Fri, Nov 01, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

HONG KONG

Economy enters recession

The territory in the third quarter slid into recession for the first time in a decade, weighed down by increasingly violent anti-government protests and a protracted US-China trade dispute. The economy shrank 3.2 percent in the July-to-September quarter from the preceding period, contracting for a second straight quarter and meeting the technical definition of a recession, preliminary government data released yesterday showed. From a year earlier, GDP contracted 2.9 percent. The readings were the weakest for the territory since the global financial crisis in 2008 and 2009.

BANKING

Protests hinder Fubon plan

Fubon Financial Holding Co’s (富邦金控) plan to sell its Hong Kong banking business is stalling as protests in the territory hamper talks and undermine the unit’s valuation, people with knowledge of the matter said. Negotiations with potential buyers, mostly from China, have slowed in the past few months and it would probably take longer to reach a deal, the people said. Fubon operates 20 branches and a securities services center in Hong Kong, its Web site showed. A representative for Taipei-based Fubon said that the firm does not comment on market speculation.

E-COMMERCE

Alibaba mulls smaller debut

Alibaba Group Holding Ltd (阿里巴巴) is deciding between launching a sharply reduced US$10 billion Hong Kong share sale this month or delaying the deal until next year as global uncertainty mounts, people familiar with the matter said. China’s largest company is weighing its options for the territory’s biggest first-time sale of stock since 2010, but the window for pulling off its mega-deal this year is closing fast. It must proceed with a required listing hearing — either after its earnings report today or the Nov. 11 Singles’ Day shopping prmotion — or risk postponing a deal altogether until next year, the sources said. Alibaba is reluctant to drag things out, as uncertainty mounts around US-China tensions and the global macroeconomic outlook, they added.

PETROLEUM

CPC disciplines employees

Three employees of CPC Corp, Taiwan (台灣中油) have been disciplined over an incident on Tuesday last week in which a Tigerair Taiwan Ltd (台灣虎航) airplane was damaged during refueling at Taiwan Taoyuan International Airport, CPC said on Wednesday. The state-run oil refiner said that it has given two employees a major and two minor demerits, and a manager one demerit, saying that they failed to follow standard operating procedure during the refueling. Human negligence was the cause of the damage, CPC said, adding that it has submitted a proposal to the Ministry of Economic Affairs to improve its service.

ARCHITECTURE

Taipei 101 awarded honor

Taipei 101, the capital’s iconic landmark and a hot tourist destination, has been selected as one of the world’s most influential tall buildings of the past 50 years. The management of Taipei 101, which was the world’s tallest building from 2004 to 2010, said in a statement on Wednesday that it was awarded the honor by the Council on Tall Buildings and Urban Habitat for its sustainable skyscraper development, which has made it a global icon and has set a worldwide precedent in the field. It is the first such honor that the council has awarded in 50 years, the statement said.

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