Sat, Sep 26, 2015 - Page 14 News List

Taiwan Business Quick Take

Staff writer

BANKING

Home loans growth slows

Home loans totaled NT$5.96 trillion (US$179.02 billion) at the end of last month, a rise of 2.93 percent from the same period a year earlier, the slowest pace of increase in two years, according to statistics released by the central bank yesterday. Cautious sentiment on the part of home buyers accounted for the slowdown, the central bank said. However, self-occupancy upheld the housing market, as first-time buyers increased their mortgage loans by NT$3.3 billion at eight major state-run banks to NT$433.4 billion last month from July, the central bank said. Construction financing increased 4.26 percent from a year earlier to NT$1.66 trillion, the lowest annual increase in 19 months, the central bank said.

BANKING

Fitch updates its ratings

Fitch Ratings Inc has changed its ratings for several private banks in Taiwan, driven by changes in the banks’ intrinsic credit profiles, according to a statement released yesterday. The ratings agency said it upgraded EnTie Commercial Bank’s (安泰銀行) national rating from “A-”to “A,” revised the outlook of Far Eastern International Bank (遠東國際商銀) and Taichung Commercial Bank (台中商銀) from “negative” to “stable” and affirmed the ratings of Shanghai Commercial & Savings Bank (上海商業儲蓄銀行), King’s Town Bank (京城銀行) and Bank of Taipei (瑞興商業銀行).

BANKING

BOT, Land Bank to cut rates

State-owned Bank of Taiwan (BOT, 臺灣銀行) yesterday announced it plans to lower its New Taiwan dollar interest rates on Tuesday next week, following in the footsteps of the central bank, which announced a cut in official interest rates on Thursday. The BOT is to cut the interest rate on various time deposits and time savings deposits by between 0.02 and 0.075 percentage points, the bank said in a statement. State-controlled Land Bank of Taiwan (土地銀行) also announced that it would slash interest rates on various time deposits by between 0.02 and 0.08 percentage points beginning on Tuesday.

INVESTMENT

Powerchip venture approved

The Investment Commission yesterday approved Powerchip Technology Corp’s (力晶科技) application to invest US$230 million in a 12-inch wafer plant in Hefei, Anhui Province, China. The Taiwanese company plans to use the funds to work with Hefei Construction Investment and Holding Co (合肥市建設投資控股) at the factory to produce driver ICs for LCD TV panels, the commission said in a statement. Powerchip said the technologies used in the Hefei factory are to be five generations behind its newest technologies. The company also promised to invest at least NT$5 billion on research and development in Taiwan each year, the commission said.

SOLAR ENERGY

Motech, Aide Solar team up

Motech Industries Inc (茂迪), the nation’s biggest solar cell maker, yesterday said it had reached an alliance agreement with Jiangsu Aide Solar Energy Technology Co (江蘇艾德太陽能科技) in a bid to expand its presence in China. In a statement, Motech said it agreed to sell a 4.61 percent share in Motech (Suzhou) Renewable Energy Co (茂迪蘇州新能源) to Aide Solar in exchange for a number of solar cell manufacturing facilities worth 76.83 million yuan (US$12.05 million). Aide Solar, a solar cell and photovoltaic module maker, is a China-based subsidiary of Taiwanese diode maker Pan Jit International Inc (強茂).

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