Share issue planned
United BioPharma Inc (聯合生技) yesterday said that it would issue 8.34 million shares under NT$120 to replenish its working capital and finance new drug development. The monoclonal antibody drugmaker said it plans to sell these shares to its current shareholders. The GRETAI Securities Market (GTSM, 櫃檯買賣中心) must first approve the plan and the firm has not finalized a date for implementation, company spokesman Victor Sun (孫潤本) said by telephone.
CHB opens branch in China
Chang Hwa Commercial Bank (彰化銀行, CHB) yesterday opened a branch in Dongguan, China. The branch will focus on corporate customers in the Pearl River Delta, the bank said in statement. The branch aims to turn profit in its first year, allowing it to qualify for yuan operations in the second year after its establishment, the statement said.
Yuan remittances soar
Chinese yuan-dominated remittances hit a new high last month after the central bank lifted a ban to allow Taiwanese banks to conduct yuan transactions in February last year. Central bank statistics showed that yuan remittances through Taiwanese banks’ domestic and offshore units last month totaled 200.444 billion yuan (US$52.75 billion), up more than 62 percent from September’s 123.17 billion yuan.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to