Shin Kong to go to Shanghai
Shin Kong Life Insurance Co (新光人壽), Taiwan's second-biggest life insurer, won the approval from China Insurance Regulatory Commission to set up a representative office in Shanghai, it said in a statement to the Taiwan Stock Exchange.
The approval came after bigger rival Cathay Financial Holding Co (國泰金控) said last Wednesday that Chinese authorities allowed its life insurer and partner China Eastern Airlines Corp (中國東方航空) to set up a venture in Shanghai, making it Taiwan's first financial company to offer insurance services in China.
Acer set to double PC sales
Acer Inc's 2005 profit and sales of personal computers will double this year, a Chinese-language newspaper reported citing Chairman Wang Jen-tang (王振堂).
The company's profit will rise to NT$5.98 billion (US$187 million) from NT$3 billion in 2004 as PC shipments double to about 10 million units, the newspaper reported. The company will become the world's fourth-largest computer company this year after gaining the No. 5 position last year, the report said.
Profit from operations will contribute NT$1 more to earnings per share this year, the report said.
UMC doubles profit
United Microelectronics Corp (UMC, 聯電) more than doubled its profit in 2004 on strong customer demand, UMC chief executive Jackson Hu (胡國強) said Wednesday night at a company party, without providing figures.
UMC had NT$14 billion in net income in 2003. In the first nine months of 2004, the company had US$30.5 billion in net income.