Consumption hits record
The nation recorded its highest electricity consumption yesterday afternoon as the mercury soared with the approach of Typhoon Nepartak, state-owned Taiwan Power Co (Taipower, 台電) said. The peak electricity consumption was recorded at 35.56 million kilowatts at 1:45pm, which was 175,000 kilowatts higher than the previous record of 35.385 million kilowatts set on July 2 last year, Taipower said. The percentage of operating reserves fell to 3.07 percent.
Elan revenue rises 10.68%
Touchpanel controller chipmaker Elan Microelectronics Corp (義隆電子) yesterday said its revenue increased 10.68 percent year-on-year and 4.75 percent month-on-month to NT$541 million (US$16.69 million) last month, the highest in seven months. Elan attributed the monthly increase to higher contributions from its touchscreen chips and touch-pad applications for notebook computers. From January to last month, revenue totaled NT$2.95 billion, down 7.86 percent from the same period last year, Elan said in a filing with the Taiwan Stock Exchange.
FIT Hon Teng plans IPO
FIT Hon Teng (鴻騰精密), a connector unit of the world’s biggest contract electronics manufacturer, Hon Hai Precision Industry Co (鴻海精密), has submitted an application to the Hong Kong stock exchange, aiming to raise between US$1 billion and US$1.5 billion in an initial public offering later this year, the Chinese-language Apple Daily reported yesterday. FIT Hon Teng reported net profit of US$177 million last year, down 5.35 percent year-on-year. The company’s sales totaled US$2.33 billion last year, with 35.7 percent coming from Hon Hai.
FOOD AND BEVERAGE
Tai Tong revenue up 10.28%
The Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團), a large Taiwanese restaurant operator, yesterday reported its revenue grew 10.28 percent year-on-year to NT$2 billion last month. The annual growth rate for last month marked the sixth consecutive month of double-digit growth. Looking forward Tai Tong said sales for this quarter would reach a new quarterly high this year.
Yahoo-Kimo opens store
Yahoo-Kimo (雅虎奇摩), the leading Taiwanese e-commerce platform company, yesterday launched its first brick-and-mortar store in cooperation with Taiwan FamilyMart Co (全家便利商店) to develop omni-channel retailing. Omni-channel retailing means that the traditional boundaries between physical and online stores disappear. Yahoo-Kimo said customers can make orders on products displayed in the experience store via QR code scanning. The company said it hopes to launch more physical stores in the future. Like normal FamilyMart convenience stores, the experience store is also open 24 hours, Yahoo-Kimo said.
Deposit coverage No. 3: CDIC
The nation’s deposit insurance coverage is the third-highest in the world, indicating that the nation is keen to protect local consumers and their assets, the government-run Central Deposit Insurance Corp (CDIC, 中央存保) said on Tuesday. The nation’s deposit insurance coverage of NT$3 million (US$92,820) per depositor comes only behind the US, which provides up to US$250,000 in deposit insurance coverage, and the eurozone, where the insurance coverage limit stands at 100,000 euros (US$111,000).
Staff writer, with CNA
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
ROW: A probe would determine if the rights of shareholders who were not allowed to vote yesterday had been violated, while the stock exchange also wants answers The election of board directors yesterday at Tatung Co (大同) sparked controversy after the company blocked some institutional and individual shareholders from participating in the general shareholders’ meeting, prompting the Financial Supervisory Commission (FSC) to announce that the vote would be investigated. Lin Kuo Wen-yen (林郭文艷) was re-elected as chairwoman of the household-appliance maker’s nine-member board, but prior to the vote she announced that several shareholders would not have voting rights. They were being denied a vote because they had contravened the Business Mergers and Acquisitions Act (企業併購法), and the Act Governing Relations Between the People of the Taiwan Area and