Fri, Jun 30, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

EQUITIES

Shares stage rebound

Taiwanese shares staged a technical rebound to end above the 10,400-point mark yesterday, recovering from a slump a session earlier as investors took their cue from Wall Street, which rose overnight. While select electronics laggards attracted bargain hunting throughout the session, the financial sector outperformed the broader market to lend support to the weighted index amid hopes of rising interest rates, which could improve banks’ bottom lines. The TAIEX closed up 31.1 points, or 0.3 percent, at 10,421.65 on turnover of NT$99.143 billion (US$3.26 billion). Foreign institutional investors bought a net NT$4.09 billion of shares on the main board yesterday, after net sales of NT$1.29 billion on Wednesday, Taiwan Stock Exchange data showed.

REVENUES

Taipower drops off list

State-owned Taiwan Power Co (Taipower, 台電) has, for the first time in 34 years, fallen out of the top 10 Taiwanese companies in a survey that ranks the top 5,000 local enterprises by revenue. The survey — released on Wednesday by China Credit Information Service Ltd (CCIS, 中華徵信所) — ranked Hon Hai Precision Industry Co (鴻海) first for revenue last year and Taiwan Semiconductor Manufacturing Co (台積電) third among six companies in the supply chain of Apple Inc that made the list. New to the top 10 list were Nan Shan Life Insurance Co (南山人壽) and Fubon Life Insurance Co (富邦人壽) in eighth and 10th respectively, while Cathay Life Insurance Co (國泰人壽) was fifth, CCIS said. The only state-owned enterprise to make the list was oil refiner CPC Corp, Taiwan (台灣中油), which was sixth.

FINANCE

Cathay executive steps down

Cathay Financial Holding Co (國泰金控) yesterday announced another change to its executive lineup as it seeks to enhance corporate governance and transparency. Cathay Financial vice chairman Chen Tsu-pei (陳祖培) stepped down as chairman of Cathay United Bank (國泰世華銀行), Cathay Financial said, with his post to be filled by Andrew Kuo (郭明鑑), an investment banking veteran specializing in mergers and acquisitions. Chen is to take on a new role at the parent company overseeing long-term strategies and resource allocations, Cathay Financial said. Industry observers said that Cathay Financial is shifting to a new regime that would allow its founding Tsai (蔡) family and major shareholders to steer the overall strategy via a committee, while leaving day-to-day operations to the board of directors and the management team of industry experts.

FASHION

H&M sees sales rise

Swedish low-cost fashion brand Hennes & Mauritz AB (H&M) yesterday said that its second-quarter sales increased 10 percent to 59.5 billion kronor (US$7 billion) mainly because of its continued expansion and tight control of costs. Its net profit for the three-month period rose by 10 percent to 7.7 billion kronor. Chief executive officer Karl-Johan Persson said that online sales developed “very well,” while the group’s other brands “remained very strong, both in stores and online.” However, sales were “more challenging” in several major markets, including the US and China. The Stockholm-based group said it added six new markets — Taiwan, Turkey, Hong Kong, Macau, Singapore and Malaysia — to its online offering during the period, taking the total to 41.

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