Fri, Feb 02, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer

BANKING

Credit cards hit record high

The nation’s credit card spending rose 8.3 percent last year to NT$2.62 trillion (US$89.7 billion) from NT$2.42 trillion in 2016, Financial Supervisory Commission data showed yesterday. The figure represents a record level and the fourth consecutive year credit card spending exceeded the NT$2 trillion mark, Banking Bureau Deputy Director Wang Li-chun (王立群) said at a news conference.

ENERGY

LPG products to cost less

State-run refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it has decided to lower prices for liquefied petroleum gas (LPG) items this month, while keeping the prices for liquefied natural gas (LNG) products unchanged. From today, prices for household LPG are to decrease by NT$2.7 per kilogram and by NT$1.4 per liter for LPG used in cars to reflect a decline in international LPG contract prices, CPC said in a statement. The price of a 20kg household gas cylinder is to drop by NT$54, CPC said. Separately, the refiner said Lee Shun-chin (李順欽) on Wednesday formally became the company’s new president, replacing Liu Cheng-hsie (劉晟熙), who is to become chairman of CPC Shell Lubricants Co Ltd (中殼潤滑油), a CPC subsidiary.

TECHNOLOGY

Tri Chemical plans plant

Tri Chemical Electronic Materials Taiwan Inc (三化電子材料), a subsidiary of Japan’s Tri Chemical Laboratories Inc, plans to invest NT$300 million in setting up a new plant in Miaoli’s Tongluo Township (銅鑼) branch of the Hsinchu Science Park (新竹科學園區), aiming to develop it into a major base for semiconductor materials, local online news outlet investor.com yesterday reported. The investment would also focus on the development of energy materials and equipment related to chemical medicine, the report said. Annual revenue generated from the new plant is expected to exceed NT$500 million three years after its establishment, it said.

MANUFACTURING

Tatung chairman resigns

Home appliance maker Tatung Co (大同) yesterday said chairman Lin Wei-shan (林蔚山) has decided to step down from his post and the company’s board has agreed that president Lin Kuo Wen-yen (林郭文艷) is to replace him. The move came after several shareholders demanded Lin Wei-shan resign over a corporate embezzlement scandal. He has appealed to the Supreme Court to overturn a ruling by the Taiwan High Court in August last year that sentenced him to eight years in prison for funneling the company’s funds into Nature Worldwide Technology Corp (通達) and violating the Securities Exchange Act (證券交易法). Lin Kuo Wen-yen is Lin Wei-shan’s wife.

MANUFACTURING

FPG’s low-carbon move

Formosa Plastics Group (FPG, 台塑集團) is to make the circular economy one of its top priorities this year, group chairman William Wong (王文淵) said at a year-end banquet for Formosa Plastics Corp (台塑) yesterday. The group aims to transform its plant in Kaohsiung’s Renwu District (仁武) into a “low carbon” production base, using natural gas as fuel to replace coal, a Formosa Plastics official said on the sidelines of the gathering. Wang also delivered a relatively positive near-term business outlook, saying that the group’s earnings performance so far “meets his expectations.” Four major units of the group saw their combined net income reach NT$237.25 billion last year, a 14.2 percent annual increase, data showed.

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