Wed, Jun 10, 2015 - Page 14 News List

Taiwan Business Quick Take

Staff writer

INSURANCE

Cathay bid gets green light

The Financial Supervisory Commission yesterday approved an application by Cathay Life Insurance Co (國泰人壽), the life insurance arm of Cathay Financial Holding Co (國泰金控), to acquire a 100 percent stake in US-based investment management services provider Conning Holdings Corp for NT$7.35 billion (US$234.8 million). In November last year, Cathay Life said its board decided to purchase Conning and all of its subsidiaries for US$240 million from Aquiline Capital Partners LLC and other shareholders. Cathay Financial said the deal is a significant step toward the firm’s goal of building a complete financial services platform with expertise in asset management, banking and insurance.

BANKING

FSC fines three lenders

The Financial Supervisory Commission (FSC) yesterday fined a number of lenders a total of NT$8 million for violations of the Banking Act (銀行法), citing poor internal controls and lack of compliance. Bank SinoPac (永豐銀行) was fined NT$4 million, while Deutsche Bank Taipei and BNP Paribas Taipei were fined NT$2 million each, the commission said in a statement.

TECHNOLOGy

Career to buy back shares

Career Technology Co Ltd (嘉聯益), a supplier of flexible printed circuit board for Apple Inc’s iPads, yesterday said its board had decided to implement a stock buyback plan, beginning yesterday and running through Aug. 7. The stock closed 2.79 percent lower at NT$20.90 yesterday before the company unveiled the plan. The board agreed to buy back up to 5 million shares, or 1.54 percent of its issued capital, at a price of NT$16.60 to NT$40 per share, Career said in a filing with the Taiwan Stock Exchange. The company plans to spend up to NT$3.93 billion on the buyback and cancel the shares in a bid to increase earnings per share for its shareholders, the filing said.

DISPLAYS

Innolux market share rises

Innolux Corp (群創) saw its share of the global TV and PC panel market edge up 0.4 percentage points to 17 percent last quarter from the previous year, International Data Corp (IDC) said yesterday. The world’s third-largest LCD panel maker shipped 34.3 million TV and PC panels last quarter, up 4.6 percent from the previous year ago, IDC said. It said AU Optronics Corp (友達光電) ranked fourth last quarter, but saw its market share drop 0.8 percentage points to 13.7 percent from the previous year. South Korea’s LG Display Co and Samsung Display Corp maintained their first and second spots with market shares of 21.9 percent and 17.3 percent respectively, while China’s BOE Technology Group Co (京東方) expanded its market share to 12.3 percent after shipments spiked almost 21 percent year-on-year.

TECHNOLOGY

LED firms see sales fall

Taiwanese LED companies reported weak sales momentum and more than a 10 percent monthly sales decline last month, with LED chipmaker Epistar Corp’s (晶元光電) sales down 12.1 percent to NT$2.3 billion and LED chip packager Everlight Electronics Co’s (億光電子) sales down 9.2 percent to NT$2.2 billion. Even so, the firms were generally optimistic about the demand for lighting LEDs in the third quarter and expect sales momentum to recover by the second half of next quarter, aided by falling retail prices for residential lighting and aggressive promotions by tier-one brands.

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