Tong Yang profit rallies
Tong Yang Industry Co (東陽實業), a supplier of automotive metal sheets and bumpers, yesterday reported pretax profit of NT$348 million (US$12.02 million) for last quarter, as its business gradually returns to pre-COVID-19 levels. The firm, which registered a pretax loss of NT$58 million in the second quarter, is speeding up production to satisfy customer demand during the industry’s peak season, it said in a statement. In the first nine months of this year, pretax profit reached NT$674.73 million, or earnings per share of NT$1.25. With the New Taiwan dollar’s appreciation, the company’s aggregated foreign-exchange loss totaled NT$117 million during the nine-month period.
Wistron R&D office to open
Wistron Corp (緯創), one of Apple Inc’s iPhone assemblers, yesterday said that it is opening another research and development (R&D) office in Kaohsiung — its third in the city since 2015 — as part of an effort to attract local software development talent, it said in a statement. The company plans to increase its R&D headcount in the city from 320 to 520 over the next three years. Wistron said that it is introducing artificial intelligence applications, Internet-of-Things devices and cloud-based technologies to area companies, hospitals and universities to assist researchers in healthcare, traffic control and manufacturing optimization.
Taipei Fubon to repay losses
The Financial Supervisory Commission (FSC) has told Taipei Fubon Commercial Bank (台北富邦銀行) to compensate customers who over the past few days incurred losses due to a malfunctioning information system. Within a week, the lender must submit a report to the commission, Banking Bureau Deputy Director-General Huang Kuang-hsi (黃光熙) told a news conference on Tuesday. Taipei Fubon finished replacing its former information system on Saturday last week, but some consumers reported that they were unable to log into their online accounts or use the bank’s automated teller machines, Huang said. The bank has apologized for the problem.
Local elected IEEE head
Ray Liu (劉國瑞), an alumnus of National Taiwan University, has been elected president of the Institute of Electrical and Electronics Engineers (IEEE) for 2022, making him the first ethnic Chinese to hold the position in the institute’s history, the university said on Wednesday. Liu, a former IEEE vice president, was elected president-elect for next year and would begin serving as president on Jan. 1, 2022, pending approval by the board of directors at its meeting on Nov. 22 and 23, the IEEE said in a news release on Monday. Founded in 1963, the New Jersey-based IEEE is an international organization boasting 419,000 members in more than 160 nations.
Yuanta to liquidate ETF
An exchange-traded fund (ETF) issued by Yuanta Securities Investment Trust Corp (Yuanta SITC, 元大投信) is to be delisted on Nov. 13 after its net asset value per unit plummeted from an initial value of NT$20 to NT$0.82, or 90 percent, the Taiwan Stock Exchange said on Monday. The FSC last week approved Yuanta SITC’s application to delist the fund: Yuanta S&P GSCI Crude Oil 2x Leveraged ER Futures. The fund is to be completely liquidated on Nov. 24, the firm said on its Web site.
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