FSC to relax regulation
The Financial Supervisory Commission (FSC) yesterday announced it would relax regulation to allow the offshore subsidiaries of locally listed companies to manage the bonus stocks and special investment accounts of overseas employees as qualified domestic institutional investors (QDII).
The relaxation will especially benefit China-based employees, who were only allowed to receive cash bonuses from Taiwanese companies, instead of stock options, commission Vice Chairman Wu Tang-chieh (吳當傑) told a media briefing.
“The new deregulatory move will help attract and retain overseas talent” because stock options provide incentives for employees to work harder, the commission’s press statement said.
However, Chinese employees will only be allowed to sell or transfer stocks through their QDII accounts while no share purchases will be allowed, Wu said.
Ministry to cut taxes
The government will cut the tax on transactions of stock futures by 60 percent, the Ministry of Finance said in a statement yesterday.
The levy for stock futures will fall to NT$4 for every NT$100,000 transacted, from NT$10 starting on Monday, the ministry said.
Shipping firm to expand
Yang Ming Marine Transport Corp (陽明海運), Taiwan’s second-largest shipping line, plans to more than triple the size of its dry-bulk fleet to 20 vessels within four years as China’s economic growth spurs demand for iron ore and coal.
The company has injected its six existing bulk ships into its Kuang Ming Shipping Corp (光明海運) unit, it said in a statement on its Web site. The bulk fleet has sales of about NT$4 billion ($124 million) a year, it said.
The Taiwanese shipping line plans to operate 18 panamax vessels and two capesize carriers by 2012, Lloyd’s List said yesterday, citing an interview with Kuang Ming general manager Guer Ren-yao (葛仁友).
The capesize vessels will be chartered in on 10-year contracts from 2012, the newspaper said.
Consumer confidence drops
Taiwan’s consumer confidence index (CCI) dropped 1.52 points to 54.32 last month, while six sub-indexes all posted declines from a month ago, according to a monthly survey released by the Research Center for Taiwan Economic Development at National Central University on Tuesday.
The sub-index that saw the largest decline last month was whether it is a good or bad time to buy stocks in the next six months, sliding 4.5 points to 53.4 last month.
A score below 100 indicates pessimism, while one between 100 and 200 indicates optimism.
Yahoo promotes Steven Ho
Yahoo Kimo Inc (雅虎奇摩) said yesterday it had promoted Steven Ho (何英圻) to general manager of its e-commerce group, effective on Wednesday, in an effort to create synergy after the popular Web portal’s merger with Monday Tech Co (奇科技於) on Aug. 5.
The company also said it had promoted Frank Chen (陳建銘) from vice president to general manager of Yahoo-Kimo’s sales group. Chen is instrumental in creating Yahoo’s partnership with seven of Taiwan’s domestic gaming companies, including Gamania Digital Entertainment Co (遊戲橘子), Giga Media Ltd (和信超媒), and Cayenne Entertainment Technology Co (紅心辣椒), the company said.
NT dollar drops against US
The NT dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.131 to close at NT$32.160.
A total of US$1.02 billion changed hands during the day’s trading.