Mon, Sep 26, 2016 - Page 15 News List

Taiwan Business Quick Take

Staff writer

PAPER

TPPC to close Sinying plant

Taiwan Pulp and Paper Corp (TPPC, 台灣紙業) on Friday announced that it is to cease operations at its pulp and paper plant in Tainan’s Sinying District (新營) due to mounting losses. The company said in a filing with the Taiwan Stock Exchange Corp (TWSE) that the plant incurred accumulated losses of about NT$1.75 billion (US$55.9 million) over the past five years due to aging facilities and rising production costs.

BANKING

Mega Bank to set up center

Mega International Commercial Bank (兆豐銀行) on Friday said it will establish a money laundering prevention center, an overseas operations management division and a business management division. The bank, which was recently fined by financial regulators in New York and Taipei for compliance failures, said it would put risk control affairs under the direct supervision of its chairman. Meanwhile, First Commercial Bank (第一銀行) has pledged to shore up information security by replacing a significant number of automated teller machines and teaming up with global consultancy firm KPMG, the state-run bank said on Saturday.

STOCK MARKETS

TWSE, KRX to list ETFs

Taiwan and South Korea are to begin mutual listings of exchange-traded funds (ETFs) on Oct. 7, the TWSE said last week. The TWSE signed a memorandum of understanding with the Korea Exchange (KRX) in December last year to forge closer cooperation. The launch of mutual ETF listings in Taipei and Seoul will further diversify the product mix in Taiwan’s capital market, TWSE said. It will also help Taiwan become more international and meet global standards, the exchange said.

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