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.
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.
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.
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.
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.
Just a few years ago, the millennial generation — generally defined as those born from the early 1980s through the mid-1990s — was synonymous with youthful rebellion. However, now, as the millennials ease into early middle age, they are finding their path out of their parents’ basement to be a lot harder than it was for earlier generations. The fundamental problem is that millennials are not building wealth. The wealth of the median US household headed by someone 35 or younger has actually shrunk in inflation-adjusted terms since the mid-2000s, even as the wealth of older Americans has continued to grow. An
‘LITTLE CHOICE’: The airline said it expected only about 8,000 of its 29,000 employees to be working by next month, but hoped to have 21,000 in the next two years Qantas Airways Ltd plans to cut at least 6,000 jobs and keep 15,000 more workers on extended furloughs as Australia’s largest airline tries to survive the coronavirus pandemic. Qantas yesterday announced a plan to reduce costs by billions of dollars and raise fresh capital. The plan includes grounding 100 planes for a year or more and immediately retiring its six remaining Boeing Co 747 planes. Chief executive Alan Joyce said the airline has to become smaller as it braces for several years of much lower revenues. He said the furloughed workers faced a long interruption to their airline careers. “The actions that we’re taking
Apple Inc’s decision to stop using Intel Corp processors in its Mac computers and switching to its own chips might benefit Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and boost Taiwan’s high-tech exports, Australia and New Zealand Banking Group (ANZ) said in a note on Tuesday. The US tech giant announced the “Apple silicon” initiative at its annual Worldwide Developers’ Conference, which started on Monday. The company said the first Mac powered by its own chips would debut by the end of this year and all product lines might shift to the new architecture in the next two years. TSMC is likely to
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price