BANKING
Next Commercial approved
Web-only Next Commercial Bank Co (將來商業銀行) yesterday obtained regulatory approval to begin operations, the Financial Supervisory Commission said in a statement. The bank is the last of three Internet-based banks that planned to launch services in Taiwan. The two other banks, Rakuten International Commercial Bank Co (樂天國際商銀) and Line Bank Taiwan Ltd (連線商業銀行), began operations earlier this year. Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said that Next Commercial would need to prepare for a couple of months and run a small-scale trial before launching its services. Established in August 2019, the bank’s major shareholders include state-run Mega International Commercial Bank (兆豐銀行) and Chunghwa Telecom Co (中華電信).
INVESTMENT
‘Invest in Taiwan’ to extend
The government is likely to extend its “Invest in Taiwan” initiative for another three years, but new projects would have to meet additional environmental, social and corporate governance (ESG) requirements, National Development Council Minister Kung Ming-hsin (龔明鑫) told an investment forum in Taipei on Wednesday. The initiative, which began in July 2019, was to end this year. Only advanced manufacturing projects — preferably in a “strategically important sector” that provides “high-value manufacturing” and generates quality employment opportunities — would be approved. After being extended, the program would likely require companies to fullfill additional items such as demonstrating that they are meeting realistic ESG goals and implementing decarbonization efforts, Kung said.
LOTTERY
‘Gaming’ of lottery to stop
People who attempt to “game the system” by making a large number of small purchases to win cash awards in the uniform invoice lottery would no longer be eligible to claim such awards as of next year, the Ministry of Finance said on Tuesday. Starting on Jan. 1, people who buy a large number of low-priced items just to increase their chances in the lottery would be prohibited from claiming any winnings, an amendment to the Uniform Invoice Award Regulations (統一發票給獎辦法) states. However, what constitutes “a large number” or “low-priced” is not defined. The ministry said there are scenarios that it considers to be “proper,” such as group shopping, in which case, the invoices would be “legitimate winners” if drawn. Enforcement would not pursue “improper” invoices drawn prior to next month, it said.
RETAIL
Me-Time stores planned
Eslite Spectrum Corp (誠品生活) — which runs the Eslite bookstores, department stores and other businesses — plans to open its second Eslite Me-Time outlet in Hsinchu County’s Jhubei City (竹北) next year. The company aims to open 100 of the small neighborhood stores over the next three years, after launching the first one in Taipei’s Neihu District (內湖) in October. The company is “soon to open” a new bookstore in the Far Eastern Department Store (遠東百貨) in New Taipei City, Eslite president Li Chieh-hsiu (李介修) said on Monday. Eslite aims to open an 18,000 ping (59,504m2) mega outlet in a shopping mall being developed by the Yulon Group (裕隆) in New Taipei City’s Sindian District (新店) in 2023, and an 8,000 ping store in Tainan in 2024, Li added. Eslite posted a net loss of NT$4.66 per share in the first nine months of this year, compared with a net profit of NT$0.43 over the same period last year.
Taichung reported the steepest fall in completed home prices among the six special municipalities in the first quarter of this year, data compiled by Taiwan Realty Co (台灣房屋) showed yesterday. From January through last month, the average transaction price for completed homes in Taichung fell 8 percent from a year earlier to NT$299,000 (US$9,483) per ping (3.3m²), said Taiwan Realty, which compiled the data based on the government’s price registration platform. The decline could be attributed to many home buyers choosing relatively affordable used homes to live in themselves, instead of newly built homes in the city’s prime property market, Taiwan Realty
The government yesterday approved applications by Alphabet Inc’s Google to invest NT$27.08 billion (US$859.98 million) in Taiwan, the Ministry of Economic Affairs said in a statement. The Department of Investment Review approved two investments proposed by Google, with much of the funds to be used for data processing and electronic information supply services, as well as inventory procurement businesses in the semiconductor field, the ministry said. It marks the second consecutive year that Google has applied to increase its investment in Taiwan. Google plans to infuse NT$25.34 billion into Charter Investments Ltd (特許投資顧問) through its Singapore-based subsidiary Fructan Holdings Singapore Pte Ltd, and
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