TFCC replaces its president
Taipei Financial Center Corp (TFCC, 台北金融大樓), which owns Taipei 101, yesterday approved the replacement of its president, Chen Shih-ming (陳世明), with Angela Chang (張振亞). The firm attributed the management reshuffle to business needs. The change is to take effect today, the company said. Chang earned a bachelor’s degree in economics from National Taiwan University and a master’s degree in business administration from Harvard University, it said, adding that she held top positions at Johnson & Johnson Taiwan and numerous charitable organizations, including President Tsai Ing-wen’s (蔡英文) Thinking Taiwan Foundation.
FPG boosts raise with bonus
Formosa Plastics Group (FPG, 台塑集團) yesterday said it plans to issue an additional one-time bonus of NT$4,000 (US$131) to its employees to beef up a wage hike. The bonus would increase the corporation’s wage hike to an average of 4.63 percent, from 4 percent decided on Monday after negotiations with representatives of workers’ unions, FPG said. The 4 percent hike, which is to take effect from this month, represents an average increase per worker of NT$2,100 per month.
Google caters to motorbikes
Google yesterday launched a new map service for motorbike riders in Taiwan that will help them plan their routes and calculate their travel time. The firm launched two-wheel navigation mode in December last year, with Taiwan becoming the fourth nation to receive the service after India, Indonesia and Malaysia, Google said. Users need mobile devices powered by Android 4.4 or newer versions of the operating system to be able to use the new service, it said.
EVA ranked world’s fifth-best
EVA Airways Corp (長榮航空) has been ranked fifth by Skytrax in this year’s World’s Best Airlines list, up one notch from last year. EVA took World’s Best Airport Services honors and was named as one of this year’s five-star airlines, Skytrax’s Web site showed. Singapore Airlines Ltd was ranked the best airline, followed by Qatar Airways Ltd, All Nippon Airways Co and Emirates, the Web site showed.
Profit plunges 30.57 percent
Securities companies operating in Taiwan have reported a 30.57 percent month-on-month decline in profit to NT$3.53 billion for last month due to volatility on the local equity market. However, the figure was a 39.67 percent increase from the same period last year, data compiled by the Taiwan Stock Exchange (TWSE) last week showed. Securities firms’ proprietary trading operations saw a decline of NT$3.23 billion in net profit from a month earlier, while their underwriting businesses posted a drop of NT$20 million in earnings, TWSE said.
HKEX eyes links expansion
Chinese investors would eventually be able to buy stocks with weighted voting rights, such as Xiaomi Corp (小米), through links with Hong Kong, Hong Kong Exchanges and Clearing Ltd (HKEX) said in a statement yesterday, days after China’s bourses barred such companies from the cross-border trading program. HKEX said it on Tuesday reached an agreement with the Shanghai and Shenzhen bourses to set up a working group to form rules on the new adjustment as soon as possible. It did not provide details on the timing.
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