M1B grows 10.96 percent
Last month’s M1B — a measure of money in circulation — grew 10.96 percent year-on-year, outpacing July’s annual increase of 10.3 percent, while M2 — which includes M1B, time deposits, foreign-currency deposits and mutual funds — rose 6.69 percent, compared with 5.89 percent a month earlier, the central bank said yesterday. The bank attributed the increases to the effects of rising time deposits, as well as further growth in bank loans and investments. In the first eight months of this year, the average annual growth rates of M1B and M2 were 8.53 percent and 4.97 percent respectively, compared with 8.17 percent and 4.72 percent respectively in the first seven months, bank tallies showed.
Chailease income jumps
Chailease Holding Co Ltd (中租控股) yesterday reported consolidated net income of NT$1.51 billion (US$51.5 million) for last month, up 14 percent year-on-year and 3 percent month-on-month, or earnings per share (EPS) of NT$1.09. The company said that it had been less affected by the COVID-19 pandemic, and had good sales and earnings growth momentum from Taiwan, China and the ASEAN. Chailease focuses on asset-based financing to small and medium-sized enterprises and retail customers. In the first eight months of this year, cumulative net income rose 6 percent annually to NT$10.86 billion, or EPS of NT$7.86.
Plant closed due to fire
Far Eastern New Century Corp’s (遠東新世紀) production lines at a plant in Hsinchu County’s Sinpu Township (新埔) have been temporarily shut down after a fire at about 9:20pm on Wednesday, the polyester and textile maker said yesterday. The fire was caused by Dowtherm leakage due to a malfunction in a coal water mixture pump, it said in a regulatory filing. The fire was extinguished in 20 minutes and no casualties occurred, it said, adding that it expects the incident to have no material impact on its finances and operations, thanks to its insurance coverage.
Evertrust increases forecast
Evertrust Rehouse Co (永慶房屋) yesterday adjusted upward its housing transaction forecast for this year from 309,000 to 315,000 units, which is 3 to 5 percent higher than last year’s level and the highest in six years. Better control of the COVID-19 pandemic, a low-interest rate environment and capital inflows are the major factors behind its bullish expectation, Evertrust said. About 48 percent of respondents in a poll said that they expect housing prices to rise in the fourth quarter, compared with 19 percent expecting prices to drop, it said, citing a survey it conducted between Aug. 15 and Aug. 30.
Google hosts courses
Google Taiwan is to host a series of courses, in person and online, over the next few months to help teachers learn how to use its digital education services. The in-person courses are to take place at schools in Hsinchu, Kaohsiung, New Taipei City, Taichung, Taipei and Taoyuan, and Changhua and Yilan counties, the company said yesterday. For those who cannot attend the courses in person, Google Taiwan is also to host courses online covering similar material, it said on its Web site. The online courses are to be held from 8pm to 9pm every Tuesday and Thursday from Oct. 6 to Nov. 12, it said.
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their
‘NEW TRAVEL MARKET’: The carrier initially planned to lay off about 8,000 people globally, but after government intervention reduced that to 18 percent of its workforce Cathay Pacific Airways Ltd (國泰航空) would cut 6,000 jobs and close its Cathay Dragon brand, the South China Morning Post reported, as part of a strategic review to combat the unprecedented damage caused by the COVID-19 pandemic. The Hong Kong-based airline is expected to officially announce the plan after the market close today, the newspaper said. It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18 percent of its total workforce, including about 5,000 jobs in Hong Kong, it said. The company, which posted a HK$9.9 billion (US$1.3 billion) loss in the first half, has for months
LEANNESS-ENHANCING DRUG: Assigning a commodity classification to meat containing ractopamine could come under scrutiny by the WTO, the economic affairs minister said Minister of Economic Affairs Wang Mei-hua (王美花) yesterday rejected opposition lawmakers’ calls to assign a product code for US pork and beef containing ractopamine. Facing a barrage of questions from lawmakers at a meeting of the legislature’s Economics Committee, Wang said that giving meat containing residues of ractopamine a commodity classification code would sow confusion and could come under scrutiny by the WTO. “Ractopamine is not a [meat] product, it is an additive,” said Wang, when questioned by Taiwan People’s Party (TPP) Legislator Chiu Chen-yuan (邱臣遠). “If we had a serial code for every additive it would cause confusion. There is