said last month profit this year may exceed its December forecast of NT$3.04 billion on a recovery in passenger and cargo transport demand.
■ Chinese firms get invite
The government will allow Chinese companies worldwide to sell shares here, Kong Jaw-sheng (龔照勝), chairman of the Financial Supervisory Commission, told Chinese-language newspapers Wednesday.
Taiwan should open its stock market to overseas companies before China does because it is more advanced, Kong said.
To list, the companies must provide transparent financial information and use reputable auditors and investment banks to manage the share sales, he added.
■ Chinatrust wants Chung Shing
Chinatrust Commercial Bank (中國信託銀行) plans to bid for the loans, deposits and branch network of failed Chung Shing Bank (中興銀行), a company official said.
"Chung Shing's branch network is the key asset we have our eye on," said Jason Wang (王正新), the bank's executive vice president. "An extensive sales network is essential for us to tap wealthy individuals."
Wang said bidding for Chung Shing may take place in the fourth quarter this year.
Chinatrust Commercial should have at least 180 branches to match the network of state-owned lenders, said Wang. It has 111 now. Hua Nan Commercial Bank (華南銀行) has 181 outlets and Taiwan Cooperative Bank (合作金庫) controls 174 branches, according to the regulator.
Central Deposit Insurance Corp (中央存保), which has supervised Chung Shing since it was placed under government supervision four years ago, said on Monday it will invite bids for the sound assets of the failed lender.
■ Central Leasing probed in fraud
Central Leasing Corp (中央租賃), a company that leases equipment and real estate, is under probe for possible loan fraud totaling NT$3.1 billion (US$92 million), a Chinese-language newspaper said, citing unidentified police and prosecutors.
The unlisted company, based in Taipei, may have borrowed money on behalf of about 130 companies, the paper said, citing police. About 30 banks and financial institutions were affected, the paper reported.
Central Leasing chairman Frank Chen (陳田鈺), president Chen Ying-chieh (陳英傑), a vice president and a former employee and the operator of a financial-advising company were questioned, it said.
Central Leasing spokesman Alex Lou, in a phone interview, confirmed there was an investigation but declined to give further comment.
■ NT dollar falls
The New Taiwan dollar yesterday lost ground against its US counterpart, declining NT$0.034 to close at NT$33.746 on the Taipei foreign exchange market.
Turnover was US$525 million.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last