Words banned for firms
Enterprises are to be banned from using words like “China,” “Chinese” or “state” in their names, the Communist Party-run People’s Daily newspaper said yesterday, citing draft proposals from market regulators. The country has become increasingly wary about the use of sensitive language and imagery for commercial or entertainment purposes. It has also taken action to ban the misuse of the national anthem as well as satirical representations of historical and even fictional heroes. The new draft rules issued by the State Administration for Market Regulation said the use of certain words in company names was “detrimental to the interests of state and society” and needed to be banned. The new rules would also ban non-state firms from describing themselves as “central,” “nationwide,” “state” or “international.” The new restrictions would allow, for example, a company to name itself “Acme China Jewelry” but not “China Acme” unless it gains the explicit approval of the State Council.
Ofo, Reddy Go quit Sydney
Bike-sharing companies Ofo Inc (共享單車) and Australia’s Reddy Go have announced they are pulling out of Sydney, less than a year after their launch in the city. Ofo this week said that it had made a “strategic decision to focus on priority markets internationally” and would “wind down” its operations in Sydney and Adelaide over the next two months. “As part of this process Ofo is to begin to remove bikes from cities and consolidate them to our warehouses,” a spokesperson said. Reddy Go yesterday said it was also pulling out of Sydney.
Uber invests in Lime
Uber Technologies Inc on Monday said that it is investing in Lime, a start-up based in San Mateo, California. “Our investment and partnership in Lime is another step toward our vision of becoming a one-stop shop for all your transportation needs,” Uber vice president Rachel Holt said in a statement. The ride-hailing company is to add Lime motorized scooters to the Uber mobile app, giving customers another option for getting around cities, especially to and from public transit systems, Holt said. Lime cofounders Toby Sun and Brad Bao wrote in a blog that Uber’s sizeable investment is part of a US$335 million fundraising round led by GV, the venture-capital arm of Google parent Alphabet Inc. They said Alphabet is among several new investors. The money is to help Lime expand and develop new products. According to the company’s Web site, people can rent Lime scooters in more than 70 locations in the US and Europe.
Temasek to dial down pace
Singaporean investment giant Temasek Holdings Ltd yesterday said the value of its global portfolio reached a record high last year, but added that it would temper investments this year owing to brewing trade and geopolitical tensions. Net global holdings expanded to S$308 billion (US$235 billion) in the financial year that ended on March 31, up 12 percent from the year before in local currency terms, the company said in its annual report. Temasek, one of the city-state’s two main investment vehicles, said it invested S$29 billion over the past year and divested S$16 billion. “This record net portfolio value ... was up S$33 billion from last year, bolstered by good global economic momentum and buoyant equity markets,” chairman Lim Boon Heng (林文興) said in the firm’s annual report.
RESTRUCTURING: Taichung and Taoyuan profited most from local firms moving back high-end manufacturing amid the US-China decoupling of trade ties, the ministry said The government’s “Invest in Taiwan” initiative might this year see NT$627.1 billion (US$21.7 billion) of investment pledges realized, with several firms raising stakes and two dropouts due to customer losses, Minister of Economic Affairs (MOEA) Wang Mei-hua (王美花) said yesterday. Wang made the statement at the monthly meeting of the Third Wednesday Club, a local trade group featuring the top 100 firms of each business sector. Since early last year, the government has launched three programs intended to help local companies grapple with US-China trade rows and the COVID-19 pandemic, mainly through moving production lines back to Taiwan. Thus far, the ministry
JOBS AT RISK? Most Cathay Dragon routes are to be operated by Cathay Pacific or a subsidiary, but it was unclear how Taiwanese workers would be affected Cathay Pacific Airways Ltd (國泰航空) yesterday said it is planning new flight services for Taiwan as it announced a corporate restructuring that included the shutdown of its regional subsidiary, Cathay Dragon (國泰港龍), and could lead to job cuts in Taiwan. Cathay Pacific said the shutdown means that the one round-trip service between Taichung and Hong Kong per day and seven round-trip services between Kaohsiung and Hong Kong operated by Cathay Dragon prior to the COVID-19 pandemic would be terminated. “The parent company is planning a new schedule between Taiwan and Hong Kong,” Cathay Pacific assistant manager for corporate communications Moses Hou (侯恩錫)
OVERHEATED MARKET?: The gauge would be designed to provide more reliable information than private-sector data, and help improve policymaking, the council said The National Development Council (NDC) is considering creating a business climate index on Taiwan’s property market, allowing policymakers to better monitor market movements and intervene if necessary, NDC Minister Kung Ming-hsin (龔明鑫) said yesterday. Kung made the remarks at a meeting of the legislature’s Economic Committee where lawmakers from across party lines voiced concerns about housing price hikes driven by capital repatriation. Kung said that the council is assessing the possibility of creating an index designed to provide more accountable and transparent information than data provided by private-sector market analysts, and could help improve policymaking. The council would compile a report on
STOCK MARKETS TAIEX closes slightly higher The TAIEX closed slightly higher yesterday as market sentiment remained cautious over the Nov. 3 US presidential election. Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was again the anchor stabilizing the broader market, preventing the main board from falling into negative territory at the end of the session, dealers said. The TAIEX closed up 14.88 points, or 0.12 percent, at 12,877.25, on turnover of NT$167.982 billion (US$5.81 billion). TSMC, the most heavily weighted stock on the local market, rose 0.44 percent after fluctuating between NT$451 and NT$456. The semiconductor subindex and the bellwether electronics sector