■ ING Antai names manager
ING Antai (ING安泰人壽) yesterday announced that chief executive officer Chan Pi-yao's (陳丕耀) term will expire at the end of this month, and his post will be taken over by John Wylie, regional general manager of ING Asia Pacific, the company said in a press release. Taiwan has become ING Group's second-largest life insurance market in Asia. To strengthen its foothold here with an eye on the potential retirement pension market, the group decided to have Wylie, an expert in pension programs, lead the company to further boost its sales and market share. ING Antai, the nation's fourth-largest life insurer announced last month that its Taiwanese operations will be upgraded from a branch to a subsidiary company of the Hague-based ING Group, starting March 1.
■ New FSC official announced
The Financial Supervisory Commission's secretary-general William Tseng (曾銘宗) will take over as acting director-general of the commission's Examination Bureau, the commission's spokesman Lin Chung-cheng (林忠正) said yesterday. Lee Chin-chen (李進誠), the former director-general of the bureau, was charged last October and may face an eight-year jail sentence for his alleged leaking of confidential information about a government probe into Power Quotient International Co (勁永國際) to an investor who profited from the information.
■ Foreign investment still rising
Foreign investors continued their interest in Taiwan's shares in February, with net foreign remittances to the stock market amounting to US$1.09 billion from the start of the month until Feb. 10, according to figures released yesterday by the Financial Supervisory Commission's Securities and Futures Bureau. Taiwan has seen net inward remittances by foreign investors increase for three consecutive months since November last year, with the amount hitting a single-month record high of US$8.52 billion in December.
Since the stock market reopened after the Lunar New Year holiday (Feb. 3 until Feb. 10), foreign investors bought listed shares worth NT$569.4 billion (US$17.5 billion) and sold listed shares worth NT$493.4 billion in Taiwan, posting a net buying worth of NT$76 billion, the tallies show.
■ Direct selling booming
Taiwan's direct selling industry is expected to post a growth rate of 30 percent this year, despite competition from other retail businesses, a leading direct selling company said yesterday. According to Amway Taiwan, the market scale of Taiwan's multi-level network marketing amounted to some NT$68.3 billion (US$2.1 billion) in 2004, up 30 percent over the previous year. They noted that health food and skin-care products are the two main product lines fielded by Taiwan's direct selling industry, with the two categories together accounting for more than 60 percent of total sales. They said Amway Taiwan posted sales of NT$6.57 billion in 2005, 28 percent higher than 2004, and that the company was aiming to boost that amount to top NT$7 billion in 2006.
■ NT dollar falls
The New Taiwan dollar declined against its US counterpart yesterday on speculation that foreign investors will add to sales of Taiwan stocks, flocking to the US after the Federal Reserve Chairman Ben S. Bernanke said interest rates might increase, traders said. The NT dollar fell NT$0.049 to close at NT$32.401 on the Taipei foreign exchange market, on turnover of US$712 million.
Apple Inc’s iPhone 13 debut was met with a stock slump on Tuesday, keeping with a tradition of poor share price performance on the day new devices are unveiled. Shares of the technology giant sank after Apple executives, including chief executive officer Tim Cook, presented the new lineup of phones and other devices. The stock fell 1 percent to close at US$148.12 in New York trading. Prior to Tuesday, Apple’s shares fell on three-quarters of the days Apple unveiled new iPhones, data compiled by Bloomberg showed. Excluding Apple’s 8.3 percent rally on the day cofounder Steve Jobs announced the first iPhone in
BEATING SCHEDULE: Government plans are for nacelle assemblies to be totally local from next year, but Orsted Taiwan said that it was going ‘above and beyond’ Wind turbine manufacturer Siemens Gamesa Renewable Energy SA yesterday inaugurated Taiwan’s first nacelle assembly plant at the Port of Taichung, its first assembly facility for offshore nacelles outside Europe. Vice Premier Shen Jong-chin (沈榮津), a long-time champion of Taiwan’s ambitions to become a regional hub in the offshore wind farm industry, described the plant as a “milestone” at a ceremony at the plant. “The completion of Siemens Gamesa’s nacelle assembly plant is a milestone for the development of the offshore wind farm industry in Taiwan and a step toward localizing the supply chain,” Shen said. “This is only the beginning. My great hope
ROBUST DEMAND: 5G, AI and Internet of Things technologies are driving growth and employment, as the company plans a new plant in Hsinchu County Contract electronics manufacturer Wistron Corp (緯創) plans to invest about NT$11.1 billion (US$400.58 million) in Taiwan, in line with its global deployment strategy, the Ministry of Economic Affairs said on Friday. The company’s investment is also a demonstration of robust demand for 5G, artificial intelligence (AI) and Internet of Things applications, the ministry said in a statement. Wistron, spun off from Acer Inc (宏碁) in 2001, is a notebook computer original design manufacturing partner to major PC brands. The company, which is based in Taipei’s Neihu District (內湖), also produces servers, data storage devices, game consoles and communications products for brand clients
POEMA TIE-UP? A merger would value the combined company at US$1 billion or more, with an announcement possible as soon as this week, the unnamed sources said Gogoro Inc (睿能創意), a Taiwanese manufacturer of electric scooters that specializes in battery-swapping technology, is in talks to go public through a merger with Poema Global Holdings Corp, a blank-check firm, people with knowledge of the matter said. The deal is set to value the combined company at US$1 billion or more, the people said, asking not to be identified as the information is private. An announcement could come as soon as this week, they said. Terms might change and, as with any deal that is not finalized, it is possible that talks could fall through, they said. A representative for Gogoro said that