Fire at Formosa Texas plant
Formosa Plastics Corp (台塑) on Saturday said that its Texas operation early on Friday reported a fire incident in the Olefins I production unit in Point Comfort. The company said the unit was immediately shut down and the fire was brought under control by the plant’s emergency response team, with no injuries reported. Formosa said the company and local authorities were still investigating the cause of the fire.
Fubon recapitalizes Hyundai
The board of Fubon Financial Holding Co (富邦金控) on Friday approved an investment by its subsidiary Fubon Life Insurance Co (富邦人壽), which is to spend 144 billion won (US$105.8 million) to recapitalize South Korea’s Hyundai Life Insurance Co. The capital increase program is to be completed in the first half of next year, Fubon Financial said in a filing with the Taiwan Stock Exchange. Fubon Life in December 2015 invested approximately NT$6.1 billion (US$203.6 million) to acquire a 48 percent stake in Hyundai Life, becoming its second-largest shareholder and securing five seats on its board.
Cathay eyes frontier markets
Cathay Life Insurance Co’s (國泰人壽) wholly-owned investment management unit Conning Holdings Ltd has signed a definitive agreement to acquire a 45 percent stake in Global Evolution, which specializes in emerging and frontier market debt strategies, for up to US$87 million, the company said on Friday. The transaction is expected to close early next year and Conning said it plans to increase its shareholding in Global Evolution through a series of staged investments. Cathay Life said it would inject US$40 million in capital into Conning to meet the related financing needs.
From the customer’s perspective, car rental is a straightforward business. The only uncertainty is whether the hire company will charge you for the scratch they discover when you hand back the vehicle. Hertz Global Holdings Inc’s bankruptcy protection filing on Friday last week was a reminder that today even the simplest business models are underpinned by a lot more financial complexity than meets the eye. The proximate cause of Hertz’s demise was of course the sudden collapse in bookings caused by COVID-19 travel restrictions. The company’s monthly revenue last month fell 73 percent year-on-year, a shortfall that even the most resilient
Uber Technologies Inc, Lyft Inc and Airbnb Inc have slashed thousands of jobs. Salesforce.com Inc and Visa Inc are letting employees work remotely for months; Twitter Inc and Square Inc are allowing them to do so for good. For the companies’ hometown of San Francisco, the moves are early signs of a dire blow. In a city with a long history of booms, busts and natural calamities, the COVID-19 pandemic has suddenly upended nearly a decade of prosperity. While municipalities across the US are grappling with economic fallout from the virus, San Francisco stands to take a deeper hit given its high
BULK PURCHASE: The French chain and Hong Kong-based Dairy Farm International reached a deal covering 224 stores, which is expected to be finalized by year’s end Carrefour SA yesterday announced it would acquire Wellcome Taiwan Co (惠康百貨) for 97 million euros (US$108.33 million), and bring all the Wellcome supermarkets (頂好超市) and Jasons Market Place stores nationwide under its banner within 12 months of the deal closing. The France-based hypermarket chain reached an agreement with Hong Kong-based Dairy Farm International Holdings (牛奶國際控股), the pan-Asian retailer that launched Wellcome Taiwan in 1987. The transaction involves 199 Wellcome supermarkets, which have average sales areas of 420m2 and 25 high-end Jasons Market Place stores, which have an average sales area of 820m2, as well as a warehouse in Taoyuan, Carrefour Taiwan (家樂福)
‘ONE-STOP SHOP’: A Miaoli official said that the factory in the Jhunan section of the Hsinchu Science Park would create more than 1,000 jobs and boost prosperity A new high-end IC packaging and testing plant planned by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Miaoli County is expected to start operations in the middle of next year, Miaoli County Commissioner Hsu Yao-chang (徐耀昌) said. Hsu wrote on Facebook that TSMC, the world’s largest pure wafer foundry operator, would invest NT$303.2 billion (US$10.1 billion) to build the plant, the largest-ever single investment in Taiwan. However, TSMC declined to disclose the financial terms of the deal, while a company board meeting on May 12 approved a spending plan worth NT$168.2 billion as part of its investment plans. Construction of the