Hwang not forced to resign
Minister of Economic Affairs Lee Chih-kung (李世光) yesterday dismissed speculation surrounding the replacement of former Taiwan Power Co (Taipower, 台電) chairman Hwang Jung-chiou (黃重球), saying that Hwang resigned of his own free will because of personal health issues. Hwang decided to leave as his workload was too heavy, Lee told reporters on the sidelines of a ministry media event in Taipei. Lee said given Hwang’s expertise and decades of experience in government, the ministry plans to invite him to serve in a position that has a less heavy workload. The ministry unexpectedly announced Hwang’s resignation on Friday and said Taipower president Chu Wen-chen (朱文成) would takeover Hwang’s position.
CSBC to pursue military subs
CSBC Corp, Taiwan (台灣國際造船), the nation’s only listed shipbuilder, yesterday expanded a development center in a bid to pursue military contracts as the government moves forward with plans to build an indigenous submarine fleet. The company said it has assigned 23 technicians and engineers to collaborate with international experts and to coordinate resources with manufacturing partners and suppliers. CSBC’s Submarine Development Center is the culmination of the company’s efforts toward building an indigenous submarine fleet that began in 2001. The company reported that sales in the first half of the year dipped 16 percent to NT$91 billion (US$2.88 billion).
Advantech report net rise
PC maker Advantech Co (研華科技) yesterday reported net income of NT$2.78 billion for the first half of this year, increasing 9 percent from NT$2.58 billion made in the same period last year. Earnings per share were NT$4.39 in the first six months of this year, compared with last year’s NT$4.07 per share, according to the company’s filing with the Taiwan Stock Exchange. Gross margin was 40.6 percent in the first half of this year, improving by 0.1 percentage points from last year.
China Steel profits rise
China Steel Corp (中鋼), the nation’s leading steelmaker, yesterday reported a pre-tax net profit of NT$2.76 billion for last month, an increase of 1.9 percent from the previous month. Last month’s revenue was NT$24.97 billion, up 2 percent on a monthly basis, the company said in a filing with the stock exchange. That brought its combined pre-tax income in the first half of this year to NT$7.85 billion, or NT$0.5 per share, the filing said. However, compared with the same period last year, the net profit decreased 26 percent in the first six months this year, the filing said.
Repon makes market debut
Repon Industrial Corp (南俊國際), a ball bearing drawer slides manufacturer for international furniture brands, yesterday made its market debut on the Emerging Stock Market, with a closing share price of NT$120. Based in New Taipei City, the furniture parts maker made a net profit of NT$234 million last year, with revenue reaching NT$1.84 billion, company data showed. In the first half this year, the company reported a net profit of NT$111 million, or NT$2.14 per share. Revenue in the same period last year came to NT$917 million. The company estimates its revenue this year to be about NT$2.4 billion and net profit to be about NT$320 million.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to