Sat, Apr 16, 2016 - Page 14 News List

Taiwan Business Quick Take

Staff writer

BANKING

Investors cut yuan holdings

The nation’s yuan deposits fell to the lowest level in 14 months as investors cut yuan holdings for fear of a slowdown in China’s economy and potential debt defaults in Chinese corporations, according to the latest central bank data. Yuan deposits declined for a second consecutive month to 314.32 billion yuan (US$48.56 billion) last month, a reduction of 2.5 billion yuan, or 0.79 percent from February, the central bank said in a statement yesterday. Yuan deposits at lenders’ domestic banking units (DBU) totaled 272.86 billion yuan last month, falling by 1.17 billion yuan from February, the central bank said. Yuan deposits at lenders’ offshore banking units (OBU) reached 41.46 billion yuan, down 1.34 billion yuan from the previous month, the central bank said. However, remittances hit 132.09 billion yuan last month, up 25.33 percent from February, when yuan activity tends to be lower, as the Lunar New Year holiday reduced the number of working days, the central bank said.

SEMICONDUCTORS

Materials markets is biggest

The nation is expected to retain the world’s largest semiconductor material market this year, although sales in Taiwan contracted by 2 percent last year, a global industry association said yesterday. Last year, sales of semiconductor materials in Taiwan amounted to US$9.41 billion, down from US$9.6 billion in the previous year, Semiconductor Equipment and Materials International (SEMI) said in a statement. However, sales in South Korea rose 2 percent to US$7.16 billion and those in China also increased 2 percent to US$6.12 billion, SEMI said. The total sales of the global semiconductor material market declined 1.5 percent last year from the previous year to US$43.4 billion, it said.

SCOOTERS

Gogoro has 92% share

Electric scooter vendor Gogoro Inc (睿能創意) on Thursday said its market share for electric scooters in the greater Taipei area reached 92 percent last month, and that it is planning on tapping into another city in Taiwan in the middle of this year. The company declined to say which city, as it is still under discussion. However, Gogoro said its existing partners, such as 7-Eleven and Hi-Life convenience stores would continue providing spaces for its battery-swapping stations in the new city. At present, Gogoro operates 12 brick-and-mortar stores and 175 battery-swapping stations in Taipei, Keelung, Taoyuan and Hsinchu. The company sold 1,884 scooters in the first quarter, compared with 765 units of China Motor Corp’s (中華汽車) E-moving 100 electric scooters.

FOOTWEAR

Pou Chen revenue up 7.7%

Footwear manufacturer Pou Chen Corp (寶成工業) this week said its revenue rose 7.7 percent annually to NT$22.69 billion last month, boosting the company’s cumulative revenue for the first quarter to increase 8.3 percent to NT$67.44 billion from NT$62.27 billion in the same quarter a year ago. The company attributed the strong quarterly increase mainly to higher contribution from its subsidiary — Hong-Kong-listed Yue Yuen Industrial Holdings Ltd (裕元工業). Yue Yuen, in which Pou Chen owns a 49.98 percent stake, reported revenue last quarter rose 3.1 percent annually to US$2.03 billion from US$1.97 billion on the back of sales growth in its shoe manufacturing and distribution business, Pou Chen said in a statement issued on Monday.

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