Taiwan Business Quick Take

Staff writer, with agencies

Wed, Sep 04, 2019 - Page 11

FINANCE

Wealth management eyed

The Financial Supervisory Commission is to ease regulations and approve new wealth management programs by the end of this year, Chairman Wellington Koo (顧立雄) said. The move is expected to help banks and stock brokerages develop their wealth management businesses and compete with their peers in Hong Kong and Singapore, Koo said in an interview, which was reported yesterday by major Chinese-language newspapers. He did not elaborate on details of the new programs, saying that the commission would first review existing programs run at local lenders’ offshore and domestic banking units. It might also ease restrictions on structured notes to lure more professional investors, he said.

EMPLOYMENT

Export zones to hold fairs

The nation’s export processing zones in Kaohsiung’s Nanzih District (楠梓) and Pingtung County are to offer up to 481 employment opportunities at two job fairs on Friday, the Ministry of Economic Affairs said yesterday. The openings are at 27 companies, including OSE Corp (華泰電子), ASE Technology Holding Co (日月光投資控股), DingZing Corp (鼎基) and Sinpro Electronics Co (星博電子). The fairs would be held separately in Kaohsiung and Pingtung, the ministry said, adding that the vacancies are for jobs such as technicians, production assistants, engineers and managers.

EQUITIES

TAIEX slides on chip shares

Local shares yesterday closed below 10,600 points as the semiconductor sector came under pressure, sending ripples through the broader market. Market sentiment remained cautious as investors spotted futures on US equity markets falling amid rising trade tensions between the US and China. The TAIEX ended down 76.64 points, or 0.72 percent, at 10,558.21, on turnover of NT$104.651 billion (US$3.33 billion), Taiwan Stock Exchange data showed. Foreign institutional investors sold a net NT$7.19 billion of shares on the main board, the data showed.

ENERGY

Huaneng could make unit

China Huaneng Group Co’s (華能集團) plan to buy the remaining shares in its Hong Kong-listed wind power subsidiary could be part of an effort to create a new green energy unit. Huaneng Renewables Corp (華能新能源) on Monday said in a filing with the Hong Kong Stock Exchange that the state-owned parent intends to make an offer for all outstanding shares, which could lead to privatization and delisting. If completed, Huaneng Group could consolidate the wind power unit with other assets, including solar farms it aims to acquire through a separate deal, analysts said.

MOBILE PAYMENTS

European firms team up

Seven European mobile payment systems yesterday said they are joining forces, in a move seen as an attempt to create a regional standard for smartphone payments that does not require Apple Inc, Google, Visa Inc or Mastercard Inc. Mark Wraa-Hansen, CEO of Denmark’s MobilePay system, said that the European Mobile Payment System Association combines 25 million registered users, about 1 million merchant acceptance points and more than 350 partner banks. The association is to focus on making it possible to use mobile payments seamlessly across Belgium, Germany, Austria, Portugal, Switzerland and four Nordic nations, Wraa-Hansen said. The association, headquartered in Zurich, Switzerland, has not yet spoken with the European Commission.