Tue, Mar 21, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

TIRES

Kenda cuts dividend

Kenda Rubber Industrial Co (建大輪胎), the nation’s second-largest tire manufacturer, yesterday said its board has approved the distribution of a cash dividend of NT$2 per share, slightly down from NT$2.2 last year, according to a company filing with the Taiwan Stock Exchange. The proposal came after the company’s net profit last year decreased 10.8 percent year-on-year to NT$3.09 billion (US$101.2 million), or earnings per share of NT$3.54. Revenue fell 5.6 percent to NT$29.49 billion during the same period. Kenda is to hold an annual shareholders’ meeting on June 15 where shareholders are to vote on the payout proposal.

BANKING

Citibank to shut a branch

Citibank Taiwan Ltd (台灣花旗) yesterday announced plans to shut at least one more branch in the second half of this year, as the company continues to focus on delivering its services online after closing four of its branches last year. The bank is to merge two branches in New Taipei City’s Banciao District (板橋) to cut down on redundant coverage, it said. Meanwhile, its branch in Taipei’s Zhongshan District (中山) yesterday became its 37th “smart branch,” offering interactive media-enhanced financial planning, investment modeling and tracking services.

EQUITIES

TAIEX rallies after sell-off

Shares closed little changed yesterday, moving in consolidation mode after the local main board’s strong recent showing, dealers said. Sentiment turned cautious about possible technical resistance ahead of the TAIEX’s 10,000-point mark and many investors took to the sidelines, which dragged down turnover and left some large-cap stocks in the doldrums, dealers said. The weighted index closed up 4.28 points, or 0.04 percent, at 9,912.97, after fluctuating between 9,869.35 and 9,916.18. Turnover totaled NT$82.65 billion during the session after reaching NT$109.55 billion on Friday last week. The market opened down 2.88 points as investors took their cue from a lackluster Wall Street, where the Dow Jones Industrial Average closed down 0.1 percent and the S&P 500 index was 0.13 percent lower after Washington released mixed economic data on Friday last week, dealers said. Selling increased on the local main board, pushing the index below 9,900 points at one point, as investors locked in their gains from last week, but later bargain hunting helped the index return to positive territory by the end of the session, they said.

TRADE

Siew to attend forum: source

Former vice president Vincent Siew (蕭萬長) is to lead a Taiwanese delegation to this year’s Boao Forum for Asia from Thursday to Sunday in Boao, China, a source familiar with the matter said yesterday. Siew is to attend a forum themed “Globalization and Free Trade — Asian Perspectives,” in his capacity as honorary chairman of the Cross-Straits Common Market Foundation. The former vice president is scheduled to arrive in Boao on Friday, where he will be greeted at the airport by a Taiwan Affairs Office deputy director, the source said. The Chinese Ministry of Foreign Affairs announced at a news conference on Friday last week that Chinese Premier Li Keqiang (李克強) will also attend the forum. However, Chinese authorities have yet to unveil the list of officials invited to attend this year’s four-day conference.

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