Mitsukoshi sets sales target
Shin Kong Mitsukoshi Department Store Co Ltd (新光三越百貨) yesterday said its three department stores on Nanjing W Road in Taipei are targeted to generate total sales of NT$2.26 billion (US$75 million) during the 18-day anniversary sales beginning on Thursday next week and ending on Oct. 12. That would represent an increase of 5 percent from last year’s annual sales event.
Revenue generated from the annual event accounts for more than 20 percent of the sales of the three stores, which reported that total revenue for the first eight months of the year rose 7 percent from the same period last year, Shin Kong Mitsukoshi said.
Cree sues Harvatek
US-based Cree Inc has filed a patent infringement lawsuit against Harvatek Corp (宏齊), claiming the Taiwanese LED chipmaker infringed on six of its patents.
Harvatek said in a filing with the Taiwan Stock Exchange that it expects no major financial impact from the lawsuit, since most of its products are shipped to Asian markets.
Only a small portion of its chips are involved in the patent-infringement disputes, Harvatek said yesterday, adding that it has not received any formal notification from the US district court in Wisconsin.
Acer to issue restricted shares
Acer Inc (宏碁) said on Tuesday it planned to issue 50 million new restricted shares to award high-ranking managers in four years, as the company boosts its efforts to retain talent and increase its revenue and profit.
The NT$1.16 billion restricted shares will be the first of its kind for Acer.
Last month, the company granted the first batch of restricted shares to several executives, including chairman George Huang (黃少華), cofounder Stan Shih (施振榮) and chief executive Jason Chen (陳俊聖), with 480,000 shares each.
Acer said executives would receive the restricted shares only after the company hits the annual revenue or profit goals set a year ago.
Communications output rising
Output by Taiwan’s communications sector is expected to rise by an annual 9.9 percent to NT$2.82 trillion next year as international brands launch new models, the Market Intelligence and Consulting Institute (資策會) said on Tuesday.
Welber Chang (張奇), a research manager and senior industry analyst at the center, said that Taiwan’s projected output growth could outstrip the global industry’s forecast growth of 7.9 percent to US$500 billion next year, from an estimated US$463.2 billion this year.
Chang said Taiwan’s communications device suppliers are likely to benefit from China’s efforts to develop its long-term evolution (LTE) services, while an acceleration of the construction of wireless local area networks (WLAN) and small cells globally is likely to further boost Taiwan’s communications output.
Taipei, Manila to discuss FTA
Taiwan and the Philippines are likely to exchange ideas regarding a free-trade agreement (FTA) during their annual ministerial-level meeting on economic cooperation scheduled to take place on Oct. 23 and 24 in Taipei, the Ministry of Economic Affairs said on Monday.
However, there is no timetable for negotiations on the proposed trade agreement, as a full report of the feasibility study has not yet been completed, the ministry said, after the Philippine Institute for Development Studies submitted the outline of a feasibility study of a proposed bilateral economic cooperation agreement to the Philippine government on Monday for further discussion.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
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