Record EU delegation visits
A delegation of more than 100 European business leaders are traveling to Taiwan for European Innovation Week, which is scheduled to run from today to Friday in Taipei and Tainan, the European Economic and Trade Office in Taiwan said. The delegation, led by Antti Peltomaki, deputy director-general of the European Commission’s Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs, is to be the largest group ever organized by the commission to visit Taiwan. The five-day event is to feature a series of seminars, as well as presentations, start-up networking and company site visits, the office said. Topics discussed during the events are to include the circular economy, wind power, smart mobility, smart manufacturing, 5G connectivity and medical device regulations, it said.
IPO of Hon Hai subsidiary set
Foxconn Industrial Internet Co Ltd (富士康工業互連網), an Internet-focused subsidiary of Hon Hai Precision Industry Co (鴻海精密), is scheduled to launch an initial public offering (IPO) on the Shanghai Stock Exchange on Friday, Chinese tech Web site DeepTech quoted company chairman Timothy Chen (陳永正) as saying on Saturday. Last week, the company announced that it had completed the placement of part of its shares with a group of Chinese strategic partners. With an issue price of 13.77 yuan (US$2.14), the company is expected to raise about 27.11 billion yuan from the IPO by selling 1.969 billion shares, or about a 10 percent stake in the company, which would be the largest IPO in China in nearly three years. After the IPO, Hon Hai would retain about an 85 percent stake in the company.
Local life insurance companies might see revenue growth decelerate this year as salespeople would not be able to make face-to-face contact with their clients due to the COVID-19 pandemic, although more consumers are likely to buy insurance online, the Financial Supervisory Commission said in a report submitted to the Legislative Yuan’s Finance Committee yesterday. Insurers have paid a total of NT$28.96 million (US$955,586) in compensation to people who were hospitalized or whose flights were canceled due to the outbreak, the report said. The figure is not expected to soar, given the slow growth in the number of infections, it said. However, the pandemic
QUICK RECOVERY? One expert said that stocks were showing signs of forming a bottom and that while a recession would be sharp, ‘it may also be the shortest’ Asian equities mostly rose on Friday, with traders buoyed by government and central bank pledges to prop up the global economy as the COVID-19 pandemic sends countries into lockdown. Despite the painful toll the disease has been inflicting on lives and economies, markets were on course to end the week with healthy gains following a barrage of stimulus and monetary easing. While the number of people contracting COVID-19 continues to escalate — the US now has more confirmed cases than China and Italy — the support measures, which the G20 said amounted to US$5 trillion, have given traders hope that the expected
Rio Tinto Ltd yesterday said that it had found several cases where Australia’s biggest mining industry body advocated for thermal coal in contravention of 2015 Paris climate goals, as it released a review of its membership in industry groups. Rio Tinto in April last year laid out its expectations for the industry associations that it funds to ensure that their policy on climate change and energy advocacy was consistent with the miner’s own, as well as the Paris Agreement, which aims to limit global warming to “well below” 2°C. Where there was a lack of cooperation on advocating for those policies, Rio
The US Federal Reserve would provide essentially unlimited lending to support the US economy as long as it is damaged by the COVID-19 pandemic, Chairman Jerome Powell said yesterday. In an interview on NBC’s Today show, Powell said that the central bank’s efforts are focused on helping the economy recover quickly once the threat from the coronavirus has passed. Powell also acknowledged that the economy “may well be” in a recession, but said that this is a unique downturn in that it was caused by efforts to control the disease. The economy itself was strong before the outbreak began, he added. “If