GRETAI signs Ho Chi Minh deal
The GRETAI Securities Market (GTSM), the nation’s over-the-counter bourse, has signed a memorandum of understanding with the Ho Chi Minh City Stock Exchange (HOSE) to strengthen exchanges of information and further the internationalization of Taiwan’s capital market.
Under the agreement, investors in Taiwan and Vietnam will be able to share information on market regulations and trading activities, officials said.
This accord is also aimed at boosting the number of Taiwan Depositary Receipts (TDRs) listed on the GTSM over-the-counter market, authorities said.
Founded as the Ho Chi Minh City Securities Trading Center in 2000, the HOSE is now Vietnam’s largest stock exchange.
This is the fifth memorandum the GTSM has signed with Asian exchanges, following signings with Korea Exchange in April, and the Hong Kong Exchanges, Hanoi Stock Exchange and Bursa Malaysia last year.
Redwood set for GRETAI listing
Redwood Group Ltd, a Malaysian interior designer, has obtained approval from the GTSM for a primary listing on the over-the-counter market, the GTSM said on Saturday.
Redwood provides interior design services to major customers such as Burberry, Bvlgari, Cartier, Coach, Gucci, Hermes, Louis Vuitton, Michael Kors, Rolex and Tiffany.
According to the company’s prospectus, Redwood is capitalized at NT$360 million (US$11.85 million) and plans to issue up to 4 million shares to raise about NT$240 million for the listing. The issue price has been tentatively set at NT$60, the company said.
Last year, Redwood posted NT$157 million in sales and its earnings per share (EPS) stood at NT$0.89. In the first half of this year, its revenue totaled NT$465 million and its EPS was NT$0.7, according to the GTSM.
Tsann Kuen expects sales boost
Tsann Kuen Enterprise Co (燦坤實業), the nation’s largest 3C products and home appliance retailer, said on Saturday it expected sales for this month to continue to grow from a year earlier due to back-to-school buying.
Last month, Tsann Kuen posted NT$2.48 billion in sales, up 8.26 percent from a year earlier. In the first eight months, the company generated NT$19.69 billion in revenue, up 4.72 percent year-on-year.
Tsann Kuen said the back-to-school buying spree has boosted demand for computers and related products, while demand was also up for home appliances, such as hair dryers, microwave ovens, water dispensers and lamps, because of purchases for students who live away from home.
Japan tourists top Visa table
Japanese travelers were the biggest group of Visa card spenders among international visitors to Taiwan in the first half of this year, according to the latest report by Visa Inc.
The report, based on VisaVue Travel data, showed that Japanese travelers spent a total of US$109 million on their Visa cards in Taiwan during the six-month period, followed by US travelers with US$71.3 million and Hong Kong visitors with US$62.8 million.
Travelers from Malaysia, Singapore, China, Thailand, South Korea, Canada and Australia were in fourth to 10th place respectively.
According to the report, the total Visa spending by international tourists in Taiwan in the first half of the year increased by 15.2 percent from the same period last year, which indicated steady growth in tourism in Taiwan.
The average Visa spending by international visitors to Taiwan was US$226.50 per person, with high growth seen among travelers from Thailand, China and Australia, according to the report.
BAE to cut jobs: reports
British arms manufacturer BAE Systems is to axe up to 3,000 jobs as European governments cut defense budgets, reports said yesterday. The job losses, which could be announced in this week, will focus on the company’s military aircraft division based at two locations in northern England, Britain’s Sunday Telegraph newspaper and Sky News reported.
A trade union described the move by BAE, which employs about 39,000 staff across the country, as a “hammer blow” to Britain’s defense industry. BAE said in a statement that it had “informed staff that we are reviewing our operations across various businesses to make sure the company is performing as effectively and efficiently as possible.”
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