TFCC replaces its president
Taipei Financial Center Corp (TFCC, 台北金融大樓), which owns Taipei 101, yesterday approved the replacement of its president, Chen Shih-ming (陳世明), with Angela Chang (張振亞). The firm attributed the management reshuffle to business needs. The change is to take effect today, the company said. Chang earned a bachelor’s degree in economics from National Taiwan University and a master’s degree in business administration from Harvard University, it said, adding that she held top positions at Johnson & Johnson Taiwan and numerous charitable organizations, including President Tsai Ing-wen’s (蔡英文) Thinking Taiwan Foundation.
FPG boosts raise with bonus
Formosa Plastics Group (FPG, 台塑集團) yesterday said it plans to issue an additional one-time bonus of NT$4,000 (US$131) to its employees to beef up a wage hike. The bonus would increase the corporation’s wage hike to an average of 4.63 percent, from 4 percent decided on Monday after negotiations with representatives of workers’ unions, FPG said. The 4 percent hike, which is to take effect from this month, represents an average increase per worker of NT$2,100 per month.
Google caters to motorbikes
Google yesterday launched a new map service for motorbike riders in Taiwan that will help them plan their routes and calculate their travel time. The firm launched two-wheel navigation mode in December last year, with Taiwan becoming the fourth nation to receive the service after India, Indonesia and Malaysia, Google said. Users need mobile devices powered by Android 4.4 or newer versions of the operating system to be able to use the new service, it said.
EVA ranked world’s fifth-best
EVA Airways Corp (長榮航空) has been ranked fifth by Skytrax in this year’s World’s Best Airlines list, up one notch from last year. EVA took World’s Best Airport Services honors and was named as one of this year’s five-star airlines, Skytrax’s Web site showed. Singapore Airlines Ltd was ranked the best airline, followed by Qatar Airways Ltd, All Nippon Airways Co and Emirates, the Web site showed.
Profit plunges 30.57 percent
Securities companies operating in Taiwan have reported a 30.57 percent month-on-month decline in profit to NT$3.53 billion for last month due to volatility on the local equity market. However, the figure was a 39.67 percent increase from the same period last year, data compiled by the Taiwan Stock Exchange (TWSE) last week showed. Securities firms’ proprietary trading operations saw a decline of NT$3.23 billion in net profit from a month earlier, while their underwriting businesses posted a drop of NT$20 million in earnings, TWSE said.
HKEX eyes links expansion
Chinese investors would eventually be able to buy stocks with weighted voting rights, such as Xiaomi Corp (小米), through links with Hong Kong, Hong Kong Exchanges and Clearing Ltd (HKEX) said in a statement yesterday, days after China’s bourses barred such companies from the cross-border trading program. HKEX said it on Tuesday reached an agreement with the Shanghai and Shenzhen bourses to set up a working group to form rules on the new adjustment as soon as possible. It did not provide details on the timing.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to