Thu, Sep 05, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

EQUITIES

Lotus IPO under review

The Taiwan Stock Exchange (TWSE) is expected to complete its review of Lotus Pharmaceutical Co Ltd’s (美時化學製藥) application to trade its shares by the middle of next month, TWSE president Chien Lih-chung (簡立忠) told reporters on the sidelines of an event in Taipei yesterday. If approved, it would mark a relaxing of exchange regulations, as Lotus would be the first company to debut on the bourse even though it reported accumulated losses of about NT$1 billion (US$31.88 million) as of the end of last year. Current regulations do not allow loss-making companies to be listed. Three other companies have expressed interest in applying for an initial public offering (IPO) under the relaxed rules, Chien said.

TRADE

New bilateral tariffs begin

Preferential tariffs between Taiwan and Paraguay take effect today, after the government agreed to remove or reduce tariffs on 31 categories of Paraguayan products, the Bureau of Foreign Trade said yesterday. In return, Paraguay agreed to reduce tariffs on 14 categories of Taiwanese products, as a follow-up to an economic agreement that took effect in February last year, the bureau said. In the first six months of this year, bilateral trade reached US$47.68 million, up 88 percent year-on-year, with Taiwan enjoying a trade surplus of US$2.7 million, the bureau said.

MANUFACTURING

Renovations set for EPZ

The Ministry of Economic Affairs yesterday unveiled a plan to renovate the Taichung export processing zone (EPZ), which was established 50 years ago to focus on the optoelectronic industry. The work would be completed in sections to meet the needs of the companies in the zone, the ministry said. Work on employee dormitories would start by the end of this month, it said. The zone is home to 42 companies and 9,574 employees, the ministry said, adding that the EPZ is fully utilized, but 60 percent of its buildings are more than 40 years old.

LABOR

Increase in jobs expected

The number of positions available in the nation’s job market next quarter is expected to increase by 36,400 from this quarter, the Ministry of Labor said on Tuesday. The increase is being attributed to growing demand for personnel to fill vacancies left by employees resigning or retiring, Department of Statistics head Lo Yi-ling (羅怡玲) said. The greater demand is also being driven by the fourth quarter being the peak season for tech products and Taiwanese companies returning home, Lo added.

AVIATION

Cathay chairman to retire

Cathay Pacific Airways Ltd (國泰航空) yesterday announced that chairman John Slosar is retiring, the latest top executive to leave the carrier since it drew Beijing’s ire over employees participating in Hong Kong’s pro-democracy protests. Slosar, 63, is stepping down and would be replaced by Patrick Healy, a veteran executive from the Swire Group, the airline’s majority shareholder, Cathay said in a statement. In a filing to the territory’s stock exchange, Cathay said Slosar, who has been chairman since 2014, “confirmed that his resignation is due to his retirement and that he is not aware of any disagreement with the board of the company.” The handover would take effect on Nov. 6 at the conclusion of the company’s board meeting, Cathay said.

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