Amcham elects new chair
The American Chamber of Commerce in Taipei has elected Thomas Fann (范炘), president of the Ford Lio Ho Motor Co (福特六和), as the trade group’s chairman, starting next year. Fann had been serving as acting chairman since September, following the transfer of Alan Eusden of Corning Display Technologies back to the US. Fann joined Ford as a senior engineer in 1993 and was named president of Ford Lio Ho last year.
Innolux to issue 2bn shares
Innolux Corp (群創光電), the nation’s largest LCD panel maker, said in a filing to the Taiwan Stock Exchange yesterday that it planned to issue as many as 2 billion common shares via rights issue for local investors, or for global investors. The proceeds will be used in expanding factory capacities, raw material purchase and to repay bank loans, the filing showed.
US$1.65bn raised in China
Taiwan has held five trade fairs in China this year that have drawn 1.19 million visitors and generated US$1.65 billion in new business for Taiwanese companies taking part in them, the Taiwan External Trade Development Council (TAITRA) said yesterday. Since the first event, the TAITRA has hosted 27 such fairs in 16 Chinese cities, that have generated US$11.97 billion in new business and helped open doors to Taiwanese products in the Chinese market, it said.
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their
‘NEW TRAVEL MARKET’: The carrier initially planned to lay off about 8,000 people globally, but after government intervention reduced that to 18 percent of its workforce Cathay Pacific Airways Ltd (國泰航空) would cut 6,000 jobs and close its Cathay Dragon brand, the South China Morning Post reported, as part of a strategic review to combat the unprecedented damage caused by the COVID-19 pandemic. The Hong Kong-based airline is expected to officially announce the plan after the market close today, the newspaper said. It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18 percent of its total workforce, including about 5,000 jobs in Hong Kong, it said. The company, which posted a HK$9.9 billion (US$1.3 billion) loss in the first half, has for months
V-SHAPED RECOVERY: Local tech firms have benefited from strong demand for 5G deployment and electronic devices required for a low-contact economy, CIER said The Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) yesterday raised its forecast for the nation’s GDP growth this year to 1.76 percent, from its previous estimate of 1.33 percent, saying exports and private consumption have staged a V-shaped recovery from the COVID-19 pandemic in the second half of the year. “The upgrade aims to reflect the fast recovery in Taiwan’s exports and domestic demand,” CIER president Chang Chuang-chang (張傳章) told a media briefing. The Taipei-based think tank said the economy might have expanded 2.77 percent last quarter — emerging from a 0.78 percent decline in the second quarter — and would grow
Hon Hai Precision Industry Co (鴻海精密) founder Terry Gou (郭台銘) yesterday said that the company remains committed to its project in Wisconsin, but appeared to condition its completion on the receipt of state incentives, the Wall Street Journal reported. Gou said in a statement that Hon Hai, known as Foxconn Technology Group (富士康科技集團) outside of Taiwan, remains committed to its investment, although “market conditions and the COVID-19 pandemic” have altered the timing of its expansion and the specifics of its manufacturing plans. The company has over the past three years invested US$750 million to transform southeastern Wisconsin into a high-tech