Tue, Jul 02, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer

SHIPPING

Taipower to set up line

State-run Taiwan Power Co (Taipower, 台電) plans to set up a shipping line with U-Ming Marine Transport Corp (裕民航運), Kuang Ming Shipping Corp (光明海運) and Kawasaki Kisen Kaisha Ltd (K-Line) after the companies signed a memorandum of understanding yesterday. Taipower said in a statement that it would invest up to NT$400 million (US$12.9 million) for a 40 percent stake in the line, which would be registered by next year, with a total capitalization of NT$1 billion. U-Ming would take a 32.5 stake, Kuang Ming 20 percent and K-Line the remaining 7.5 percent. Taipower said the line would help ensure the transportation of raw materials essential to its power generation business.

ENERGY

CPC cuts LPG, LNG prices

State-run oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday announced price cuts for liquefied petroleum gas (LPG) and liquefied natural gas (LNG) this month. Effective today, prices are to drop by NT$1.6 per kilogram for household LPG, translating into a NT$32 reduction for a 20kg cylinder. Prices for industrial propane and butane are also to fall by NT$1.6 per kilogram and the price of LPG used in vehicles is to be cut by NT$0.9 per liter, it added. The price of domestic LNG would be lowered by an average of 2.57 percent this month, which translates into a lower cost of NT$9.6 to NT$14.4 for households that use 30m3 to 45m3 of LNG per month respectively, CPC said.

AUTOMAKERS

New vehicle sales increase

Sales of new vehicles last month rose 15.7 percent month-on-month and 0.9 percent year-on-year to 38,239 units, Directorate-General of Highways data showed. In the first six months of this year, cumulative vehicle sales totaled 206,922 units, down 6.9 percent from the same period last year, the data showed. Hotai Motor Co (和泰汽車) continued to lead the market, selling 12,047 Toyota and Lexus vehicles with a market share of 31.5 percent, the data showed. From January to last month, Hotai’s total vehicle sales increased 5.5 percent from a year earlier to 65,725 units, the data showed.

INSURANCE

China Life EV up 11.4%

Taipei-based China Life Insurance Co (中國人壽) yesterday reported an embedded value (EV) of NT$272.6 billion for last year, up 11.4 percent from 2017, translating to an EV of NT$67.92 per share. EV represents the value of a life insurer’s future profitability plus its adjusted net asset value. In a regulatory filing, the company said its net profit for the first five months of this year increased 29 percent year-on-year to NT$6.07 billion, translating to earnings per share of NT$1.51. Net worth was NT$108.1 billion as of the end of May, it said. The company also said it completed a capital investment of NT$9.27 billion on Tuesday last week.

CHIPMAKERS

TSMC announces reshuffle

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday announced some personnel changes to take effect on Sept. 1. Senior vice president Lora Ho (何麗梅) would be mainly focused on the Europe and Asia business, and would leave the chief financial officer and spokesperson positions to deputy chief financial officer Wendell Huang (黃仁昭), TSMC said in a regulatory filing. Ho has been chief financial officer and spokesperson since 2003.

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