Fubon to buy ICBC shares
Fubon Financial Holding Co (富邦金控) yesterday said that its life insurance unit, Fubon Life Insurance Co (富邦人壽), is set to buy up to US$500 million of Industrial and Commercial Bank of China Ltd (ICBC, 中國工商銀行) preferred shares.
Among the US$500 million of shares, yuan-denominated preferred shares would not exceed US$150 million, Fubon said in a filing to the Taiwan Stock Exchange.
The actual trading volume will be disclosed upon the issuance of the shares.
The preferred shares are to be traded on the Hong Kong stock market.
Shin Kong sales up 5 percent
Shin Kong Mitsukoshi Department Store Co Ltd (新光三越百貨) on Monday said that its anniversary sales promotion this year generated about NT$18 billion (US$578.67 million) in revenue, up 5 percent from the same period last year.
The strong performance might help the company hit its annual sales target of a record-high NT$76 billion this year. That would represent 3 percent annual growth.
Shin Kong Mitsukoshi is to launch an 18-day annual sales promotion at its Taipei Railway Station branch from Thursday next week and it has targeted growing revenue by 2 percent annually to NT$2 billion.
Sony to launch Android watch
Sony Mobile said yesterday that its new SmartWatch 3 will be available on the local market soon, as the Japanese company is set to introduce to Taiwan a wearable device that runs on Google Inc’s Android Wear operating system.
The SmartWatch 3 is expected to hit local stores in the middle of this month with a price tag of NT$8,990.
The waterproof smartwatch features a 1.6-inch display with 320x320 pixels, a 1.2GHz quad-core processor, 512MB of RAM, 4GB of internal memory and a 420mAh battery that allows up to two days of normal use.
The SmartWatch 3 will vibrate to alert the wearer to specific information, such as weather updates, messages and calendar reminders, Sony Mobile said.
NT$88 Macau flights touted
Travelers looking to visit Macau will be able to do so practically for free — if they manage to grab one of 5,000 one-way tickets being sold by Tigerair Taiwan (台灣虎航) for just NT$88.
The low-cost carrier, a joint venture between China Airlines (中華航空) and Singapore’s Tiger Airways, yesterday said the ultra-cheap tickets are to go on sale at noon today.
Tigerair Taiwan is scheduled to launch Taoyuan-Macau flights on Dec. 17 followed the next day by services between Greater Kaohsiung and Macau.
The NT$88 tickets, which do not include tax, can be used through March next year, but passengers will not be allowed to use them over the Lunar New Year holiday from Feb. 13 to Feb. 24.
Wintek to cut 610 jobs
Financially troubled touchpanel maker Wintek Corp (勝華) on Monday said that it is planning to cut 610 jobs in its latest restructuring.
The company has already sent out the first batch of pink slips, Wintek said in a filing to the Taiwan Stock Exchange.
That brought its job losses in Taiwan to about 2,000, which accounts for 50 percent of the company’s workers at local factories before the layoffs.
Wintek said it would not rule out the possibility of further job cuts.
Wintek has 24,646 employees, mostly in China.
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
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for
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