Wed, May 18, 2016 - Page 14 News List

Taiwan Business Quick Take

Staff writer, with agencies

MANUFACTURING

Weak US retail could hurt

The weak spring sales of major retail brands in North America — including JC Penny Co, Nordstrom Inc, Kohl’s Corp, Macy’s Inc, The Gap Inc and Lululemon Athletica Inc — might have negative implications for Taiwan’s textile and footwear sector, Macquarie Capital Securities Ltd said in a client note on Monday. “We expect suppliers’ slower revenue growth and margin pressure from brand and retailer clients to continue in the remainder of the year,” Macquarie’s Taipei-based analysts led by Corinne Jian (簡秋萍) wrote in the note, saying that US consumers spending patterns are changing from apparel to entertainment and to home beautification. Shares of apparel maker Eclat Textile Co (儒鴻) fell 0.85 percent and textile supplier Makalot Industrial Co (聚陽) dropped 0.64 percent in Taipei trading yesterday, while footwear maker Feng Tay Enterprise Co (豐泰鞋業) rose 2.38 percent.

AUTOMAKERS

Sanyang upbeat on Q2

Automobile and motorcycle manufacturer Sanyang Industry Co (三陽工業) yesterday said sales would increase this quarter from the previous quarter, as its corporate restructuring efforts bear fruit. Vice chairman and president Wu Chin-yuan (吳清源) said the company’s share of the domestic motorcycle market is expected to reach 25 percent by the end of this year, compared with 22.8 percent in the first quarter. Automobile sales by the company, which assembles Hyundai Motor Co’s Tucson cars, are forecast to hit as high as 16,000 units by the end of the year, the highest in nearly five years, Wu said. Shares of Sanyang rose 0.25 percent yesterday in Taipei trading.

FOOD AND BEVERAGE

Q1 revenue rises 3.1%

The revenue of the nation’s food and beverage sector totaled NT$111 billion (US$3.4 billion) in the first quarter, up 3.1 percent from a year earlier and a new high, the Ministry of Economic Affairs said on Monday. Thanks to the launch of new restaurant brands and a growing focus on leisure, the January-to-March quarter was also the 28th consecutive quarter in which the sector posted an annual increase in revenue, ministry data showed. The ministry said it expected the growth momentum to continue, forecasting full-year revenue of NT$430 billion for this year, which would be 1.4 percent higher than last year’s NT$424.1 billion.

AVIATION

New Boeing 777 for CAL

China Airlines Ltd (CAL, 中華航空) on Monday took delivery of the world’s first cobranded Boeing 777 aircraft at a Boeing production facility in Washington state. The new Boeing 777 300ER aircraft bears the names and logos of CAL and Boeing on its fuselage, while CAL’s plum blossom logo is also on the tail. The new aircraft, CAL’s 10th 777 from Boeing, will be used on routes from Taipei to Europe and the US starting later this month, the airline said.

BANKING

ANZ cuts jobs in Australia

Australia & New Zealand Banking Group Ltd (ANZ) is eliminating about 200 jobs in its Australian unit as lending growth slows in a subdued economy. The reductions will be largely in Melbourne and affect managerial and back-office roles in areas such as marketing and project management, spokesman Stephen Ries said in an e-mail yesterday. ANZ is also slashing its Asian and institutional-banking workforce as part of a move to exit low-returning assets.

This story has been viewed 1712 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top