Taiwan Life Insurance Co (台灣人壽) has inked a deal to sell a 60 percent stake in its asset management unit to a larger South Korean firm, Mirae Asset Global Investments Co, in the hope the alliance will boost its know-how, scale and earnings, the insurer said in a statement yesterday.
Taiwan Life Insurance chairman Chu Ping-yu (朱炳昱) signed the agreement with his counterpart from the South Korean fund -manger, Park Hyeon-joo, in Taipei on Wednesday.
Under the pact, Taiwan Life Insurance is to concede 20.22 million shares in TLG Asset Management Co (台壽保投信) to Mirae Asset at NT$15 per share, or a deal valued at NT$303.3 million (US$10.54 million), the statement said.
The transaction will lower Taiwan Life Insurance’s stake in the domestic fund manager to 29.2 percent from the current 89.22 percent.
Mirae Asset, created in 1997 and headquartered in Seoul, is one of Asia’s largest asset managers and one of the leading equity investors in emerging markets, with assets sized at US$54.1 billion, the statement said.
“The alliance will allow TLG Asset to introduce Mirae Asset’s advanced know-how,” a Taiwan Life official said by telephone. “The two sides will forge closer cooperation to benefit mutual operations and earnings.”
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last