Thu, Dec 04, 2014 - Page 14 News List

Taiwan Business Briefs

Staff writer, with agencies

Cathay partners with Maybank

Cathay Securities Corp (國泰綜合證券), a securities trading arm of Cathay Financial Holding Co (國泰金控), yesterday signed a memorandum of understanding (MOU) with Malaysia’s Maybank Kim Eng Securities Ltd, to expand its securities business cooperation in Asia.

The two sides are to start their collaboration in foreign brokerage, before extending the cooperation to asset and wealth management, underwriting and new product design, Cathay Securities said in a statement.

Cathay Financial president Lee Chang-ken (李長庚) said Southeast Asia is an important market because the financial strength of the ASEAN has been rising significantly in recent years.

Maybank Group is the largest financial services group in Malaysia and the fourth-largest in Southeast Asia, with its total assets exceeding US$150 billion.

Ningbo Mega branch approved

State-run Mega International Commercial Bank (兆豐銀行) yesterday said it has obtained approval from China to set up a branch in the Chinese city of Ningbo in Zhejiang Province, which could start operating in April next year.

It is set to be the lender’s second branch in China, as Mega Bank seeks to deepen its presence across the Taiwan Strait. The new branch aims to service more than 2,000 Taiwanese firms in Ningbo city, the lender said in a statement.

LNG, LPG prices set to drop

State-run refiner CPC Corp, Taiwan (CPC, 台灣中油) has lowered prices for both liquefied natural gas (LNG) and liquefied petroleum gas (LPG) this month to reflect declining global oil prices.

Effective this week, CPC cut the price per cubic meter of LNG by 8.33 percent on average from last month, saying that an average consumption of between 30 and 45 cubic meters per month would mean an additional saving of between NT$44.1 and NT$66.15 (US$1.42 and US$2.13) for each household, according to a press release.

Prices for household LPG are to drop by NT$1.65 per kilogram and by NT$0.9 per liter for LPG used in cars, CPC said.

As a result, the price of a 20kg household gas cylinder would drop by NT$33, the company said.

Revenue drops for Wintek

Financially troubled touchpanel maker Wintek Corp (勝華) yesterday said its revenue plunged 67.99 percent last month from a year ago and 52.67 percent from the previous month, as the company is restructuring its business amid falling orders and intensifying competition.

Consolidated revenue was NT$2.73 billion last month, bringing the company’s total revenue for the first 11 months of this year to NT$63.08 billion, down 8.41 percent from the same period last year, Wintek said.

On Monday, the company announced it would cut 610 jobs in its latest restructuring.

Yageo consolidated sales up

Yageo Corp (國巨), the nation’s largest passive components maker, yesterday said its consolidated sales rose to NT$2.15 billion last month, up 9.7 percent from a year earlier and 1.5 percent from the previous month, as the slow season sapped sales in the Asia-Pacific region, while demand in the Greater China region, Europe and North America grew steadily.

Sales in the first 11 months of the year increased to NT$25.08 billion, 9.7 percent higher than the same period a year ago, Yageo said in a filing with the Taiwan Stock Exchange.

Ichia to follow steady course

Handset keypad maker Ichia Technologies Inc (毅嘉) is expected to maintain relatively flat growth in revenue this quarter from last quarter, after the company on Monday posted revenue of NT$830 million for last month, down 19.26 percent year-on-year and 10.27 percent month-on-month.

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