LSEG to grow margins
London Stock Exchange Group (LSEG) yesterday said operating margin for its information services division would rise, driven by revenue growth and cost savings from the integration of its FTSE and Russell benchmark businesses. The company, which owns Borsa Italiana, MillenniumIT and the London Stock Exchange, expects double-digit revenue growth annually over the next three years for FTSE Russell, UnaVista and the Stock Exchange Daily Official List. LSEG said last month it would sell Frank Russell Company’s asset management business to US private-equity firm TA Associates for gross proceeds of about US$1.15 billion. The company said at that time that the separation of the Russell Index business from Russell Investments was expected to be completed in the first quarter of next year, following which, the Russell Index would be integrated with the FTSE. Information services accounted for 27 percent of LSEG’s revenue for the year ended Dec. 31.
Hiscox premiums surge
Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said gross written premiums rose to US$2.31 billion in the nine months ended Sept. 30, from US$2.05 billion a year earlier The underwriter also said it benefited from good risk selection and a lack of storms, floods and hurricanes in the period. Based on early estimates, Hiscox said it expected net claims of US$10 million from the explosion in the Port of Tianjin in August, and that it had limited exposure to the Californian wildfires in September and the more recent South Carolina floods. Hiscox’s London Market increased gross written premiums by 16.9 percent in local currency to ￡453.4 million (US$683.33 million), while gross written premiums at Hiscox USA rose 17.1 percent to US$321.4 million.
Chinese stocks rise
Chinse stocks closed up yesterday, as investors welcomed Friday evening’s announcement by the securities regulator that initial public offerings would resume in the next several weeks. After a lull of more than three months and the market now up over 20 percent from its September low, regulators appear to have concluded that sentiment has recovered sufficiently to permit some additional supply of shares. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.2 percent, to 3,840.35, while the Shanghai Composite Index gained 1.6 percent, to 3,646.88 points. Total turnover of A shares traded in Shanghai was 50.2 billion lots, while Shenzhen volume was 42.2 billion lots.
India to build Apache
US aerospace group Boeing and India’s Tata Advanced Systems announced yesterday they are joining up to make airframe parts for the AH-64 Apache attack helicopter. After initially building a manufacturing center in India for the Apache, they are to expand the partnership to compete for further work on Boeing commercial and defense platforms, they said in a statement released during the Dubai Air Show. The firms gave no financial details. “This partnership would capitalize on India’s industrial capability, innovation and talent to contribute to Boeing’s long-term competitiveness and position us for future growth in the global marketplace,” said Chris Chadwick, chief executive of Boeing Defense, Space & Security.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
ROW: A probe would determine if the rights of shareholders who were not allowed to vote yesterday had been violated, while the stock exchange also wants answers The election of board directors yesterday at Tatung Co (大同) sparked controversy after the company blocked some institutional and individual shareholders from participating in the general shareholders’ meeting, prompting the Financial Supervisory Commission (FSC) to announce that the vote would be investigated. Lin Kuo Wen-yen (林郭文艷) was re-elected as chairwoman of the household-appliance maker’s nine-member board, but prior to the vote she announced that several shareholders would not have voting rights. They were being denied a vote because they had contravened the Business Mergers and Acquisitions Act (企業併購法), and the Act Governing Relations Between the People of the Taiwan Area and