Fri, Oct 02, 2015 - Page 14 News List

Taiwan Business Quick Take

Staff writer

AUTOMOBILES

New vehicle sales rise

New vehicle sales rose 10.1 percent month-on-month, but dropped 28.4 percent year-on-year to 25,226 units last month, data compiled by local motor vehicle offices showed yesterday. In the first nine months of the year, total vehicle sales decreased 0.5 percent from a year earlier to 312,148 units, the data showed. Hotai Motor Co (和泰汽車), which distributes Toyota and Lexus models, continued to be the market leader, selling 5,393 cars last month, with a market share of 21.4 percent, and 96,561 cars from January to last month for a 30.9 percent market share, data showed.

ECONOMY

GDP growth ‘difficult’: DGBAS

Directorate-General of Budget, Accounting and Statistics (DGBAS) Minister Shih Su-mei (石素梅) yesterday said it would be difficult for the nation to maintain a GDP growth rate of more than 1 percent this year, as third-quarter GDP growth might show a contraction from a year earlier. However, Shih told lawmakers during a meeting of the Economics Committee at the legislature in Taipei that the outlook for the fourth quarter seems “slightly better.” In August, the DGBAS forecast that GDP would increase by 1.56 percent this year from last year.

BANKING

BIDV to set up Taipei office

The Financial Supervisory Commission yesterday said it approved an application by the Bank for Investment and Development of Vietnam (BIDV) to set up a representative office in Taipei, making it the first Vietnamese financial institution to establish a representative office in Taiwan. Banking Bureau Deputy Director-General Jean Chiu (邱淑貞) said Taiwan is the fourth-largest foreign investor in Vietnam, and the BIDV is likely to upgrade its Taiwanese office into a branch. Eight Taiwanese banks have among them set up one subsidiary and 11 branches in Vietnam, she said.

CHIPMAKERS

VIA sells subsidiary to Intel

Chip designer VIA Technologies Inc (威盛科技) yesterday said it sold a handset chip subsidiary to rival Intel Corp on Wednesday. Terms of the deal are unknown, but the company in July said it inked an agreement with a third-party company to sell its stake in VIA Telecom Co (威睿電通), with expected asset gains of US$100 million. VIA Telecom, 50 percent owned by VIA Technologies, designs mobile phone chips supporting CDMA technology.

STEEL

CSC appoints new president

China Steel Corp (CSC, 中鋼) yesterday said its board decided to name president Andrew Sung (宋志育) as the company’s new chairman, replacing Tsou Juo-chi (鄒若齊), who unexpectedly resigned last week. Tsou is to become an honorary consultant with the company, while vice president Lin Horng-nan (林弘男) is to fill the vacancy left by Sung, CSC said in a statement. The personnel adjustments took effect yesterday. The board also approved the spending of NT$3.35 billion (US$101.27 million) to buy a property in Kaohsiung for storage.

AVIATION

TransAsia names president

TransAsia Airways Corp (復興航空) yesterday said Executive Aviation Taiwan Corp (飛特立航空) president Chen Wei-chau (陳葦洲) would serve as its new president, beginning on Monday. Chen is to replace Fred Wu (吳滬生), who is to continue to help the company as a consultant.

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