Thu, Nov 02, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

INSURANCE

Farglory affected by Dome

Farglory Life Insurance Co (遠雄人壽), an affiliate of Farglory Group (遠雄集團), has been affected by the troubled undertaking by its parent to build the Taipei Dome, the Financial Supervisory Commission told lawmakers during a question-and-answer session at the legislature in Taipei. The life insurer arm of the conglomerate has invested about NT$2.05 billion (US$67.94 million), but the project shows a book value of NT$1.88 billion, leading to a “relatively small” loss for the carrier, the commission said. The life insurer also owns a 7.29 percent stake in Farglory Land Development Co (遠雄建設), translating to an additional exposure of about NT$1.71 billion, the commission said.

BANKING

Taishin opens in Brisbane

Taishin International Bank (台新銀行) yesterday said it has opened a new branch in Brisbane, Australia. The branch is the lender’s fourth overseas operation. Other Taiwanese lenders have set up 11 branches and a representative office in Australia. Taishin generated 15 percent of its profits from overseas as of the end of last quarter. The lender is hoping to see its Brisbane branch break even before the end of the year and raise overall overseas earnings contribution to 30 percent, it said. The bank said it is hoping to tap into opportunities presented by the agricultural sector in Queensland while meeting the nation’s stringent compliance standards.

AUTOMAKERS

Pan German mulls debut

Pan German Universal Motors Ltd (汎德永業), which sells BMW and Porsche cars in the domestic market, yesterday said it plans to hold an extraordinary shareholders’ meeting on Dec. 19 to discuss a proposal to make its debut on the Taipei Exchange. The firm, which earlier this year raised money by issuing 2.09 million new shares, has paid-in capital of NT$717.41 million. The firm posted sales of NT$25.66 billion for the first three quarters of this year, representing a 1.82 percent annual increase, company data showed.

TECHNOLOGY

Ichia revenue jumps 34.35%

Handset keypad maker Ichia Technologies Inc (毅嘉科技) yesterday posted revenue of NT$674.19 million for last month, up 34.35 percent from NT$501.81 million a year earlier. Revenue contracted 2.56 percent from the prior month’s NT$691.92 million, Ichia’s filing with the Taiwan Stock Exchange showed. The monthly result brought the firm’s accumulative revenue to NT$5.92 billion in the first 10 months, surging 19.86 percent from the same period last year, according to the filing.

STOCK MARKET

Gains capped by realization

The TAIEX closed above 10,800 points yesterday, but the gains were limited as investors locked in their profits in select large-cap electronics stocks, such as contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), dealers said. Buying in the non-high-tech sector lent some support to the broader market, preventing the weighted index from falling into negative territory, dealers said. Despite the upturn, sentiment remained cautious amid anxiety among investors over US President Donald Trump’s impending selection of a US Federal Reserve chair, as his choice could affect fund flows in global financial markets, leading to reluctance to chase prices, dealers said. The weighted index closed up 12.56 points, or 0.12 percent, at 10,806.36. Turnover totaled NT$126.97 billion.

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