SEMICONDUCTORS
Msscorps sure of growth
Msscorps Co (汎銓科技), which specializes in material analysis in the semiconductor sector, yesterday said it is confident that it can sustain its growth momentum this quarter and throughout the year as an increase in demand for material inspection and analysis is driving up revenue. The company posted pretax profit of NT$115 million (US$3.82 million) for last quarter, while sales rose to a record high of NT$472 million. For the whole of last year, Msscorps’ pretax profit was NT$372 million, up 26.17 percent annually and the highest in the company’s history, as sales increased 17.44 percent year-on-year to NT$1.73 billion, it said. While this quarter has fewer working days, major semiconductor manufacturers are continuing to increase research and development of advanced process technology, stimulating the need for material analysis and benefiting the company’s business performance, it said.
LIGHTING
Everlight subsidiary bankrupt
LED manufacturer Everlight Electronics Co (億光) on Sunday said its German subsidiary has filed for bankruptcy as it does not have sufficient assets to cover its liabilities. WOFI Leuchten Wortmann & Fliz GmbH, a wholly owned subsidiary, has submitted bankruptcy documents to a district court in Germany, Everlight said in a regulatory filing. WOFI has liabilities totaling 20.88 million euros (US$22.78 million), the filing said. “Due to the sluggish international economy, WOFI [is finding it difficult] to continue its operations,” the filing said. “The company [is going] through [the] legal procedures for bankruptcy following the local laws and regulations of Germany with the assistance of German lawyers.” Everlight said it has recognized the accumulated losses of WOFI, adding that there would be no material impact on its finances.
INSURANCE
Spillover policies grow
Sales and premiums for spillover insurance jumped last year due to wider acceptance by the public, data compiled by the Financial Supervisory Commission showed on Jan. 19. Sales of spillover insurance policies expanded 84 percent year-on-year to 1.22 million, while premiums rose 43 percent to NT$15.56 billion, the commission said, citing data from the Life Insurance Association. Spillover insurance policies encourage clients to improve their health through walking or other behavioral changes in return for incentives such as reduced premiums or bonuses. Walker policies secured a market share of 45 percent in terms of premiums, followed by health check policies with a market share of 25 percent, the data showed.
HONG KONG
Record loss for wealth fund
The territory’s wealth fund last year posted a record loss of HK$202.4 billion (US$25.83 billion), affected by a sell-off of stocks and bonds as interest rates rose. The Exchange Fund lost HK$80.7 billion on its portfolio of domestic and foreign stocks, while its shortfall on bonds was HK$53.3 billion, the Hong Kong Monetary Authority (HKMA) said yesterday. The heavy losses came even though the fund reported a gain of HK$76.4 billion in the fourth quarter. “Looking ahead in 2023, financial markets will continue to face significant uncertainties, and asset prices are expected to remain volatile,” HKMA chief executive officer Eddie Yue (余偉文) said. “The monetary policies of major central banks will continue to dominate the investment outlook, and financial markets will pay close attention to peak policy rates set by major central banks.”
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
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‘IMMENSE SWAY’: The top 50 companies, based on market cap, shape everything from technology to consumer trends, advisory firm Visual Capitalist said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) was ranked the 10th-most valuable company globally this year, market information advisory firm Visual Capitalist said. TSMC sat on a market cap of about US$915 billion as of Monday last week, making it the 10th-most valuable company in the world and No. 1 in Asia, the publisher said in its “50 Most Valuable Companies in the World” list. Visual Capitalist described TSMC as the world’s largest dedicated semiconductor foundry operator that rolls out chips for major tech names such as US consumer electronics brand Apple Inc, and artificial intelligence (AI) chip designers Nvidia Corp and Advanced
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