CHB investigates kickbacks
State-run Chang Hwa Commercial Bank (CHB, 彰化銀行) has completed the first phase of an investigation into a kickback scandal involving two executives at its Dongguang branch in China’s Guangdong Province, the National Treasury Administration said on Thursday. The bank has removed branch manager Chang Chiung-wen (張瓊文) and assistant manager Yu Chih-jen (游志仁) from their positions, the administration said, adding that CHB has turned the case over to prosecutors and started a second-phase investigation into whether other employees should be held accountable. Both Chang and Yu took a total of 50,000 yuan (US$7,956) in kickbacks from clients applying for credit, the bank said on Tuesday last week.
Bitmain sets up in Hsinchu
Beijing-based Bitmain Technologies Ltd (比特大陸), the world’s largest bitcoin miner, has set up an office in Hsinchu County, the Chinese-language Economic Daily News reported yesterday, citing unnamed sources from the local IC sector. Bitmain has attempted to recruit application-specific IC and artificial intelligence talents from tier-one IC design houses, such as MediaTek Inc (聯發科), MStar Semiconductor Inc (晨星半導體) and Global Unichip Corp (創意電子), by offering them high salaries, the report said.
Ichia revenue grows
Handset keypad maker Ichia Technologies Inc (毅嘉科技) on Thursday posted revenue of NT$602.96 million (US$20.6 million) for last month, up 48.12 percent from NT$407.09 million a year earlier. Revenue increased slightly by 0.73 percent from the prior month’s NT$598.62 million, a filing with the Taiwan Stock Exchange showed. Last month’s revenue included about NT$468 million in sales of flexible printed circuit integrated components and about NT$142 million from mechanical integrated components, the company said. Recent price increases in raw materials have had little impact on the company’s operation, Ichia said.
JHL plans to delist
JHL Biotech Inc (喜康生技) on Thursday said it has received shareholders’ approval to terminate trading of its shares on the Taipei Exchange’s Emerging Stock Board. On Dec. 8 last year, JHL announced it was considering delisting from the smaller board, as the company plans to list on other stock exchanges in consideration of business expansion. The company on Thursday said that it would soon request permission from the Taipei Exchange to buy back its shares from investors at no less than NT$62.48 per share.
Leatec plans price hike
Given persistent price hikes in upstream materials, Leatec Fine Ceramics Co Ltd (九豪精密陶瓷), which makes chip resistor substrates, has started negotiating prices with major clients, the Chinese-language Commercial Times reported on Thursday, citing industry sources. Leatec Fine Ceramics plans to increase its prices for all ceramic substrates by between 5 percent and 15 percent, the report said, adding that new prices could be applied on all new orders. The company said its substrate capacity would remain fully loaded in the first quarter and hopes its utilization rate remains high during the Lunar New Year holiday, as it is asking employees at its plants in Taoyuan’s Pingjhen District (平鎮) and in Kunshan in China’s Jiangsu Province to work overtime, the newspaper reported.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to