Wed, Dec 03, 2014 - Page 14 News List

Taiwan Business Briefs

Staff writer, with CNA

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.

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