Coffee chain closes stores
The Swiss coffee chain Chicco d'Oro has slashed the number of its branches lately in Taiwan, with only around three outlets remaining open for business, down from the original 12.
Industry sources attributed the coffee chain's downsizing to the failure of its revenues to keep pace with its rapid expansion.
The locations inside Taipei 101 Mall and the New York New York mall in Taipei's Xinyi district will soon be shuttered.
Brokerages can invest in China
Taiwan is allowing its securities companies to invest in brokerages in China, where the government is opening the door for overseas companies to buy stakes.
Brokerages with a net worth of at least NT$7 billion (US$221 million) are eligible, the Financial Supervisory Commission said on its Web site yesterday. A brokerage may invest as much as 10 percent of its net worth, and the stake must be at least a quarter of outstanding shares in the Chinese company, the regulator said.
Refiner has problem with unit
Formosa Petrochemical Corp (台塑石化) has a "mechanical problem" at one of its refining units, a company official said today.
One of the company's 72,000-barrel-a-day residue fluid catalytic cracking unit, which processes heavy oil into fuels such as gasoline, naphtha and diesel has "some problem," said a director surnamed Lee at the company president's office.
The unit was "still operating despite the problem," Lee said. It isn't clear when the fault will be repaired, he said.
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