Thu, Oct 17, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

EQUITIES

Shares hit 16-month high

Shares in Taiwan yesterday continued to move higher to hit a 16-month high, helped by gains in contract chipmaker Taiwan Semiconductor Manufacturing Co (台積電), dealers said. Buying largely came from foreign institutional investors, they said. The TAIEX ended up 51.03 points, or 0.46 percent, at 11,162.83, with a turnover of NT$146.10 billion (US$4.76 billion). TSMC rose 1.02 percent to NT$296.50, a new closing high for the stock. Foreign institutional investors bought a net NT$9.33 billion in local shares, Taiwan Stock Exchange data showed.

SMARTPHONES

Pixel 4 launched in Taiwan

Alphabet Inc’s Google yesterday launched its new Pixel 4 smartphone in Taiwan through its carrier partner Taiwan Mobile Co (台灣大哥大). Equipped with dual rear cameras as well as a faster Google Assistant, the prices of Pixel 4 and Pixel 4XL start at NT$24,600 and NT$29,500 respectively. The US technology giant also plans to launch by the end of the year its second-generation smart speaker Nest Mini, which is to retail for NT$1,785. Nest Minis is for the first time to support Chinese language, conforming to language patterns that are distinct in Taiwan.

BANKING

Yuan deposits decline

Yuan deposits held by local banks last month declined to 264.95 billion yuan (US$37.32 billion) from 266.41 billion yuan in August, the central bank said yesterday. The latest figure suggested a 0.55 percent decrease from the previous month, as yuan deposits at lenders’ domestic banking units rose to 233.05 billion yuan, but those at offshore banking units dropped to 31.9 billion yuan, it said in a statement. Sunny Bank (陽信銀行) offers the highest interest rate at 2.8 percent for one-year yuan time deposits, while Jih Sun International Commercial Bank (日盛銀行) provides the highest rate at 2.45 percent for nine-month time deposits, central bank data showed.

FINANCE

Sector fined NT$187 million

The Financial Supervisory Commission (FSC) had fined the financial sector NT$187 million as of Tuesday, commission data showed. The figure is a 41 percent increase from NT$132 million for all of last year. The commission attributed the increase to a NT$30 million fine on Nan Shan Life Insurance Co (南山人壽) and a NT$6 million fine on Nan Shan General Insurance Co (南山產險) last month over problems in their new information system. The penalties raised the insurance sector’s aggregate fines to NT$106 million, compared with NT$75.2 million a year earlier. Banks were fined NT$69.5 million, higher than NT$48.1 million for the whole of last year, while the securities and futures companies were fined NT$11 million, data showed.

AUTOMAKERS

Yulon forms joint venture

Yulon Motor Co (裕隆汽車) has signed a joint venture agreement with Ellectramobilys to assemble electric logistics vehicles for the French firm, the company said in a statement on Tuesday. Yulon is to own 60 percent of the joint venture via its subsidiary, while Ellectramobilys is to hold a 40 percent stake. The venture is to start manufacturing vehicles in the first quarter of next year and plans to deliver the first batch vehicles to the US and Europe in the third quarter. Production capacity is forecast to expand to 3,000 units a year in 2021, the statement said.

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