Fri, Apr 10, 2015 - Page 14 News List

Taiwan Business Quick Take

Staff writer

ECONOMY

S&P affirms ‘AA-’ rating

Standard & Poor’s (S&P) yesterday affirmed Taiwan’s sovereign credit rating of “AA-,” its fourth-highest grade, and forecast that the nation’s economy would grow 3.6 percent this year, and see continued growth of between 3.5 and 3.8 percent from next year through 2018. The ratings agency said that it had kept a stable outlook on the nation’s sovereign ratings, affirming its “AA-” long-term and “A-1+” short-term unsolicited issuer credit ratings. “The stable outlook reflects our expectation that Taiwan will maintain its net external asset position and that sustained economic growth will help consolidate the government’s debt position,” S&P said in a statement.

INSURANCE

FSC sees insurance growth

The number of microinsurance policyholders increased 77,000 last year and another 60,000 policyholders are expected for this year, the Financial Supervisory Commission (FSC) said yesterday. To date about 142,000 people in Taiwan have participated in a government-orchestrated microinsurance program which was launched in 2009 to provide basic protection for economically disadvantaged people, the commission said.

FINANCE

Cathay reports profit growth

Cathay Financial Holding Co (國泰金控), the nation’s largest financial services provider by assets, yesterday said its net profit grew 46.12 percent year-on-year to NT$6.59 billion (US$211 million) last month, bringing its cumulative profit for the first quarter of the year to NT$18.04 billion. The Taipei-based firm’s net profit for the first quarter was 46.55 percent higher than the same period last year, with earnings per share of NT$1.42, according to a company filing with the Taiwan Stock Exchange.

MANUFACTURING

Yeong Guan eyes wind

Yeong Guan Energy Technology Group Co (永冠能源). which produces advanced casting components for specialized applications, yesterday said shipments would reach 150,000 tonnes this year, up 11.5 percent from 134,500 tonnes last year, benefiting from stable global demand for wind power turbines. Yeong Guan’s products are used in the fields of energy, industrial machinery, injection molding and medical equipment.

ENTERTAINMENT

Gamania sales show drop

Online games publisher Gamania Digital Entertainment Co (遊戲橘子) yesterday reported sales of NT$2.45 billion for the first quarter of this year, down 1.04 percent from NT$2.48 billion the previous year. On a quarterly basis, revenues rose 7.45 percent from NT$2.28 billion, Gamania said in a Taiwan Stock Exchange filing. Gamania, the Taiwan distributor of NCsoft Corp’s Lineage online fantasy game, also said it would bring new mobile and PC versions of Lineage to Android players, beginning this month.

TECHNOLOGY

Accton revenue down 5.81%

Accton Technology Corp (智邦科技), a local maker of computer network equipment, such as routers, yesterday reported consolidated revenue of NT$4.95 billion for last quarter, down 5.81 percent year-on-year. Network switches remained the company’s major sales contributor, accounting for 71.06 percent last month, while carrier access solutions made up 16.98 percent, wireless local area networks 4.15 percent, broadband and gateway devices 2.92 percent and others 4.89 percent.

This story has been viewed 2057 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top