Sat, Jun 30, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA


TAIEX rallies to day’s high

Local shares yesterday staged a conspicuous rebound to finish at the session’s high, led by electronics and financial shares. The TAIEX closed up 182.63 points, or 1.71 percent, at 10,836.91, recovering the five-day moving average of 10,744 and the yearly moving average of 10,716, on turnover of NT$139.691 billion (US$4.58 billion). Although fears of a trade war between the US and China have not fully dispersed, analysts said local shares rallied in reflection of the lowered tension as long as the US refrains from triggering new unease. The stock market is expected to stay stable and gradually climb due to relatively thin trade at a time when foreign institutional investors have started to walk away from the trading floor with the start of the summer break.


TBB forecasts improvement

State-run Taiwan Business Bank (TBB, 台灣企銀) expects performance to improve this quarter and continue growing in the next two quarters, chairman James Shih (施建安) told an annual general meeting yesterday, adding that he expects the company’s stock price to soon rise above the face value of NT$10 per share with book value of NT$13.28 per share. TBB shares yesterday closed at NT$9.41 in Taipei trading. The company reported pretax profit of NT$0.49 per share in the first five months of this year. Last year, net profit totaled NT$5.04 billion, or NT$0.82 per share.


OBU assets total US$203bn

The 60 offshore banking units (OBUs) of financial institutions operating in Taiwan had assets totaling US$203.156 billion as of the end of last month, down US$764 million, or 0.4 percent, from April, the central bank said in a statement yesterday. The OBUs of 37 local banks held US$180.86 billion in assets, while foreign banks’ 23 OBUs held US$22.296 billion, it said. At the end of last month, the primary uses of all OBUs’ funds were discounts and loans, amounting to US$82.142 billion, or 40.4 percent of total assets, it added.


Synnex to acquire Convergys

New York Stock Exchange-listed Synnex Corp, in which Taiwan’s Synnex Technology International Corp (聯強國際) has an interest, yesterday announced that it would acquire Convergys Corp and then integrate it with Concentrix, a wholly owned subsidiary and top global provider of customer relationship management and business process outsourcing services. The Fremont, California-based firm said it has reached a definitive agreement with Convergys, but did not disclose financial terms. The transaction is expected to close by the end of this calendar year, subject to the approval of shareholders of both companies, regulatory requirements and customary closing conditions, the company said in a statement.


CCIS warns of overreliance

Six of Taiwan’s top 10 corporations by net revenue are electronics companies that are part of Apple Inc’s supply chain, resulting in an overreliance on the US company, a China Credit Information Service (CCIS, 中華徵信所) report said on Thursday. Total revenue for the six enterprises, including Hon Hai Precision Industry Co (鴻海精密), increased from NT$34.7542 trillion in 2016 to a record high of NT$36.1433 trillion last year, the report said.

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