ENERGY
LNG terminal gets approval
The Environmental Protection Administration yesterday approved an environmental impact assessment for state-owned oil refiner CPC Corp, Taiwan’s (台灣中油) construction of a second liquefied natural gas (LNG) terminal in Taichung. CPC said that it has leased the No. 11 and No. 12 piers at the Port of Taichung from Taiwan International Ports Corp (台中港務) to construct the new terminal. The terminal is needed to maintain the domestic supply of natural gas, CPC said in a statement posted on its Web site. The government plans to boost the proportion of electricity generated by natural gas from about 35 to 50 percent by 2025.
FOOD AND BEVERAGE
UPE names two copresidents
Uni-President Enterprises Corp (UPE, 統一企業), the nation’s largest food and beverage producer, on Wednesday elected two senior executives to serve as copresidents in charge of domestic and foreign markets. The board of directors elected Hwang Jau-kai (黃釗凱) and Lee Ching-tien (李清田) to replace Hou Jung-lung (侯榮隆) effective immediately, UPE said in a statement. The board also resolved to issue up to NT$5 billion (US$160.8 million) in unsecured corporate bonds to raise funds for loan repayment and financial structure improvement, the company said.
BATTERIES
Synergy expands production
Lithium battery maker Synergy ScienTech Corp (興能高科技) on Wednesday said that it has added a second plant in Kunshan, China, and has increased the capacity of its first plant from 3.6 million to 4 million units. Total production capacity is projected to reach 5 million units in the upcoming quarter, the company said at an annual shareholders’ meeting in Hsinchu. Synergy ScienTech reported cumulative revenue of NT$836 million in the first five months of this year, up 41.84 percent from NT$589.39 million in the same period last year. Shareholders approved a plan to distribute a cash dividend of NT$1.2 per share, representing a payout ratio of 55.3 percent based on last year’s earnings per share of NT$2.17.
CREDIT
Line unveils rating service
Line Corp yesterday unveiled new services from an artificial intelligence-powered robot receptionist to credit scores, as the operator of Japan’s dominant messaging platform seeks to expand beyond chat. The feature is to go live today in Japan. Line Score would rate users based on information they provide, as well as their interaction with other services on the platform. That would determine interest rates and credit limits for a loan service to be made available this summer, executives said. Line Score would also be used to generate personalized offers and discounts from partners, including Airbnb Inc and branded-goods rental service Laxus Technologies Inc, they said.
EQUITIES
Chinese firm hits 1,000 yuan
China’s equity market finally got its first 1,000 yuan (US$145.42) stock — although only briefly. Liquor giant Kweichow Moutai Co (貴州茅台) yesterday reached a record 1,001 yuan in intraday trading, after advancing as much as 2.2 percent. The stock pared its gain to close up 1.7 percent at 996.35 yuan. The alcohol producer’s shares have rallied 69 percent this year. Reaching that milestone at a time when markets are hobbled by uncertainties ahead of a G20 meeting illustrates the continued flight to quality, analysts said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) secured a record 70.2 percent share of the global foundry business in the second quarter, up from 67.6 percent the previous quarter, and continued widening its lead over second-placed Samsung Electronics Co, TrendForce Corp (集邦科技) said on Monday. TSMC posted US$30.24 billion in sales in the April-to-June period, up 18.5 percent from the previous quarter, driven by major smartphone customers entering their ramp-up cycle and robust demand for artificial intelligence chips, laptops and PCs, which boosted wafer shipments and average selling prices, TrendForce said in a report. Samsung’s sales also grew in the second quarter, up
On Tuesday, US President Donald Trump weighed in on a pressing national issue: The rebranding of a restaurant chain. Last week, Cracker Barrel, a Tennessee company whose nationwide locations lean heavily on a cozy, old-timey aesthetic — “rocking chairs on the porch, a warm fire in the hearth, peg games on the table” — announced it was updating its logo. Uncle Herschel, the man who once appeared next to the letters with a barrel, was gone. It sparked ire on the right, with Donald Trump Jr leading a charge against the rebranding: “WTF is wrong with Cracker Barrel?!” Later, Trump Sr weighed
HEADWINDS: Upfront investment is unavoidable in the merger, but cost savings would materialize over time, TS Financial Holding Co president Welch Lin said TS Financial Holding Co (台新新光金控) said it would take about two years before the benefits of its merger with Shin Kong Financial Holding Co (新光金控) become evident, as the group prioritizes the consolidation of its major subsidiaries. “The group’s priority is to complete the consolidation of different subsidiaries,” Welch Lin (林維俊), president of the nation’s fourth-largest financial conglomerate by assets, told reporters during its first earnings briefing since the merger took effect on July 24. The asset management units are scheduled to merge in November, followed by life insurance in January next year and securities operations in April, Lin said. Banking integration,
LOOPHOLES: The move is to end a break that was aiding foreign producers without any similar benefit for US manufacturers, the US Department of Commerce said US President Donald Trump’s administration would make it harder for Samsung Electronics Co and SK Hynix Inc to ship critical equipment to their chipmaking operations in China, dealing a potential blow to the companies’ production in the world’s largest semiconductor market. The US Department of Commerce in a notice published on Friday said that it was revoking waivers for Samsung and SK Hynix to use US technologies in their Chinese operations. The companies had been operating in China under regulations that allow them to import chipmaking equipment without applying for a new license each time. The move would revise what is known
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