Fubon to take over rivals
Fubon Insurance Co (富邦產險), the nation's biggest non-life insurer, will acquire the assets, liabilities and customers in the island of Royal & Sun Alliance Insurance Group Plc and Hartford Fire Insurance Co.
Royal & Sun of the UK and Hartford of the US, which are quitting Taiwan's insurance market due to losses stemming from natural disasters in the nation in recent years, will transfer to Fubon their local businesses, which are focused on corporate clients, Fubon spokesman Jerry Kao said.
"These companies don't have many customers," he said.
Tumbling stock markets and declining interest rates have hurt the investment returns of insurers, prompting worries in Taiwan and globally whether they have sufficient reserves to pay claims and underwrite new policies.
LG.Philips sues Chunghwa
LG.Philips LCD Co, the world's second-largest maker of liquid-crystal displays, said it filed a suit against Chunghwa Picture Tubes Ltd (中華映管) and its affiliate companies for violating six of its technology patents. LG.Philips asked a federal court in Los Angeles to halt monitor sales by Chunghwa Picture Tubes, Tatung Co (大同), Chunghwa's parent, and Tatung's US subsidiary because they use technology patented by LG.Philips, the company said. Tatung, a maker of personal computers, uses displays made by Chunghwa Picture Tubes. "This action is to protect our valuable intellectual property after Chunghwa Picture Tubes refused to cease its infringing activities or negotiate an amicable resolution to the dispute," LG.Philips said in a statement sent via e-mail. South Korean liquid-crystal display makers are trying to fend off Taiwanese rivals, which are extending their market share by offering lower prices. Both Tatung and Chunghwa Picture Tubes yesterday said in a statement to the Taiwan stock exchange that they haven't received any notification from the US court authorities regarding the lawsuit.
Taichung to get industrial park
The Council for Economic Planning and Development approved on Monday a project to establish the Taichung Science-based Industrial Park. Vice Premier Lin Hsin-yi (林信義), who also doubles as the council's chairman, said the 304-hectare park will begin operation late next year if planning and construction proceed smoothly. The project is estimated to cost about NT$30.596 billion and will create 51,000 job opportunities upon completion, he said.
CAL improves its cargo ranking
China Airlines Co (華航) was the world's eighth-largest cargo carrier last year increasing from 10th position in 2000, according to a survey by the International Air Transport Association. China Airlines recorded 4,031 million FTK (freight ton kilometers) last year. In addition to 41 passenger jets, China Airlines now operates a cargo fleet of 13 freighters, including 11 Boeing 747-400s and two Boeing 747-200s, serving 40 cargo destinations. The carrier will introduce one more B747-400F this month.
NT dollar remains unchanged
The New Taiwan dollar yesterday remained unchanged against the US dollar, closing at NT$34.325 on Taipei foreign exchange market. The turnover was US$444.5 million, up from the previous day's US$341 million. The local currency opened at NT$34.340 against the greenback and traded in a range between NT$34.295 and NT$34.363 throughout the session.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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