Thu, Oct 13, 2016 page11

• Taiwan Business Quick Take

  • Staff writer
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  CREDIT

  Fitch boosts Taiwan’s rating

  Fitch Ratings Ltd yesterday upgraded Taiwan’s sovereign credit rating from “A+” to “AA-” and said its outlook for the nation’s credit ratings are stable. The “AA-” rating is the company’s fourth-highest grade. The international ratings agency also upgraded its long-term foreign and local currency issuer default ratings to “AA-” for Taiwan, while affirming its short-term currency issuer default ratings at “F1+,” the agency said in an e-mailed statement. Fitch said Taiwan’s fiscal profile has continued to steadily improve, despite the challenges presented by lower economic growth, with the general government balance showing a surplus of 0.1 percent of GDP last year, the first surplus in nearly two decades. Fitch expects the budget balance to remain stronger than official targets this year, driven by strong tax revenue collection and prudent expenditure management. For this year, Fitch said it forecast a budget deficit of 0.7 percent of GDP.

  SEMICONDUCTORS

  FTC extends merger review

  The Fair Trade Commission (FTC) yesterday said that it would extend its review of a planned industrial holding company formed by Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) and Siliconware Precision Industries Co (SPIL, 矽品精密) as the commission considers the deal’s potential effects on the industry and market competition. The commission said it would hold more meetings with related companies, industry representatives and government agencies before reaching a final decision by the end of this year. The commission on Oct. 4 received ASE’s application to establish the new holding company, which is to own 100 percent equity interests in ASE and SPIL, while both existing firms are to remain separate legal entities.

  BICYCLES

  Giant issues China recall

  Giant Manufacturing Co Ltd (巨大機械), the nation’s largest bicycle maker, has issued a recall of 679,366 bicycles in China over a defect in the quick-release lever on the front wheel. The recall involves 49 models of bicycles, which were manufactured from August 2008 through September last year, the Chinese General Administration of Quality Supervision, Inspection and Quarantine said yesterday in a statement on its Web site. The statement said that affected bicycles are equipped with front disc brakes and a quick-release lever on the front wheel hub that opens far enough to contact the brake disc, which could cause the front wheel to come to a sudden stop or separate from the bicycle, posing a risk of injury to riders. Giant said no accident has been reported in China in association with the affected models, adding that the recall would have limited impact on its business.

  VIRTUAL REALITY

  Acer supplying VR theaters

  PC maker Acer Inc (宏碁) is supplying megascreen theater company IMAX Corp with virtual-reality (VR) headsets, which are to be installed in European movie theaters operated by Odeon & UCI Cinemas Group, with the first VR theater to open in Manchester, England, by the end of the year. The VR headsets were jointly developed by Acer and its partner Starbreeze AB, a Swedish games maker. Last month, Acer said it and Starbreeze had begun shipping their StarVR head-mounted displays to IMAX in preparation for the opening of the IMAX VR Center in Los Angeles later this year, with mass production of the devices to begin next year.
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