Industrial & Commercial Bank of China Ltd (中國工商銀行), China’s largest bank, denied a media report that it may buy a stake in Taiwan’s Mega Financial Holding Co (兆豐金控).
“We’ve never heard of such a plan,” Gu Shu (谷澍), a Beijing- based board secretary of Industrial & Commercial Bank said in a telephone interview yesterday.
The company and Bank of China Ltd (中國銀行), the nation’s third-largest bank, are interested in buying shares in Mega Financial, which may itself invest in the Chinese lenders, the Taipei-based Economic Daily News reported on Friday, without saying where it got the information.
Grace Lin (林瑞雲), a spokeswoman for Mega Financial, said yesterday that there had been interest from the Chinese lenders and that the companies were in preliminary talks about cooperating.
But there won’t be any details on what form this may take until the governments of Taiwan and China sign a memorandum of understanding on financial cooperation between the two economies, Lin said.
Wang Zhaowen (王兆文), a Beijing-based spokesman for Bank of China, wasn’t immediately available for comment.
Top officials from Industrial & Commercial Bank, Bank of China and other Chinese financial institutions traveled with China’s top Taiwan envoy Chen Yunlin (陳雲林) when he visited the nation on a five-day trip in early November.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to