Sat, Aug 20, 2016 page11

• Taiwan Business Quick Take

  • Staff writer, with agencies
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  LITIGATION

  Taipei taxi drivers sue Uber

  A group of taxi drivers in Taipei yesterday filed a complaint with prosecutors, accusing ride-sharing service provider Uber Technologies Inc of tax evasion. Taipei City Professional Drivers’ Union president Cheng Li-chia (鄭力嘉) said Uber is registered in Taiwan as an information service provider, but is running a transportation business. Although Uber has revenue of about NT$3 billion ($94.9 million) since its entry to Taiwan four years ago, the company and its drivers have not paid any taxes, Cheng said. He urged the government not to abandon legal drivers “just to please a foreign business group,” and warned that taxi drivers are prepared to take drastic action to defend their work and survival rights.

  MANUFACTURING

  Solar Applied gets fine

  Solar Applied Materials Technology Corp (光洋科) was fined NT$50,000 yesterday for failing to file financial statements for the first half by the deadline. The Taipei Exchange said the company should have submitted its financial statements by Monday. The company said it hired Nan Tai CPAs & Co (南台聯合會計師事務所) to help review its financial statements, replacing LH Chen & Co, CPAs (資信聯合會計師事務所). High-ranking executives and financial officers have since resigned.

  AGED CARE

  CTCI to team up with MCS

  CTCI Corp (中鼎工程), which builds refinery and power plant facilities, yesterday announced that its affiliate CTCI Resources Engineering Inc (萬鼎工程) signed a memorandum of understanding to jointly develop long-term elderly care projects with Japan’s Medical Care Services Co Inc (MCS). The affiliate’s efforts in exploring Taiwan’s long-term care since 2013 will be greatly helped by the partnership with MCS, which is an experienced player in the field, CTCI said. MCS currently operates more than 270 full-service long-term care facilities in Japan, and the company has exported its business model to other countries including China, Singapore and Malaysia, CTCI said.

  ELECTRONICS

  Galaxy Note 7 launched

  Samsung Electronics Co yesterday launched its new smartphone, the Galaxy Note 7, and said it aims to sell 20 percent more than last year’s Note 5 in Taiwan. The South Korean company is confident of sales of its new product in the second half of the year, citing replacement demand for upgrading to the 4G network. The Galaxy Note 7 is water-resistant and dust tight and is equipped with a 12-megapixel camera with dual pixel autofocus.

  BANKING

  BEA profits weighed down

  The Bank of East Asia Ltd (BEA, 東亞銀行), the Hong Kong lender facing pressure from Paul Singer’s Elliott Management, yesterday said first-half profit dropped 38 percent as China’s slowing economy dragged on lending and caused loan impairments to surge. Net income fell to HK$2.1 billion (US$271 million) for the first six months of the year, from HK$3.35 billion a year earlier, the company said in a statement to the Hong Kong stock exchange. Impairment losses on loans climbed 60 percent to HK$1.24 billion, as profit at its China business slumped 56 percent, it said. “The banking sector in mainland China continues to be challenged in this environment by slowing loan growth, compressed net interest margins and increased default risk,” the company said in its statement.
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