FSC to relax regulation
The Financial Supervisory Commission (FSC) yesterday announced it would relax regulation to allow the offshore subsidiaries of locally listed companies to manage the bonus stocks and special investment accounts of overseas employees as qualified domestic institutional investors (QDII).
The relaxation will especially benefit China-based employees, who were only allowed to receive cash bonuses from Taiwanese companies, instead of stock options, commission Vice Chairman Wu Tang-chieh (吳當傑) told a media briefing.
“The new deregulatory move will help attract and retain overseas talent” because stock options provide incentives for employees to work harder, the commission’s press statement said.
However, Chinese employees will only be allowed to sell or transfer stocks through their QDII accounts while no share purchases will be allowed, Wu said.
Ministry to cut taxes
The government will cut the tax on transactions of stock futures by 60 percent, the Ministry of Finance said in a statement yesterday.
The levy for stock futures will fall to NT$4 for every NT$100,000 transacted, from NT$10 starting on Monday, the ministry said.
Shipping firm to expand
Yang Ming Marine Transport Corp (陽明海運), Taiwan’s second-largest shipping line, plans to more than triple the size of its dry-bulk fleet to 20 vessels within four years as China’s economic growth spurs demand for iron ore and coal.
The company has injected its six existing bulk ships into its Kuang Ming Shipping Corp (光明海運) unit, it said in a statement on its Web site. The bulk fleet has sales of about NT$4 billion ($124 million) a year, it said.
The Taiwanese shipping line plans to operate 18 panamax vessels and two capesize carriers by 2012, Lloyd’s List said yesterday, citing an interview with Kuang Ming general manager Guer Ren-yao (葛仁友).
The capesize vessels will be chartered in on 10-year contracts from 2012, the newspaper said.
Consumer confidence drops
Taiwan’s consumer confidence index (CCI) dropped 1.52 points to 54.32 last month, while six sub-indexes all posted declines from a month ago, according to a monthly survey released by the Research Center for Taiwan Economic Development at National Central University on Tuesday.
The sub-index that saw the largest decline last month was whether it is a good or bad time to buy stocks in the next six months, sliding 4.5 points to 53.4 last month.
A score below 100 indicates pessimism, while one between 100 and 200 indicates optimism.
Yahoo promotes Steven Ho
Yahoo Kimo Inc (雅虎奇摩) said yesterday it had promoted Steven Ho (何英圻) to general manager of its e-commerce group, effective on Wednesday, in an effort to create synergy after the popular Web portal’s merger with Monday Tech Co (奇科技於) on Aug. 5.
The company also said it had promoted Frank Chen (陳建銘) from vice president to general manager of Yahoo-Kimo’s sales group. Chen is instrumental in creating Yahoo’s partnership with seven of Taiwan’s domestic gaming companies, including Gamania Digital Entertainment Co (遊戲橘子), Giga Media Ltd (和信超媒), and Cayenne Entertainment Technology Co (紅心辣椒), the company said.
NT dollar drops against US
The NT dollar lost ground against the US dollar on the Taipei Foreign Exchange yesterday, declining NT$0.131 to close at NT$32.160.
A total of US$1.02 billion changed hands during the day’s trading.
With the speed cryptocurrency is emerging as the millennial generation’s alternative asset of choice in India, it is hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody. Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old start-up, were arrested in late 2018. No, they had not pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap bitcoin, ether or ripple for cash or vice versa. That was the whole point of unocoin, their crypto token exchange.
A Chinese factory owned by South Korean semiconductor giant SK Hynix Inc yesterday halted operations after a plant worker was found to have an asymptomatic infection of COVID-19, Xinhua news agency reported. The South Korean worker based at the plant in Chongqing since February had departed on Thursday for South Korea, Xinhua reported. He was tested at Incheon Airport in Seoul and confirmed positive for COVID-19 on Saturday, it reported. All factory staff as well as staff and recent guests at the hotel where the worker lived have been isolated and given nucleic acid tests, the agency said. “We’re cooperating with the local government
FIVE NEW FABS: An acquisition of Siltronic would boost GlobalWafers’ market share from 17 to 30 percent, easily surpassing Japanese rival Sumco’s 25 percent GlobalWafers Inc (環球晶圓) yesterday said it is in final talks to acquire Germany-based Siltronic AG in a 3.75 billion euro (US$4.5 billion) deal, which might help it compete with its closest rival Sumco Corp of Japan. The acquisition would be the fifth for GlobalWafers since 2008, as it has grown to become the world’s No. 3 supplier of silicon wafers through such deals. GlobalWafers, which has a 17 percent market share, would see its market position greatly elevated to 30 percent when combined with Siltronic’s 13 percent, according to a presentation Siltronic gave to its investors at a quarterly conference in August. Sumco
A year of crisis for the lira has kept people in Turkey buying gold at a record pace. Now the appetite for more bullion risks becoming a drag on the currency just as a rally struggles to regain momentum. In the two weeks after Turkish President Recep Tayyip Erdogan cleared out the leadership ranks blamed for failing to stabilize the lira and draining reserves, Turkish retail investors and firms added US$2.2 billion to their gold holdings, taking them to US$36.4 billion, or almost triple the total last year, Turkish central bank data showed. People are not relenting in their zeal to own