Wed, May 03, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

AUTO PARTS

Hota reports profit drop

Hota Industrial Manufacturing Co (和大工業), which makes gears and shafts for vehicles, yesterday reported net profit of NT$255.7 million (US$8.5 million) in the first quarter, down 1.54 percent annually from NT$259.4 million a year earlier. Earnings per share dropped to NT$1.08, from NT$1.1 a year earlier, according to a company filing with the Taiwan Stock Exchange. The company attributed the worse-than-expected financial performance to volatile foreign-exchange rates, which reduced profit by NT$113 million over the period due to a strong New Taiwan dollar against the US dollar.

BANKING

Samsung Pay tests begin

Seven domestic banks yesterday announced that they have begun testing Samsung Pay in a bid to prepare for the official launch of Samsung Electronics Co’s payment service before the end of the month after gaining regulatory approval in November last year. The service is available on high-end Samsung devices that have been released in the past year. For merchants, the service is compatible with older payment terminals that only support magnetic strip cards, the South Korean company said. The banks also announced promotional deals to attract subscribers.

CURRENCY

NT rises against greenback

The New Taiwan dollar yesterday rose against the US dollar, gaining NT$0.156 to close at NT$30.062, with further foreign-fund inflows motivating local traders to cut their holdings in the US currency, dealers said. A strong showing in the local equity market, on the back of aggressive foreign institutional buying and the strength of other currencies in the region increased downward pressure on the US dollar, which fell below the NT$30 mark against the New Taiwan dollar at one point, they said. Fund inflows into the Asia-Pacific region lifted other regional currencies, in particular the South Korean won, which the NT dollar tracks closely, dealers said.

E-COMMERCE

JD.com eyes PT Tokopedia

JD.com Inc (京東商城), Alibaba Group Holding Ltd’s (阿里巴巴) fiercest rival in Chinese e-commerce, is in talks to make a major investment in Indonesia’s PT Tokopedia to speed its expansion into Southeast Asia’s largest economy, people familiar with the matter said. JD.com is in early-stage negotiations to invest hundreds of millions of US dollars in one of Indonesia’s largest online marketplaces, one of the people said, asking not to be identified because the deal is private. JD.com’s potential investment could propel Jakarta-based Tokopedia past a valuation of US$1 billion, another person familiar with the deal said.

TELECOMS

Softbank linked to One97

Softbank Group Corp is in talks to invest about US$1.4 billion in India’s One97 Communications Ltd in a deal that would value the owner of India’s largest digital-payments provider at about US$7 billion, people familiar with the matter said. The deal is not yet finalized and the terms might change, the people said, asking not to be identified because the matter is private. One97 Communications, whose Paytm unit has seen business surge as India took most of its paper bills from circulation, has also had discussions with two other investors, one of the people said. The company was last valued at US$4.2 billion, according to research firm CB Insights.

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