FSC fines Mega International
The Financial Supervisory Commission (FSC) yesterday fined Mega International Commercial Bank (兆豐銀行) NT$3 million (US$93,000) for oversights in its internal control protocols that led to it accepting US$2.44 million in counterfeit money deposits earlier this year. The bank was found to have contravened the Banking Act (銀行法) by failing to detect a sudden rise in transactions in the account involved in the case, which had been idle between December 2013 and January.
Taisugar to pay record profit
Shareholders of state-run Taiwan Sugar Co (Taisugar, 台糖) yesterday approved dividends of NT$2.7 per share. The amount surpassed last year’s distribution of NT$1.9 and is the highest in the company’s history. The Ministry of Economic Affairs, which holds an 86 percent stake in the company, is estimated to contribute NT$13.1 billion in revenue to the treasury. The company reported that operating profit in the first five months of this year totaled NT$3.2 billion, of which NT$2.8 billion was from its core businesses.
Yulon considering subsidiary
Yulon Group (裕隆集團) yesterday announced that it is mulling plans to establish a NT$3 billion construction subsidiary as part of the automobile conglomerate’s plan to expand into the real-estate market. The subsidiary might oversee the company’s massive land development project at its abandoned factory in New Taipei City’s Xindian District (新店). The company said the project is expected to receive approval from regulators next year and be completed by 2020. Shareholders also approved dividends of NT$0.9 per share, the highest in four years.
Eclat to pay record dividends
Textile manufacturer Eclat Textile Co (儒鴻) shareholders yesterday approved record-high dividends of NT$10.5 per share. The company expects sales to experience faster growth in the second half of this year as global markets are forecast to see annual growth of between 10 percent and 15 percent this year, barring significant foreign exchange fluctuations. The company plans to continue developing new products based on its expertise in functional fabrics.
Inotera confirms sale price
DRAM chipmaker Inotera Memories Inc (華亞科技) yesterday confirmed the price of its acquisition by US company Micron Technology Inc at NT$30 per share, the firm said in a filing with the Taiwan Stock Exchange. Micron may purchase the remaining 67 percent share of Inotera on Friday, dispelling speculation that the price of the deal had been slashed to less than NT$20 per share. Inotera shares yesterday gained 0.79 percent to close at NT$25.65
TAIEX ends at day’s high
The TAIEX yesterday rose 58.93 points, or 0.68 percent, closing at the day’s high of 8,684.85 after an early low of 8,627.40 on turnover of NT$68.71 billion. Buying momentum extended from the previous session as investors were encouraged by solid gains on Monday on Wall Street and European markets, amid reduced worries over a possible departure by Britain from the EU, dealers said. However, with turnover remaining low, the broader market failed to overcome technical resistance at 8,700 points, dealers said.
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five
Delta Electronics Inc (台達電), the nation’s leading power management solutions provider, has signed an agreement to acquire Canadian software firm Trihedral Engineering Ltd to bolster its smart production efforts, it said on Saturday. Delta said in a statement that it would acquire Trihedral for C$45 million (US$32.68 million) through its 100 percent-owned subsidiary Delta Electronics (Netherlands) BV. Trihedral specializes in supervisory control and data acquisition (SCADA) and industrial Internet of Things software, which would strengthen Delta’s hardware offerings in fast-growing areas such as automation, artificial intelligence and data analytics, it said. “The collection, monitoring and analyzing of data are critical to Delta’s two
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
BOOSTING BUYING: A source said that the idea of pre-ordering vouchers online is being considered, but the preliminary plan is for people to buy them at post offices A stimulus voucher program to be rolled out next month to boost consumption would be available not only to Taiwanese, but also foreign nationals and Chinese spouses who hold residency permits, a source familiar with the matter said yesterday. The government is fine-tuning the details of the program, which involves issuing vouchers for in-store purchases to revive buying amid the COVID-19 pandemic. During a radio interview on Monday last week, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said that the plan is to allow anyone, regardless of age or income level, to buy NT$3,000 (US$99.89) worth of vouchers for