Michelin stars boost shares
Hotel stocks moved higher yesterday after restaurants linked to them were awarded stars in Michelin SCA’s first Taipei restaurant guide, which was launched on Wednesday. Shares in FDC International Hotels Corp (雲品國際) surged as much as 9.9 percent and closed up 3.08 percent after Michelin named its affiliate Le Palais (頤宮) the only three-star restaurant in Taipei. Shares in My Humble House Hospitality Management Consulting Co (寒舍餐旅) rose as much as 10 percent and ended 3.89 percent higher after its The Guest House (請客樓) restaurant was awarded two stars. The TAIEX was down 20.35 points, or 0.18 percent, at 11,018.45, on turnover of NT$110.823 billion (US$3.795 billion).
Monthly yuan deposits drop
Yuan deposits held by local banks, including negotiable certificates of deposit, dropped 0.62 percent to 321.88 billion yuan (US$50.96 billion) at the end of last month, the central bank said yesterday. Yuan deposits held by banks’ domestic units totaled 292.097 billion yuan, a monthly decrease of 0.76 percent, the central bank said, adding that holdings by offshore banking units totaled 29.785 billion yuan, down 0.69 percent monthly.
Dimerco sees NT$206m profit
Dimerco Express Group (中菲行), which offers global freight-forwarding and logistics services, yesterday said it aims to improve operating profit this year through business expansion and information system integration. The Taipei-based company posted NT$206 million in net profit last year, down 23.6 percent year-on-year, with earnings per share of NT$1.67. Dimerco said its board proposed to offer shareholders a cash dividend of NT$1.19 per share, which makes for a payout ratio of 71.26 percent.
Chief Telecom gets listed
Chief Telecom Inc (是方電訊), a Taipei-based virtual private network (VPN) service provider, on Wednesday won listing approval from the Taipei Exchange. The company, 68.9 percent of which is held by Chunghwa Telecom Co (中華電信), has paid-in capital of NT$600 million and reported revenue of NT$2.13 billion and net profit of NT$384 million, or NT$6.24 per share, for last year. Chief Telecom is likely to debut its shares on the over-the-counter market in June, local media reported.
Namchow agrees dividend
Namchow Holdings Co (南僑投資控股), which produces baking oil and frozen food, on Wednesday said its board has approved the distribution of a cash dividend of NT$2.7 per share, marking the second-highest payout in the company’s history. The proposed dividend, slightly lower than last year’s NT$2.81, was based on last year’s earnings of NT$4.06 per share, the company said, adding that net profit decreased 16.45 percent year-on-year to NT$1.01 billion last year, while revenue rose 5.42 percent to NT$17.18 billion.
EVA to get 24 Dreamliners
Boeing Co on Wednesday took a jab at rival Airbus SA as EVA Airways Corp (長榮航空) is ready to take delivery of 24 Boeing 787 Dreamliners in the third quarter. “The 787 Dreamliner is unmatched by the Airbus A350 and is the ideal choice for carriers looking for growth in Asia’s highly competitive market,” Boeing Commercial Airplanes division managing director Darren Hulst said in Taipei, adding that orders for the 787 Dreamliner totaled 1,319, exceeding the A350’s 859.
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