Sat, Jun 17, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer

MACHINERY

Global PMX voices optimism

Global PMX Co Ltd (智伸科), which provides mechanical parts for the automotive, storage device and medical segments, yesterday elected new board directors at its annual general meeting and voiced optimism about its gross margin outlook for the rest of this year. Lin Cheng-sheng (林正盛) was elected chairman, replacing Lin En-tao (林恩道), who is to serve as the firm’s president, Global PMX said. Gross margin, which improved to 32.87 percent last quarter, compared with 28.83 percent in the same period last year, is expected to further increase due to a better product mix and improved production processes, it added.

CHIPMAKERS

Nanya sells Micron shares

DRAM chipmaker Nanya Technology Corp (南亞科技) yesterday said it has sold 1.26 million shares of Micron Technology Inc for US$40 million to replenish its operating capital and repay debt. The sale is to contribute about US$18 million to net profit this quarter, the firm said. Nanya president Lee Pei-ing (李培瑛) told a teleconference that the transaction would not affect technological cooperation between the companies. Nanya holds a 5.11 percent stake in Micron after the sale, the firm said.

INVESTMENT

Overseas investment jumps

Excluding China, profits derived from overseas investment in the nation’s listed companies registered a 73.06 percent annual rise to NT$100.2 billion (US$3.3 billion) in the first quarter of the year, Financial Supervisory Commission data showed. The gain was primarily driven by a recovery in the cargo shipping industry, as companies achieved sales growth while containing costs, the commission said on Thursday. However, appreciation of the New Taiwan dollar pushed down aggregate overseas (excluding China) investment by the nation’s 1,245 listed firms 0.5 percent year-on-year to NT$5.689 trillion in the first quarter, it added. Listed firms’ aggregate investment in China totaled NT$2.224 trillion, down 2.5 percent from a year earlier, it said.

INVESTMENT

Brokers punished over bonds

A total of 14 local securities brokerages were penalized from 2013 to 2015 for irregularities related to the issuance of convertible bonds by listed domestic firms, the Financial Supervisory Commission said on Thursday. The brokerages — including Concord Securities Co (康和證券), Mega Securities Co (兆豐證券), Taishin Securities Co (台新證券), Fubon Securities Co (富邦證券) and Cathay Securities Co (國泰證券) — were found to have colluded with firms to sell convertible bonds to a number of company insiders, contravening internal control rules, the commission said. Last month, the commission imposed a six-month suspension on Concord Securities chairman Gordon Yeh (葉公亮) for violations of the Securities and Exchange Act (證交法) over convertible bonds issued by game developer XPEC Entertainment Inc (樂陞科技).

FOREIGN EXCHANGE

Yuan deposits rise slightly

Chinese yuan deposits last month increased 0.1 percent month-on-month, ending a downward trend seen in the four months prior, central bank data showed. Yuan deposits last month rose 309 million yuan (US$45.35 million) to 308.279 billion yuan, the central bank said on Thursday. Deposits at domestic banking units fell 0.02 percent monthly to 275.32 billion yuan, while yuan deposits at overseas banking units rose 1.08 percent to 32.959 billion yuan, it said.

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