Fri, Nov 30, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

DISPLAY MAKERS

AUO unit sells properties

LCD panel maker AU Optronics Corp (AUO, 友達光電) yesterday announced that subsidiary AU Optronics (Slovakia) s.r.o. is to book asset disposal gains of 30.37 million euros (US$34.6 million) as it carries out an asset revitalization program. The Slovakian unit has sold a 120,100m2 factory along with a 196,400m2 parcel of land to ZNO Slovakia s.r.o. for 87.66 million euros, AUO said, adding that the disposal gains would be booked under nonoperating profits either late this year or early next year.

INDUSTRY

CNFI, associations ink MOUs

The Chinese National Federation of Industries (CNFI, 全國工業總會) yesterday signed six memorandums of understanding (MOUs) with Philippine industry associations and is looking for further opportunities for cooperation in the electronics, electric motorbike and plastics industries. At the annual Taiwan-Philippines Industrial Collaboration Summit in Taipei, Vice Minister of Economic Affairs Wang Mei-hua (王美花) said that the MOUs would increase the willingness of local firms to invest in the Philippines, where the two nations have long cooperated in the electronics industry. As a trade dispute between the US and China continues, the Philippines — which has a domestic market of more than 100 million people and tariff exemptions for exports to the US and the EU — could be an option for Taiwanese investors to reduce risk, Wang said.

SEMICONDUCTORS

ASML opens new office

Dutch semiconductor firm ASML Holding NV yesterday opened a new office at the Hsinchu Science Park X, a 28 hectare project to cultivate businesses developing next-generation technologies. Headed by Hsinchu Mayor Lin Chih-chien (林智堅), the NT$900 million (US$29.2 million) project hopes to relieve a shortage of land at the Hsinchu Science Park (新竹科學園區) and bring an additional NT$40 billion in potential business opportunities. ASML also celebrated its 15th year in Taiwan, with the firm saying that its local headcount is expected to exceed 2,500 by the end of this year.

EQUITIES

TAIEX flat after early surge

Local stocks yesterday opened higher, but ended flat despite a positive lead from Wall Street on Wednesday. The TAIEX opened up 75 points and surged 117.54 points in just one minute to break 10,000 points. The rise was driven by high-tech shares, after the US’ benchmark Dow Jones Industrial Average rallied 617.7 points, or 2.5 percent, on Wednesday. However, three minutes after the TAIEX soared above 10,000 points, it dropped again on heavy selling. It closed up 1.05 points, or 0.01 percent, at 9,885.36. Turnover totaled NT$142.906 billion, the second-highest level since November last year.

INSURANCE

Taiwan Life receives fines

The Financial Supervisory Commission yesterday fined Taiwan Life Insurance Co (台灣人壽保險) NT$2.4 million for contravening the Regulations Governing Implementation of Internal Control and Auditing System of Insurance Enterprises (保險業內部控制及稽核制度實施辦法). The insurer had failed to save and retain material evidence and records related to decisions made by its board of directors, the regulator said. The insurer was also fined another NT$1.8 million for its failure to evaluate counterparty risks when making investment decisions, it added. It also did not save evaluation reports related to its transactions of interest-sensitive assets, for which it was fined NT$600,000, the commission said.

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