BANKING
Yuan activity on the rise
Yuan deposits at Taiwanese banks rose 0.48 percent last month to 318.23 billion yuan (US$48.35 billion), after falling for five consecutive months as local investors increased holdings, the latest data released by the central bank showed yesterday. Yuan deposits edged up 0.04 percent to 271.28 billion yuan at domestic banking units and grew 3.12 percent to 46.95 billion yuan at offshore banking units, the data showed. Remittances hit 345.15 billion yuan last month, up 64.19 percent from 210.22 billion yuan in November, as yuan activity tends to be stronger at the end of the year, the central bank said.
FOREIGN AFFAIRS
Canadian double tax cut
Taiwan and Canada have signed an agreement to prevent the taxation of the same income twice in the two nations, the Ministry of Foreign Affairs said yesterday. The signing was completed earlier in the day and is likely to take effect on Jan. 1 next year, after the two sides complete the necessary domestic procedures, the ministry said in a statement. The ministry hoped the agreement would help create a friendlier environment for bilateral investment, especially considering the potential for further cooperation in the technology, healthcare, clean energy, sustainable development and services sectors. Canada is Taiwan’s 24th-largest trade partner and 17th-largest export market, while Taiwan is Canada’s 12th-largest trade partner, the ministry said.
BANKING
King’s Town buy-back ends
King’s Town Bank (京城銀行) yesterday said it had completed its latest round of a share buyback scheme, as the Tainan-based medium-sized bank repurchased 12 million common shares on the open market at NT$22.87 per share on average since Dec. 1 last year. The lender’s shares closed down 2.18 percent at NT$20.2 yesterday in Taipei trading. King’s Town Bank reported net profit of NT$3.68 billion for last year, with earnings per share of NT$3.09.
AUTOMAKERS
Flat yearly growth forecast
Teco Electric and Machinery Co (東元電機), the nation’s largest maker of industrial motors, yesterday said the economy might show “flat growth” this year. “We are not too pessimistic about the economy this year, but we cannot be optimistic either,” Teco chairman Theodore Huang (黃茂雄) told reporters ahead a product launch in Taipei, citing the impacts of an economic recovery in the US, a slowdown in China and uncertainty for Europe. Huang did not provide his economic growth forecast this year. Nomura Holdings Inc this week cut its forecast for Taiwan’s GDP growth to 1.5 percent this year, from its previous estimate of 2.4 percent, leaving Taiwan with one of the region’s weakest growth rates.
OBITUARY
Humble House founder dies
My Humble House Group (寒舍集團) founder Tsai Chen-yang (蔡辰洋), 66, died of a heart attack early yesterday, his family said. The son of Tsai Wan-tsun (蔡萬春), the late founder of the family business group, Tsai Chen-yang founded My Humble House Hospitality Management Consulting Co (寒舍餐旅管理顧問) that operates Le Meridien Taipei, Sheraton Grand Taipei Hotel, Humble House Taipei and A ROY DEE by Sukhothai and Raku Kitchen restaurants. Tsai Chen-yang was a member of the second generation of one of the nation’s wealthiest families, which run several businesses, including Cathay Financial Group (國泰集團).
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
UNCERTAINTIES: The world’s biggest chip packager and tester is closely monitoring the US’ tariff policy before making any capacity adjustments, a company official said ASE Technology Holding Inc (日月光投控), the world’s biggest chip packager and tester, yesterday said it is cautiously evaluating new advanced packaging capacity expansion in the US in response to customers’ requests amid uncertainties about the US’ tariff policy. Compared with its semiconductor peers, ASE has been relatively prudent about building new capacity in the US. However, the company is adjusting its global manufacturing footprint expansion after US President Donald Trump announced “reciprocal” tariffs in April, and new import duties targeting semiconductors and other items that are vital to national security. ASE subsidiary Siliconware Precision Industries Co (SPIL, 矽品精密) is participating in Nvidia
RSS