FOREIGN EXCHANGE
Reserves increase US$705m
The nation’s foreign-exchange reserves were US$480.39 billion as of the end of last month, an increase of US$705 million month-on-month, the central bank said yesterday. The increase was mainly due to management returns, although they were partially offset by the depreciation of the British pound and other reserve currencies against the US dollar, the bank said. Separately, the market value of securities and New Taiwan dollar deposits held by foreign investors was US$350.5 billion at the end of last month, accounting for 73 percent of the nation’s foreign-exchange reserves, the bank said.
ELECTRONICS
Qisda posts record sales
Electronics manufacturer Qisda Corp (佳世達) yesterday posted record-high sales of NT$14.59 billion (US$483.9 million) for last month, up 33 percent month-on-month and 0.86 percent year-on-year, thanks to increased contributions from subsidiaries Sysage Technology Co Ltd (聚碩), Topview Optronics Co (勝品電通) and Ace Pillar Co (羅昇). The company returned to full production last month from disruptions caused by the COVID-19 pandemic, it said. First-quarter revenue declined 1.6 percent year-on-year to NT$39.2 billion, but Qisda said that it is seeing an increase in demand for panels due to increased telecommuting and distance learning. The company remains positive about the long-term prospects for digitalization, automation and cloud computing, it said.
ELECTRONICS
Cable orders boost Sinbon
Sinbon Electronics Co (信邦電子), which produces cables, connectors and modems, on Monday reported consolidated sales of NT$4.51 billion for last quarter, up 9.76 percent quarter-on-quarter and 11.29 percent year-on-year. It was the highest level for the first quarter in the company’s history, which it attributed to resumed production in China and a rush of orders for cables used in ventilators amid the COVID-19 pandemic. Sinbon’s shipments in the industrial control devices segment last quarter grew 7.39 percent year-on-year, while those in the green energy segment increased 39.78 percent, the company said. Shipments in the medical and healthcare segment rose 6.97 percent, it said.
TRANSPORTATION
THSRC revenue tanks
Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) yesterday posted its lowest revenue in nearly 10 years, as the COVID-19 pandemic saw most people stay at home to avoid infection. Revenue fell 13.03 percent month-on-month and 40.28 percent year-on-year to NT$2.38 billion last month, compared with a decline of 31.87 percent the previous month, THSRC said on its Web site. “The COVID-19 outbreak reduced revenue and ridership in March,” the company said. Combined first-quarter revenue fell 18.38 percent year-on-year to NT$9.6 billion, from NT$11.76 billion last year, the company said.
FOOD DELIVERY
Deliveroo to exit Taiwan
UK-based food delivery company Deliveroo on Monday unexpectedly announced that it plans to stop providing services in Taiwan on Friday as it is reallocating resources to Europe from the Asia-Pacific and Middle East regions. The COVID-19 pandemic is part of the reason behind the decision to exit Taiwan 19 months after entering the market in October 2018, the company said. Deliveroo did not offer free delivery when the coronavirus outbreak began, unlike its peers Foodpanda and Uber Eats.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
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
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The