Taiwan Business Quick Take

Staff writer

Tue, Sep 20, 2016 - Page 11


Yuan deposits stabilizing

Yuan deposits held by banks based in Taiwan increased slightly to 305.62 billion yuan (US$45.81 billion) last month, from 305.4 billion in July, the central bank said, as interest in the currency showed signs of stabilizing. Yuan deposits at domestic banking units gained 0.16 percent to 271.44 billion yuan last month, but they declined 0.64 percent at offshore banking units to 34.17 billion yuan, the central bank said. Local lenders are no longer offering generous interest rates to encourage yuan deposits after China’s central bank cut interest rates several times to support economic growth and rate differences taper off between offshore and onshore markets, it said.


MediaTek hails US progress

Handset chip designer MediaTek Inc (聯發科) said it has made great progress in expanding its presence in the US market, as telecom operator Sprint yesterday launched an LG Electronics smartphone that is equipped with its premium chipset. The phone uses MediaTek’s Helio P10 chipset, a company statement said. The Helio P10 offers high-performance 4G LTE octacore processors, as well as the older modems, such as CDMA2000, WCDMA, HSPA+ and GSM. The LG phone is available for Boost Mobile customers.


Motech to axe 200 workers

Motech Industries Inc (茂迪), one of the nation’s largest solar cell manufacturers, yesterday said it has no plan to cut jobs significantly in the short term, but it does plan to terminate the contracts of 200 foreign workers. The company said it has no plans to ask employees to take unpaid leave. The company is only introducing short-term “labor adjustments,” Motech said in a filing with the Taiwan Stock Exchange, without giving any details. Motech shares fell 1 percent to close at NT$30.85 yesterday in Taipei trading, underperforming the TAIEX, which climbed 2.81 percent.


No Note 7 sales: Samsung

Samsung Electronics Co’s branch in Taiwan yesterday said it does not have any plans to put the Galaxy Note 7 back on the shelves in the local market at this time. The Central News Agency quoted the South Korean company as saying it would continue with its replacement policy for Taiwanese consumers, in which they can have their Galaxy Note 7 handsets replaced unconditionally from Friday this week. Samsung started to take reservations for Galaxy Note 7 replacement at noon yesterday and had received more than 4,000 requests in just two hours, the report said.


Ministry rescinds medal

The Ministry of Finance yesterday rescinded a medal of honor it had awarded former Mega Financial Holding Co (兆豐金控) chairman Mckinney Tsai (蔡友才) after he was found to have been negligent while chairing the state-run company. The ministry said an investigation by the Financial Supervisory Commission had shown that Tsai was not worthy of the honor and that it would ask him to return the medal and certificate. In addition, the ministry has instructed new Mega Financial chairman Michael Chang (張兆順) to seek damages from Tsai for losses related to a US$180 million fine at the New York branch of Mega International Commercial Bank (兆豐銀行).