Thu, Mar 09, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA


FSC warns over broker app

The Financial Supervisory Commission (FSC) yesterday said that Tiger Brokers (老虎證券), a Chinese app-based brokerage, has made its way to Taiwan. The New Zealand-registered app offers investments in Hong Kong and US stocks, as well as China’s A-shares with a quick online account setup process. It also offers sub-brokerage fees for overseas equities market orders at less than 10 percent of the industry average. However, the service has not been approved in Taiwan, FSC chairman Lee Ruey-tsang (李瑞倉) told lawmakers at a question-and-answer session at the Legislative Yuan in Taipei. The commission is gathering evidence to support action over possible illegal solicitation of customers, Lee said.


Credit Suisse head probed

A senior executive at the Taiwan branch of Credit Suisse Group AG is under investigation for suspected insider trading. Taiwan branch president Elsa Chiu (邱慧平) is suspected of illegal trading related to the purchase of Hermes Microvision Inc (HMI, 漢微科) by the Netherlands’ ASML Holding NV, for which Credit Suisse acted as an adviser, the Taipei District Prosecutors’ Office said. Credit Suisse declined to provide immediate comment and did not say whether Chiu would be removed from her post. Chiu allegedly traded Hermes shares through shell family accounts from May 24 to June 15 last year, reaping an estimated NT$21 million (US$680,382) in illegal profits. Chiu was released on bail on Monday evening and had her travel rights restricted.


Hotai launches C-HR

Hotai Motor Co (和泰汽車), which distributes Toyota and Lexus vehicles in Taiwan, yesterday launched its Toyota C-HR, a subcompact crossover SUV priced between NT$899,000 and NT$1.079 million. The company, which has set an annual target to sell 140,000 vehicles, aims to sell 2,000 units of the new model this year, Hotai president Justin Su (蘇純興) said. Hotai, the nation’s largest car distributor, is to introduce luxury sports coupe Lexus LC in the second quarter and the Lexus LS in the fourth quarter.


TAIEX closes higher

The TAIEX closed up 15.38 points, or 0.16 percent, at 9,753.45, after moving between 9,773.49 and 9,712.5 on turnover of NT$79.668 billion yesterday. Following a lackluster performance on Wall Street, the local bourse dipped before noon, but recovered in the final 90 minutes of trading, led by large-cap electronics and financial stocks, such as Taiwan Semiconductor Co (台積電), the most heavily weighted stock on the local market. Old-economy sector stocks generally performed poorly, with the sub-indices for the cement, food, plastics and chemical, paper and pulp, and construction sectors closing lower.


Eclat reports sales slump

Eclat Textile Co (儒鴻) yesterday said that sales last month declined 26.5 percent from a month earlier and 21.3 percent annually to NT$1.43 billion, marking the steepest monthly drop in the company’s history. Eclat attributed the slide to falling order volumes from international apparel brands, which amplified the decline when compared with growth in the same period a year earlier. The company said that it gave its employees additional days off during the Lunar New Year holiday this year and that the lower number of working days affected sales.

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