Bonds reach NT$3 trillion
The cumulative issuance of bonds this year had reached NT$3.014 trillion (US$104.6 billion) as of yesterday, soaring 90 percent from the same period last year, the Taipei Exchange said. Market interest rates have decreased amid the COVID-19-driven global recession, allowing corporate issuers to benefit from lower financing costs through the bond market, the exchange said in a statement. Government bond issuance rose 8 percent year-on-year to NT$425 billion, while financial debentures issuance increased 5 percent to NT$135.6 billion and convertible bond issuance grew 66 percent to NT$57 billion. International bond issuance surged 158.37 percent to US$59 billion, the exchange’s tally showed. Total bond issuance this year is to exceed the previous record of NT$2.484 trillion in 2016, marking a milestone for the domestic bond market, the exchange said.
Firms’ income rises 19%
The nation’s securities firms reported combined net income of NT$3.781 billion for last month, up 19.54 percent from the previous month, as higher dealer trading gains offset lower fee income, the Taiwan Stock Exchange said yesterday. The trading value on the main board decreased 22.24 percent last month to NT$3.399 trillion from the previous month, leading to a lower brokerage fee income, the exchange said. In the first 10 months of this year, securities firms’ total net income was NT$40.677 billion, up 19.44 percent from the same period last year, the exchange said.
Young Qin to list shares
Young Qin International Co (揚秦國際), operator of breakfast chain My Warm Day (麥味登), is expected to debut its shares on the Taipei Exchange next month, the company said yesterday. The company operates 820 breakfast outlets in Taiwan, as well as 19 fried chicken stores and five coffee shops. It reported revenue of NT$1.085 billion in the first three quarters of this year, up 14 percent year-on-year, with net profit of NT$48.72 million, or earnings per share of NT$2.71.
Jakarta office ratified
The Financial Supervisory Commission yesterday approved Export-Import Bank of the Republic of China’s (中國輸出入銀行) application to set up a representative office in Jakarta. The state-run bank plans to set up the office in Indonesia’s capital as it eyes market potential there, the commission said. Indonesia has the largest population in ASEAN, with about 260 million people, the commission said. The bank also has a representative office in Thailand’s capital, Bangkok. Its move comes as more Taiwanese businesses relocate to ASEAN amid the government’s New Southbound Policy initiative, the commission said.
Gloria expects sales boost
Gloria Outlets (華泰名品城) shopping mall yesterday said that increased customer traffic would boost its sales 20 percent year-on-year in the first 11 months of the year. The Taoyuan-based retailer said that total sales for this year are forecast to grow 25 percent from last year to NT$9 billion, exceeding its target of NT$8 billion, as it expects more than 5 million people would visit the mall this year amid border controls due to the COVID-19 pandemic. Its Gloria Hotel Group (華泰大飯店集團) remains positive about next year, expecting sales to top NT$10 billion, Gloria Outlets president Sophia Liang (梁曙凡) told a news conference in Taipei.
SETTING AN EXAMPLE: The commission suspended the bank’s two top executives as ‘a warning to all banks,’ while the fine is the biggest to be given to a bank in a single case The Financial Supervisory Commission (FSC) yesterday fined E.Sun Commercial Bank (玉山銀行) NT$20 million (US$693,698) over a theft scandal and punished the bank’s two top executives. A customer relationship manager surnamed Pan (潘) at the bank’s branch in Kaohsiung’s Fengshan District (鳳山) stole NT$140 million from 41 clients over the past seven years, the commission said. Pan secretly transferred the stolen money to accounts belonging to her and her family members by using clients’ debit cards, passwords or documents that were stamped using the clients’ personal stamps between July 2013 and June this year, the commission said. The commission suspended Ben Chen (陳炳良), the
Contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to remain the third-largest IC supplier this year, unchanged from last year, IC Insights said yesterday. IC designer MediaTek Inc (聯發科) is expected to become the 11th-largest, up from 16th last year, the semiconductor market research firm said. TSMC is expected to post US$45.42 billion in sales, up 31 percent from last year, IC Insights said in a report released on its Web site. TSMC’s sales growth is largely due to a surge in orders from Apple Inc and HiSilicon Technologies Co (海思半導體) — two of its major clients — which
HARD ASK: At a meeting held by the MOEA to talk about the RCEP trade deal, trade associations said that they expect the government to push for more free-trade deals Business representatives yesterday urged the government to slow the appreciation of the New Taiwan dollar, saying that some Taiwanese industries have been undercut by rivals due to unfavorable foreign exchange rates. The government should also assist local industries to expand their domestic market, and push for more bilateral trade deals so that Taiwanese companies can enjoy zero or preferential tariffs on exports, following the nation’s exclusion from the Regional Comprehensive Economic Partnership (RCEP) which was signed by 15 Asia-Pacific nations on Nov. 15, they said at a meeting with the Ministry of Economic Affairs (MOEA). Some participants said that the NT dollar’s
BREATH OF LIFE: The firm said the under-utilized plant should start mass production in the first quarter, timed to coincide with Intel Corp’s release of its Ice Lake server chip Hon Hai Precision Industry Co (鴻海精密) plans to assemble key components for Google servers at its plant in Wisconsin, people familiar with the matter said, finally breathing life into a factory that US President Donald Trump hailed as crucial to bringing manufacturing back to the US. The company has decided to locate production for this new contract at the existing complex rather than make the components at home or in China, the people said, asking not to be identified. The under-utilized plant should start mass production in the first quarter, timed with the release of Intel Corp’s Ice Lake server chips,