Exports hint at slowdown
Exports declined for the third straight month last month, while imports also fell, government data showed yesterday, indicating a possible slowdown in the world’s third-biggest economy. Exports slipped 1.2 percent from a year earlier to ￥6.38 trillion (US$57 billion) and imports declined even more sharply — by 6.7 percent to ￥6.05 trillion. Overall, the country logged a ￥339 billion trade surplus last month, the first surplus for five months.
Non-oil exports rise
The city-state yesterday said that overall non-oil exports last month rose 4.9 percent compared with a year earlier, after three months of retreat. However, a government report pointed to broader challenges: Electronics exports fell 8 percent from a year earlier after a 15.9 percent fall in January. Compared with the previous month, exports jumped 16 percent in seasonally adjusted terms, reversing a 5.7 percent on month decline in January, government data showed.
Web site eyes IPO
Chinese Web site 36Kr, which tracks start-up fundraisings in the country, is planning an overseas initial public offering (IPO), people with knowledge of the matter said. The Beijing-based company is considering selling shares of its flagship media business in the US as soon as this year, the people said. 36Kr, whose Web site is similar to the TechCrunch portal that chronicles Silicon Valley, is targeting to raise at least US$100 million, the people said.
Huawei revenue up 36%
Huawei Technologies Co (華為) has withstood criminal charges and international scrutiny to post rising growth in the first two months of the year. Revenue climbed 36 percent in January and last month compared with a year earlier, founder Ren Zhengfei (任正非) said in a speech to a group of Russian scientists. The pace is an acceleration from last year’s sales increase of 21 percent and its projection for growth this year of about 15 percent. “The company is more united, working harder and our energy intensity is increasing,” Ren said.
Tax refunds issued twice
Taxpayers in Louisiana got an unexpected windfall when a computer error issued their tax refunds a second time. The state’s Department of Revenue cautioned recipients of the wrongly paid windfall: “Do not spend it.” If they have, they must pay the money back in 30 days. The duplicate refunds totaled more than US$26 million, the department said, adding that the state is working with financial institutions to recover the overpayments directly from recipients’ bank accounts.
London home prices down
Asking prices for London homes fell this month as buyers hesitated on closing deals amid political turmoil over Brexit. Average values declined 1.1 percent from last month to ￡607,557 (US$806,000), property Web site Rightmove said in a report yesterday. Asking prices in the capital dropped 3.8 percent from a year earlier with the number of sales agreed by real-estate agents 9.6 percent below the same period last year. A separate report by Acadata, which incorporates all housing transactions, showed that home prices nationwide slid 0.5 percent in the 12 months to last month.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s