TECHNOLOGY
GIS OKs expansion funds
GIS Holding Ltd (業成), a touchpanel supplier to Apple Inc, yesterday said its board of directors approved capital spending of NT$4.86 billion (US$167 million) this year to fund its capacity expansion. To raise the funds, the board also approved the arrangement of a US$3 billion syndicated loan. The proceeds are to also be used to replenish the company’s operating capital and repay debts, GIS said in a filing with the Taiwan Stock Exchange. In a separate filing, the company said the board also gave the nod to a share buyback program, in which it plans to repurchase 3 million common shares at NT$153 to NT$301 per share to reward employees. The buyback is to be launched today and end on March 29.
ENERGY
Solar firms form new entity
Solar cell maker Neo Solar Power Energy Corp (新日光能源) yesterday said it has inked a share-exchange agreement with local peers Gintech Energy Corp (昱晶能源) and Solartech Energy Corp (昇陽光電) to create a new entity named United Renewable Energy Co (UREC, 聯合再生). Neo Solar is to be the surviving entity, the company’s statement said. The merger is to be completed on Oct. 1. Neo Solar is to hold an extraordinary shareholders’ meeting on March 28 to discuss a share offering plan for two government funds. The new entity would have NT$32 billion in capital. The new board is to have nine to 13 seats.
STEEL
CSC income up 7 percent
China Steel Corp (CSC, 中鋼), the nation’s only integrated steelmaker, yesterday said its pretax income last year grew 7 percent to NT$23.41 billion from NT$21.9 billion the previous year, stimulated by robust customer demand. Revenue rose 18 percent year-on-year to NT$347.01 billion from NT$293.06 billion, a company statement said. However, operating income over the period decreased 2 percent annually to NT$24.92 billion from NT$25.43 billion, as the company’s price adjustments did not fully reflect rising material costs, it said. CSC shares edged up 0.2 percent to NT$25.15 on the main board yesterday before the earnings announcement.
INSURANCE
Cathay to offer payouts
Cathay Life Insurance Co (國泰人壽) yesterday said it would provide advance payouts for clients whose endowment products have reached maturity, in light of the heightened need for funds ahead of the Lunar New Year holiday. The insurer expects to pay out NT$7.68 billion on Thursday next week to holders of more than 50,000 policies that are slated to reach maturity between Thursday next week and Feb. 20. The payouts would be transferred to designated accounts, it added. Fubon Life Insurance (富邦人壽) also announced that it would provide advance payouts of NT$2.54 billion for 14,000 policies that reach maturity between Feb. 12 and Feb. 20.
TECHNOLOGY
Google honors Teresa Teng
On what would have been Taiwanese singer Teresa Teng’s (鄧麗君) 65th birthday yesterday, Internet giant Google paid tribute to her with a Google Doodle. The doodle, created by illustrator and cartoonist Cynthia Yuan Cheng, pictures Teng singing in front of a full moon, a reference to one of her most iconic hits from the 1980s, The Moon Represents My Heart (月亮代表我的心). The doodle appeared in Taiwan, Japan, China, Thailand, Malaysia, Singapore, Indonesia, Australia and New Zealand, as well as several European nations.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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