RETAIL
Eslite to exit Shenzhen
Eslite Spectrum Corp (誠品生活), which operates the Eslite bookstore chain (誠品書局), plans to close its Shenzhen outlet in China at the end of the year, citing the economic effects of the COVID-19 pandemic and a change in international accounting rules, Eslite spokesman Wu Li-chieh (吳立傑) said in a statement on Friday. Eslite would record an asset impairment loss of NT$182 million (US$6.15 million) and an income loss of about NT$187 million, due to the early termination of its property lease, he said.
AUTOMAKERS
Tesla opens Tainan station
Electric vehicle maker Tesla Inc on Friday announced the opening of a V3 Supercharger station in Tainan, less than a week after its first electric vehicle charging station opened in Taipei. The new station, which has eight charging stalls, is at the Tainan Art Museum’s Building 2 and is larger than the facility at National Taiwan University in Taipei, which opened on Monday last week, with only three charging stalls. The V3 Supercharger stations, first unveiled last year, charge vehicles at a peak rate of 250 kilowatts (kW), compared with the previous generation, which had a peak rate of 145kW, Tesla said.
SEMICONDUCTORS
WPG revises T3EX bid
Semiconductor components distributor WPG Holdings Co’s (大聯大投資控股) board of directors has agreed to raise its public tender offer price for shares of freight forwarder and logistics operator T3EX Global Holdings Corp (台驊國際投控) to NT$32 per common share, up from the NT$28 per share it first proposed on June 18, WPG said on Saturday. The new offer price represents a premium of 4.74 percent compared with T3EX’s closing price of NT$30.55 on Friday.
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
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
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
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
RSS