SinoPac income falls 22%
SinoPac Financial Holdings Co (永豐金控) on Friday reported that net income in the first seven months of the year fell 22.26 percent annually to NT$5.79 billion (US$183.4 million). During the period, earnings by Bank SinoPac (永豐銀行), its largest subsidiary, dropped 27.45 percent to NT$4.53 billion. SinoPac Securities Co (永豐金證券) saw net income during the same period surge 32.84 percent to NT$898 million, as the TAIEX began rallying in June to regain a foothold above the 9,000-point benchmark.
Airbnb seeks funding
Home-sharing company Airbnb Inc is raising US$850 million, according to a disclosure filed with the US state of Delaware. The equity round values the San Francisco-based company at US$30 billion, people told Bloomberg in June. The filing did not disclose who is making the investment. Airbnb has raised about US$3.2 billion in equity since July last year, according to private stock market company Equidate.
JPMorgan denies deal report
JPMorgan Chase on Friday denied that it ever intended to buy troubled Italian rival BMPS, as people close to the reported deal had reported. “This is not accurate and was never under consideration,” a JPMorgan spokesperson told reporters. Sources on Wednesday had indicated that Jamie Dimon, chief executive of the largest US bank by assets, and Daniel Pinto, the London-based head of JPMorgan’s investment and finance department, were behind the plan to bail out the Banca Monte Paschi di Siena unveiled last week.
AbbVie files arthritis suit
Biotechnology drugmaker AbbVie Inc filed a lawsuit seeking to block Amgen Inc from selling a copy of arthritis medicine Humira, its top seller. Amgen’s proposed copy would infringe at least 10 patents, AbbVie said as it reserved the right to assert as many as 51 other patents. It was seeking a court order to prevent Amgen from selling a copy of the biotech drug. AbbVie is trying to protect a rheumatoid arthritis injection whose sales surged 17 percent in the second quarter to US$4.15 billion.
Firm sues over US taxes
A Norwegian oil company is suing West Virginia’s Marshall County after it says it was denied a refund of almost US$350,000 after overpaying for property taxes. The Intelligencer reported that Statoil filed a lawsuit in circuit court against Marshall County assessor Chris Kessler and West Virginia State tax commissioner Mark Matkovich. The company said the overpayments were the result of a clerical error. Kessler said that although a clerical error might have been initially responsible for the overpayment, the company’s failure to double-check in a timely manner amounts to negligence.
Duke seeks bids for assets
Duke Energy Corp has invited Canada’s Brookfield Asset Management Inc and French utility Engie SA to submit binding bids for its Latin American power assets, people with knowledge of the matter said. State-owned electricity generator China Three Gorges Corp (中國長江三峽集團) was also chosen to proceed to the next round, the people said.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s