Home loans face uncertainty
Home builders have increasingly been turning to non-bank lenders for funding as traditional financiers struggle under bad loans. However, following the government’s seizure of troubled shadow bank Infrastructure Leasing & Financial Services Ltd this month, that avenue might be choked off too. With non-banking financial companies themselves struggling, “their disbursal of loans to developers has slowed significantly,” Anarock Property Consultants Pvt chairman Anuj Puri said. This has “hijacked Indian real-estate’s growth story over the short to mid-term.” Things had been looking up for real estate, with apartment sales increasing 8 percent in the first nine months of the year and new project launches up 18 percent from a year earlier, according to Anarock.
Study examines wage issues
A study of wage theft and working conditions among international students, backpackers and other temporary migrants has found that almost one-third earned A$12 (US$8.5) an hour or less, approximately half the casual minimum wage. The survey also found large-scale wage theft was worst in fruit and vegetable-picking and farm work, where 15 percent of workers earned A$5 an hour or less. The findings were published in the report Wage Theft in Australia published yesterday and authored by senior law lecturers Bassina Farbenblum, from the University of New South Wales, and Laurie Berg, from the University of Technology Sydney.
Fiat Chrysler eyes second
With a strategy of loading up its revamped Ram 1500 full-size trucks with new features ranging from 12-inch touch screens on the dashboard to large battery packs and electric motors to help adjust speed and gears and conserve fuel, Fiat Chrysler Automobiles NV is banking on a sustained surge in demand. Fiat Chrysler chief executive officer Mike Manley is reconsidering a decision announced in January to stop building Ram heavy-duty pickups at a plant in Saltillo, Mexico. That plant, and another in Warren, Michigan, between them would produce other Ram models and free up manufacturing capacity to make even more new trucks to eat into sales of Ford Motor Co’s F-Series or General Motors Co’s Chevrolet Silverado and its higher-end GMC Sierra. “We need to get ourselves into second” place, Manley told reporters. “Frankly, I don’t care which of the two I take share from.”
Nokia linked to laundering
Nokia Oyj has been identified as the biggest individual recipient of potentially illicit funds relating to money laundering allegations against Nordea Bank Abp, investor Bill Browder said. As much as US$97.2 million that might have been laundered ended up in Nokia’s accounts at Nordea, according to a document focusing on potentially illicit transactions in Finland. Browder filed his complaint earlier this month to Finland’s National Bureau of Investigation and the prosecutor general. Nokia spokesman Brett Young said the allegations appear to be related to Nokia’s mobile-phone business, which it divested in 2014, and are thus “unrelated to our current operations.” Browder said he has evidence that as much as US$405 million was laundered through Nordea in a case he alleges is linked to the scandal engulfing Danske Bank A/S. He said that the money received by Nokia came from fictitious companies with accounts at Ukio Bank in Lithuania that were set up to launder money and evade taxes.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
ROW: A probe would determine if the rights of shareholders who were not allowed to vote yesterday had been violated, while the stock exchange also wants answers The election of board directors yesterday at Tatung Co (大同) sparked controversy after the company blocked some institutional and individual shareholders from participating in the general shareholders’ meeting, prompting the Financial Supervisory Commission (FSC) to announce that the vote would be investigated. Lin Kuo Wen-yen (林郭文艷) was re-elected as chairwoman of the household-appliance maker’s nine-member board, but prior to the vote she announced that several shareholders would not have voting rights. They were being denied a vote because they had contravened the Business Mergers and Acquisitions Act (企業併購法), and the Act Governing Relations Between the People of the Taiwan Area and