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.
While a sliding flexible printed circuit (FPC) business caused a decline in revenue last month, the firm’s consolidated revenue for the first 11 months of the year still rose 19.87 percent year-on-year to NT$10.47 billion.
Capital Securities Corp (群益金鼎證券) said in a client note that Ichia’s FPC business has stabilized and would become the company’s major source of profitability this year and next year. The company’s earnings per share are estimated to reach NT$3.25 this year and NT$3.54 next year, the brokerage forecast.
Acer extends reach in Americas
Acer Inc (宏碁) yesterday said its Android-powered Liquid E700 smartphones are now available in Bermuda, Jamaica, and the Turks and Caicos Islands, extending the reach of its global smartphone sales network.
The expansion to the Caribbean follows the launches of Acer smartphones across Pan-American nations earlier this year, including Canada, Chile and Mexico, bringing Acer’s smartphone brand to 35 markets around the world, far exceeding its original target of 25 markets set for this year, the company said in a statement.
Microsoft plans new e-mail apps
Microsoft Corp is planning to replace its homegrown Outlook e-mail tools on Apple Inc and Android smartphones with software made by Acompli Inc, a mobile-applications developer it acquired on Monday for about US$200 million, a person familiar with the deal said.
New Outlook apps based on Acompli may be released as soon as next month, the person said.
Microsoft last month unveiled a preview of new Office apps for Android tablets and updated Office for iPads and iPhones, while making many key features available in the free version.
BUSINESS UPDATE: The iPhone assembler said operations outlook is expected to show quarter-on-quarter and year-on-year growth for the second quarter Hon Hai Precision Industry Co (鴻海精密) yesterday reported strong growth in sales last month, potentially raising expectations for iPhone sales while artificial intelligence (AI)-related business booms. The company, which assembles the majority of Apple Inc’s smartphones, reported a 19.03 percent rise in monthly sales to NT$510.9 billion (US$15.78 billion), from NT$429.22 billion in the same period last year. On a monthly basis, sales rose 14.16 percent, it said. The company in a statement said that last month’s revenue was a record-breaking April performance. Hon Hai, known also as Foxconn Technology Group (富士康科技集團), assembles most iPhones, but the company is diversifying its business to
Apple Inc has been developing a homegrown chip to run artificial intelligence (AI) tools in data centers, although it is unclear if the semiconductor would ever be deployed, the Wall Street Journal reported on Monday. The effort would build on Apple’s previous efforts to make in-house chips, which run in its iPhones, Macs and other devices, according to the Journal, which cited unidentified people familiar with the matter. The server project is code-named ACDC (Apple Chips in Data Center) within the company, aiming to utilize Apple’s expertise in chip design for the company’s server infrastructure, the newspaper said. While this initiative has been
GlobalWafers Co (環球晶圓), the world’s No. 3 silicon wafer supplier, yesterday said that revenue would rise moderately in the second half of this year, driven primarily by robust demand for advanced wafers used in high-bandwidth memory (HBM) chips, a key component of artificial intelligence (AI) technology. “The first quarter is the lowest point of this cycle. The second half will be better than the first for the whole semiconductor industry and for GlobalWafers,” chairwoman Doris Hsu (徐秀蘭) said during an online investors’ conference. “HBM would definitely be the key growth driver in the second half,” Hsu said. “That is our big hope
The consumer price index (CPI) last month eased to 1.95 percent, below the central bank’s 2 percent target, as food and entertainment cost increases decelerated, helped by stable egg prices, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. The slowdown bucked predictions by policymakers and academics that inflationary pressures would build up following double-digit electricity rate hikes on April 1. “The latest CPI data came after the cost of eating out and rent grew moderately amid mixed international raw material prices,” DGBAS official Tsao Chih-hung (曹志弘) told a news conference in Taipei. The central bank in March raised interest rates by