The total business turnover of Far Eastern New Century (遠東新世紀) in the first three quarters of this year was NT$13.65 billion (US$423 million), a growth of 2.12 percent year-on-year, company chairman Douglas Hsu (徐旭東) said yesterday.
In addition, investment by the corporation in the cement, retail and telecommunication sectors in Taiwan and China is growing steadily, Hsu said at a provisional shareholders’ meeting.
Since changing its name from Far Eastern Textile Co (遠東紡織), the corporation has made diversified investment one of its three principal business activities, he said.
The corporation owns 244 affiliated companies, including nine listed companies in Taiwan and Hong Kong, with a combined value of NT$94.4 billion, up from NT$79.7 billion at the end of last year, Hsu said.
Regarding the subsidiary Asia Cement (亞泥), Hsu said its annual output in China had reached 20 million tonnes, but with China’s recent introduction of total quantity management and control, its factory expansion plan had hit a snag.
However, the cement company’s annual output could amount to 28 million tonnes in 2011, once it is operating at full capacity, he said.
In the retail sector, Far Eastern New Century has 43 operating outlets and six more under construction to be completed within two years, Hsu said. The six new retail operations will include department stores in China and Taiwan. The locations are Chengdu, Sichuan Province; Wukesong in Beijing and Wuxi in Jiangsu Province as well as Taichung, Hualien and a 50-story office building in Banciao (板橋), Taipei County, Hsu said.
Its affiliate Far Eastern International Bank (遠東商銀) has begun making profits since acquiring American International Group Inc’s (AIG) Taiwan credit card business earlier in the year and is planning to venture into the massive Chinese market once Taiwan signs a financial memorandum of understanding (MOU) on financial supervisory cooperation with China, Hsu said.
Adding that it has been more than a year since the global financial crisis began and that the worst of the economic recession may be over, Hsu expressed optimism about Taiwan’s economic outlook based on the stability of the country’s financial system, its abundant liquidity and record low interest rates.
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five
BOOSTING BUYING: A source said that the idea of pre-ordering vouchers online is being considered, but the preliminary plan is for people to buy them at post offices A stimulus voucher program to be rolled out next month to boost consumption would be available not only to Taiwanese, but also foreign nationals and Chinese spouses who hold residency permits, a source familiar with the matter said yesterday. The government is fine-tuning the details of the program, which involves issuing vouchers for in-store purchases to revive buying amid the COVID-19 pandemic. During a radio interview on Monday last week, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said that the plan is to allow anyone, regardless of age or income level, to buy NT$3,000 (US$99.89) worth of vouchers for
Delta Electronics Inc (台達電), the nation’s leading power management solutions provider, has signed an agreement to acquire Canadian software firm Trihedral Engineering Ltd to bolster its smart production efforts, it said on Saturday. Delta said in a statement that it would acquire Trihedral for C$45 million (US$32.68 million) through its 100 percent-owned subsidiary Delta Electronics (Netherlands) BV. Trihedral specializes in supervisory control and data acquisition (SCADA) and industrial Internet of Things software, which would strengthen Delta’s hardware offerings in fast-growing areas such as automation, artificial intelligence and data analytics, it said. “The collection, monitoring and analyzing of data are critical to Delta’s two
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the