No strike: Taipower union
The Taipower Labor Union yesterday called off plans for a strike after the Ministry of Economic Affairs invited union representatives to join discussions on privatizing the nation’s electricity supply industry. Union representatives said after a meeting with Minister of Economic Affairs Lee Chih-kung (李世光) that the ministry had agreed to allow union members participate in discussions of proposed amendments to the Electricity Act (電業法). The amendments, if approved by the Cabinet and the legislature, would pave the way for the privatization of Taiwan Power Co (Taipower, 台電).
OBUs’ assets fall in May
The 62 offshore banking units (OBUs) of banks operating in Taiwan posted total assets of US$190.173 billion in May, down US$67 million from the previous month, the central bank said in a statement yesterday. The OBUs of 37 Taiwanese banks held US$160.848 billion in assets, while foreign banks’ 25 OBUs had US$29.325 billion in assets, the central bank said, without elaborating on the reason for the decline in total assets. The OBUs’ lending made up about 40.8 percent of their total assets, with interbank lending and deposits accounting for 21.2 percent. Securities investments accounted for an additional 19.6 percent, the central bank said.
Viking expects synergy boost
Viking Tech Corp (光頡科技), a supplier of resistors and inductors, yesterday said its revenue could grow by a double-digit percentage this year from last year’s NT$1.549 billion (US$47.98 million), as the company starts to see synergy from its integration with Guangdong Fenghua Advanced Technology Holding Co (廣東風華高新科技). Last year, Viking sold a 40 percent stake to Guangdong Fenghua at NT$29.8 per share, making the Chinese firm its largest shareholder. In the first five months of the year, Viking’s cumulative revenue totaled NT$695 million, up 8.55 percent from a year ago. Viking’s shareholders approved the company’s proposal to pay dividends of NT$2.5 per share.
Gintech’s US plant starts up
Solar cell maker Gintech Energy Corp (昱晶) commenced operations of a new solar power plant in the US this week, in a move to further diversify its business portfolio. The US$30 million power plant is expected to generate an annual revenue of NT$100 million, said that G.D. Development Corp (昱鼎), a Gintech joint venture with CTCI Corp (中鼎工程) is in charge of operating the plant. The plant has an annual capacity of 9.5 megawatts and is able to generate 12,000 megawatt hours a year, G.D. Development said in a statement on Wednesday. Gintech shares yesterday rallied 6.73 percent to end at NT$26.15 in Taipei.
FDC seeks primary listing
Hotel and restaurant operator FDC International Hotels Corp (FDC, 雲品國際) yesterday submitted its primary listing application to the Taiwan Stock Exchange, hoping to debut its shares on the main bourse by the end of this year. FDC is currently trades on the Emerging Stock Market, a preparatory board for the nation’s two main bourses. The company, which runs the five-star hotel Fleur de Chine (日月潭雲品酒店) near Sun Moon Lake and the buffet restaurant Giardino in New Taipei City’s Sinjhuang District (新莊), reported NT$555 million in revenue in the first five months of the year, up 7.36 percent from a year ago.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Tesla Inc is planning to ship vehicles made at its Shanghai Gigafactory to other markets in Asia and Europe, people familiar with the matter said, as the company looks to realize its plan to reduce shipping costs and manufacture vehicles closer to customers. China-built Tesla Model 3s intended for delivery outside China would likely start mass production in the fourth quarter of the year, the people said, asking not to be identified because the details are private. They said the markets targeted include Singapore, Australia and New Zealand, as well as Europe, where customers currently have to wait for a Tesla to
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for