Yuan deposits stabilizing
Yuan deposits held by banks based in Taiwan increased slightly to 305.62 billion yuan (US$45.81 billion) last month, from 305.4 billion in July, the central bank said, as interest in the currency showed signs of stabilizing. Yuan deposits at domestic banking units gained 0.16 percent to 271.44 billion yuan last month, but they declined 0.64 percent at offshore banking units to 34.17 billion yuan, the central bank said. Local lenders are no longer offering generous interest rates to encourage yuan deposits after China’s central bank cut interest rates several times to support economic growth and rate differences taper off between offshore and onshore markets, it said.
MediaTek hails US progress
Handset chip designer MediaTek Inc (聯發科) said it has made great progress in expanding its presence in the US market, as telecom operator Sprint yesterday launched an LG Electronics smartphone that is equipped with its premium chipset. The phone uses MediaTek’s Helio P10 chipset, a company statement said. The Helio P10 offers high-performance 4G LTE octacore processors, as well as the older modems, such as CDMA2000, WCDMA, HSPA+ and GSM. The LG phone is available for Boost Mobile customers.
Motech to axe 200 workers
Motech Industries Inc (茂迪), one of the nation’s largest solar cell manufacturers, yesterday said it has no plan to cut jobs significantly in the short term, but it does plan to terminate the contracts of 200 foreign workers. The company said it has no plans to ask employees to take unpaid leave. The company is only introducing short-term “labor adjustments,” Motech said in a filing with the Taiwan Stock Exchange, without giving any details. Motech shares fell 1 percent to close at NT$30.85 yesterday in Taipei trading, underperforming the TAIEX, which climbed 2.81 percent.
No Note 7 sales: Samsung
Samsung Electronics Co’s branch in Taiwan yesterday said it does not have any plans to put the Galaxy Note 7 back on the shelves in the local market at this time. The Central News Agency quoted the South Korean company as saying it would continue with its replacement policy for Taiwanese consumers, in which they can have their Galaxy Note 7 handsets replaced unconditionally from Friday this week. Samsung started to take reservations for Galaxy Note 7 replacement at noon yesterday and had received more than 4,000 requests in just two hours, the report said.
Ministry rescinds medal
The Ministry of Finance yesterday rescinded a medal of honor it had awarded former Mega Financial Holding Co (兆豐金控) chairman Mckinney Tsai (蔡友才) after he was found to have been negligent while chairing the state-run company. The ministry said an investigation by the Financial Supervisory Commission had shown that Tsai was not worthy of the honor and that it would ask him to return the medal and certificate. In addition, the ministry has instructed new Mega Financial chairman Michael Chang (張兆順) to seek damages from Tsai for losses related to a US$180 million fine at the New York branch of Mega International Commercial Bank (兆豐銀行).
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