While Taiwan’s benchmark index lost nearly 6 percent in the first half of the year, 70 percent of local securities firms made a combined profit of NT$8.35 billion (US$260 million), according to the Taiwan Stock Exchange yesterday.
In the period, 58 out of a total of 84 local securities firms earned profits, while another 26 suffered losses, the stock exchange said.
Yuanta Securities (元大證券) reaped the most, a profit of NT$1.54 billion in the six-month period, followed by KGI Securities (凱基證券) and Polaris Securities (寶來證券).
However, last month alone, SinoPac Securities (永豐金證券) was the best performer, making a profit of NT$234 million, followed by KGI Securities and Yuanta Securities.
The stock exchange said Oriental Securities (亞東證券) was the biggest loser, with a loss of NT$414 million, followed by Concord Securities (康和證券) and PrimAsia Securities.
Among foreign securities brokerage firms, Credit Suisse earned the highest profit with NT$615 million, followed by CLSA Asia-Pacific Markets and JP Morgan.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
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