Wed, Oct 19, 2016 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

Finance

Operations normal, XAC says

XPEC Entertainment Inc’s (樂陞科技) subsidiary XPEC Art Center Inc (XAC, 樂陞美術館) yesterday said in a filing with the Taiwan Stock Exchange that its operations and finances remain normal. The filing came at the request of the exchange after XAC’s Taipei office was searched by prosecutors yesterday morning. XAC on Sept. 10 announced it plans to withdraw its share listing application at the Taipei Exchange due to its parent company’s troubles of a failed tender offer.

AWARDS

Walter Yeh wins IAEE honor

Taiwan External Trade Development Council executive vice president Walter Yeh (葉明水) was given this year’s Outstanding Achievement in Industry Leadership Award by the International Association of Exhibitions and Events (IAEE) for his contributions and professional commitment to the exhibitions and events industry, the council said yesterday. The council said Yeh was the first Taiwanese to receive the recognition from IAEE since the award was started in 2004.

RETAIL

Costco to open 13th store

Costco Wholesale Corp is to open a new outlet in New Taipei City’s Sinjhuang District (新莊) in January next year at the earliest, the US company said yesterday. It will become the company’s 13th outlet in Taiwan, after it opened its 12th in Taipei’s Beitou District (北投) in April. The outlet in Sinjhuang is to cover an area of 4,000 ping (13,223m2) and be close to Fu Jen Catholic University (輔仁大學), the company was quoted as saying in media reports. Costco said it expects the Sinjhuang outlet to attract customers from Sinjhuang, Banqiao District (板橋), Tucheng District (土城) and Linkou District (林口).

STOCK EXCHANGE

Shares rally after initial fall

Taiwanese shares yesterday recovered earlier losses after some major old economy stocks staged a rebound, pushing up the broader market into positive territory by the end of the session, dealers said. Turnover remained thin, with many investors remaining cautious over upcoming earnings reports from heavyweights at home and in the US, and following a lackluster performance on Wall Street overnight, where investors were wary of a possible swifter-than-anticipated US Federal Reserve interest rate hike, dealers said. The TAIEX closed up 46.36 points, or 0.51 percent, at 9,222.58, after moving between 9,175.07 and 9,222.58, on turnover of NT$62.50 billion (US$1.97 billion). The market opened down 1.15 points at 9,175.07 and fell to the day’s low of 9,157 before closing at the day’s high of 9,222.58. Strong showings by textiles, cement, glass, plastics and chemical shares helped to vault the weighted index back into the black.

BANKING

Local yuan deposits rise

Yuan deposits at Taiwanese banks picked up 1.96 percent last month to 311.83 billion yuan (US$46.3 billion), gaining for two months running, as investment interest in the Chinese currency recovered somewhat, the central bank said. Yuan deposits at offshore banking units increased 6.16 percent to 36.28 billion yuan, the first rebound this year, as companies built up positions, the central bank said. Yuan deposits in domestic banking units edged up 1.44 percent to 275.56 billion yuan after the currency showed signs of stabilization, it said. It remains to be seen if the trend sustains, as yuan volatility is set to intensify this month, the bank said.

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