Fubon Financial Holding Co (富邦金控) and its subsidiaries yesterday signed five letters of intent with three Xiamen-based counterparts to expand its presence in China’s Western Taiwan Straits Economic Zone, the company said in a press statement.
The Taipei-based financial service provider inked its first letter of intent with Fujian Investment & Development Co (FIDC, 福建投資開發集團) to set up a joint-venture securities arm — the Cross-strait Securities Co (海峽證券有限公司) — the statement said.
The two companies will work on a securities brokerage businesss for A-shares, which refer to shares traded in Chinese yuan on the Shanghai and Shenzhen stock exchanges, it said.
It signed a letter of intent with the FIDC to set up a joint-venture fund management firm — Cross-strait Industrial Investment Fund Management Co (海峽產業投資基金管理有限公司) — to establish, manage and operate an industrial investment fund promoting the cooperation and development of industries across the Strait.
Fubon Financial did not disclose the size of the planned investment fund, but earlier media reports quoted a Chinese official as saying that the fund size may total 20 billion yuan (US$2.93 billion) with an initial capital injection of 5 billion yuan.
The Xiamen-based subsidiary of Fubon Insurance Co (富邦產險) and Fubon Life Insurance Co (富邦人壽) inked a letter of intent with Xiamen Bank (廈門銀行), previously known as Xiamen City Commercial Bank (廈門商銀), to develop an insurance service platform there.
The insurance arm will offer family property, accidental and travel accident insurance products to be sold at Xiamen Bank as well as professional training to the Chinese bank, the statement said.
Fubon Insurance and Fubon Life Insurance also inked an agreement with Xiamen Port Holding Group (廈門港務控股集團) to develop an insurance brokerage.
The fifth letter of intent was signed between Taipei Fubon Bank (台北富邦銀行) and Xiamen Bank to develop cross-strait wire-transfer services.
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
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
UNCERTAINTIES: The world’s biggest chip packager and tester is closely monitoring the US’ tariff policy before making any capacity adjustments, a company official said ASE Technology Holding Inc (日月光投控), the world’s biggest chip packager and tester, yesterday said it is cautiously evaluating new advanced packaging capacity expansion in the US in response to customers’ requests amid uncertainties about the US’ tariff policy. Compared with its semiconductor peers, ASE has been relatively prudent about building new capacity in the US. However, the company is adjusting its global manufacturing footprint expansion after US President Donald Trump announced “reciprocal” tariffs in April, and new import duties targeting semiconductors and other items that are vital to national security. ASE subsidiary Siliconware Precision Industries Co (SPIL, 矽品精密) is participating in Nvidia
RSS