Taisugar reappoints Chen
Taiwan Sugar Corp (Taisugar, 台糖) yesterday appointed former chairman Chen Chao-yih (陳昭義) to the position after Charles Huang (黃育徵) resigned last week. Chen helped bring the company out of the red during his nearly four years at the helm from 2013 to 2016, Taisugar said in a statement. At a handover ceremony, Chen said that he would work to utilize the company’s idle land in Taiwan, as the asset is in high demand due to a growing number of Taiwanese companies returning from China and the development of solar energy accelerates. The company would make an effort to recruit and cultivate talent in the future, he said.
PChome, HTNS sign MOU
PChome Online Inc (網路家庭), the nation’s largest e-commerce operator, yesterday signed a memorandum of understanding (MOU) with South Korean logistics company Hanoro TNS (HTNS) to join forces to expand marketing horizons. Through the agreement, popular South Korean products would be made available on PChome’s online platform, PChome chairman Jan Hung-tze (詹宏志) said in a statement. PChome also aims to promote Taiwanese products in South Korea through HTNS, Jan said. The move came after PChome partnered with Rakuten Inc and eBay Inc earlier this year.
EVA sixth-best in world: poll
EVA Airways Corp (長榮航空) has been ranked the world’s sixth-best airline in a survey released at the Paris Air Show on Tuesday by Skytrax, the UK’s leading aviation service research agency. EVA also took home the honor of having the world’s cleanest airline and was cited for having the best economy-class catering. Qatar Airways Co QCSC returned to the top spot in the Skytrax World Airline Awards, the fifth time the Persian Gulf carrier has won the award, adding to its 2011, 2012, 2015 and 2017 titles. Last year, Singapore Airlines Ltd claimed first place.
Average lending rates rise
The nation’s five major state-run banks last month saw their average lending interest rates rise to 1.473 percent, up 0.028 percentage points from 1.445 percent a month earlier. The five lenders are Bank of Taiwan (臺灣銀行), Taiwan Cooperative Bank (合庫銀行), Land Bank of Taiwan (土地銀行), Hua Nan Commercial Bank (華南銀行) and First Commercial Bank (第一銀行). The rate increase indicates increasing loan demand by firms to increase their working capital and capital expenditure, the central bank said in a statement. Excluding government loans, interest rates averaged 1.473 percent, down 0.006 percentage points from 1.5479 percent in April, the central bank said.
Yuan deposits drop 2.34%
Yuan deposits in Taiwan last month totaled 268.278 billion yuan (US$38.857 billion), a 2.34 percent decrease from April and the lowest level in more than five years, the central bank said. The decline resulted from some firms’ withdrawal of their yuan deposits to purchase yuan-denominated bonds, the bank said. There were also firms that remitted the Chinese currency to meet operational needs in China, it added. Jih Sun International Commercial Bank (日盛銀行) offers the highest interest rates of 2.3 percent for one-month yuan time deposits; 2.9 percent for three-month and six-month time deposits; and 3.1 percent for one-year time deposits, central bank data showed.
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
Nano-X Imaging Ltd, a start-up founded by Israeli investor Ran Poliakine, is joining forces with South Korean chipmaker SK Hynix Inc to build a machine that could disrupt a century-old X-ray industry. Valued at about US$2 billion after listing on the NASDAQ last month, Nano-X is seeking to transform a multibillion-dollar industry that has essentially relied on the same technology since Nobel Prize in Physics winner Wilhelm Roentgen discovered X-rays in the late 19th century. Nano-X’s device uses semiconductors instead of metal filaments to generate X-rays. The backing of SK Hynix, the world’s second-largest maker of memory chips, is a boost for
Continental AG, which makes control units for Daimler AG cars, cannot pursue antitrust claims against a group of patent owners, including Qualcomm Inc, which are seeking royalties on telecommunications technology, a federal judge in Texas ruled. Avanci LLC, a licensing pool formed by Qualcomm, Nokia Oyj, Sharp Corp and other owners of patents on technology standards, is not breaching antitrust laws when it negotiates license agreements with automakers rather than the component makers, Barbara Lynn, chief district judge for the Northern District of Texas, said in dismissing the suit in a decision posted on Friday. The licensing group charges US$15 per vehicle
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