85˚C plans share sale
85˚C Bakery Cafe (美食達人), which aims to expand its network in Taiwan to 180 stores this year, plans to sell shares for the first time as early as this year on the Taiwan Stock Exchange, the Chinese-language newspaper Apple Daily reported yesterday, citing company spokeswoman Cathy Chung (鐘靜如). Yuanta Securities Co (元大證券) is the underwriter for the sale, the report said.
Chinese spent big: report
More than 600,000 Chinese tourists visited Taiwan last year, state-run media reported yesterday, amid warming relations between the two sides. The 606,100 visitors each spent nearly US$1,800 during their stay, tourism officials were quoted by the China Daily newspaper as saying. “Years of isolation between the two sides have made Taiwan an attractive place for mainland tourists,” said Zheng Lijuan, deputy general manager of a unit of travel group CITS International (中國國際旅行社).
China Mobile denies buyout
China Mobile Ltd (中國移動), the world’s biggest phone company by market value, denied a report that it was in talks to buy Tencent Holdings Ltd (騰訊). Tencent, operator of China’s biggest online chat software, is the country’s largest Internet company by market value. “We have no plans to buy Tencent,” Rainie Lei (雷雨), a spokeswoman at China Mobile, said by telephone yesterday. China’s DoNews.com reported on Friday that China Mobile chairman Wang Jianzhou (王建宙) visited Tencent’s headquarters in Shenzhen to discuss a possible takeover, citing people it didn’t identify.
Hyundai puts out plant fire
Hyundai Motor Co has extinguished a blaze that broke out at a plant in Ulsan yesterday, South Korea’s largest automaker said. The fire occurred at about 11:25am, Hyundai said in an e-mail. Police are investigating the cause of the blaze, the automaker said. The fire damaged a cooling tower at the plant, which makes Hyundai’s sport-utility vehicles Santa Fe and Tucson, Yonhap News reported. The incident won’t affect production, the company said. No one was injured in the fire, Hyundai said. The plant is about 400km south of Seoul.
Indonesia beats forecasts
Indonesia’s budget deficit totaled 87.2 trillion rupiah (US$9.3 billion), or 1.6 percent of GDP, last year, less than a forecast 129.8 trillion rupiah, the Finance Ministry said on its Web site on Friday. Revenues and grants totaled 866.8 trillion rupiah, or 0.5 percent below the estimate, while spending amounted to 954 trillion rupiah, or 4.7 percent less than targeted, it said. Indonesia’s economy probably grew 4.3 percent to 4.4 percent last year, while inflation last year was “about 3 percent,” the statement said.
Allianz predicts recovery
Germany’s insurance giant Allianz foresees a massive recovery for the country’s economy this year, with growth exceeding official forecasts and unemployment rising only marginally, a report said on Friday. The daily Bild quoted the group’s chief economist Michael Heise as saying growth would reach 2.8 percent, comfortably above the German central bank’s prediction of 1.6 percent and the strongest since 2006. He said the good performance would be spurred by a boom in exports, stable domestic consumption, government recovery programs and recent tax cuts.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
ROW: A probe would determine if the rights of shareholders who were not allowed to vote yesterday had been violated, while the stock exchange also wants answers The election of board directors yesterday at Tatung Co (大同) sparked controversy after the company blocked some institutional and individual shareholders from participating in the general shareholders’ meeting, prompting the Financial Supervisory Commission (FSC) to announce that the vote would be investigated. Lin Kuo Wen-yen (林郭文艷) was re-elected as chairwoman of the household-appliance maker’s nine-member board, but prior to the vote she announced that several shareholders would not have voting rights. They were being denied a vote because they had contravened the Business Mergers and Acquisitions Act (企業併購法), and the Act Governing Relations Between the People of the Taiwan Area and