Business and Finance

Tsai calls on overseas Taiwanese businesspeople to invest in Taiwan

Radio Taiwan International
Date: 2017-10-16

President Tsai Ing-wen is calling on Taiwanese businesspeople stationed abroad to

President Tsai (center) and Taiwan businesspersons. (picture from presidential office)

invest in Taiwan. She was speaking on Monday while meeting with businesspeople living in Thailand.

“To summarize, I hope you all can do two things for Taiwan,” said Tsai. “First, come back and invest in Taiwan. Second, help the local industry by making inroads into the Southeast Asian market. These [two things] will not only help boost and transform Taiwan’s economy, but will also bring opportunities for your business.”

She said the fundamentals of Taiwan’s economy have continued to improve and the government is working to make Taiwan’s investment environment more attractive.

Tsai also spoke about the government’s forward-looking infrastructure project as well as other innovations. They include biomedicine, green technology, Internet of Things (Iot), smart machinery, the defense industry, high-value agriculture, as well as the circular economy.    [FULL  STORY]

U.S. dollar closes lower on Taipei forex (update)

Focus Taiwan
Date: 2017/10/16
By: Frances Huang

Taipei, Oct. 16 (CNA) The U.S. dollar fell against the Taiwan dollar Monday, shedding NT$0.027 to close at NT$30.158, as traders were motivated by the strength of other regional currencies to pick up the Taiwan unit, dealers said.

Continued foreign institutional buying in Taiwan’s stock market added support for the Taiwan dollar, dragging down the U.S. dollar for a fourth consecutive session to its lowest level since Sept. 20, when it closed at NT$30.132.

The greenback opened at NT$30.140, and moved between NT$30.130 and NT$30.160 before the close. Turnover totaled US$581 million during the trading session.
[FULL  STORY]

Commission to probe Shopee Taiwan

LAWYER’S ALLEGATIONS:Yeh Kuang-chou said Tencent Holdings holds a 39.7% share in Shopee’s parent company, so both should be considered Chinese-invested firms

Taipei Times
Date: Oct 17, 2017
By: Lauly Li  /  Staff reporter

The Investment Commission yesterday said it would open an administrative investigation into the source of funding of Singapore-based Shopee Taiwan Co Ltd (樂購蝦皮), one of the nation’s largest e-commerce operators, and whether Chinese capital is involved.

Investment Commission Executive Secretary Emile Chang’s (張銘斌) announcement of a probe followed a morning news release from Taiwanese attorney Yeh Kuang-chou (葉光洲), who said he had reported to the Taipei District Prosecutors’ Office regarding Shopee Taiwan’s alleged violations of regulations governing Chinese investments and forgery.

Shopee Taiwan claimed to be a subsidiary of Singapore-based Sea Ltd and was registered in Taiwan as a Singaporean company with paid-in capital of NT$5 million (US$165,793.50), Yeh said.

However, Shopee Taiwan should be registered as a Chinese firm and be reviewed by the commission because Tencent Holdings Ltd (騰訊), a Chinese company, holds a 39.7 percent stake in Sea, Yeh said, citing Sea’s initial public offering (IPO) prospectus released last month.    [FULL  STORY]

Largest-ever solar energy merger in Taiwan announced

The China Post
Date: October 16, 2017
By: Jackson Chang, Chen Cehng-wei, Liao Yu-yang and Frances Huang

TAIPEI (CNA) – Three major Taiwanese solar cell makers on Monday announced a

Solar panels from Neo Solar Power Corp. are seen in this undated file photo at an unknown location in Taiwan. The company is part of three major Taiwanese solar cell makers which announced their merger for later this year during a press conference on Oct. 16, 2017. (NOWnews)

merger that will become the largest-ever deal of its kind in the Taiwan solar energy industry if it is completed.

Neo Solar Power Corp. (新日光), Gintech Energy Corp. (昱晶) and Solartech Energy Corp. (昇陽光電) held a news conference shortly after the stock market closed at 1:30 p.m. to say they have signed a letter of intent to push for a merger and create a company capitalized at NT$21.1 billion (US$701 million).

The three companies’ boards of directors have approved the deal, they said.

After the merger, the new company is expected to provide one-stop services from solar cell supply to back-end module production to strengthen its competitive edge in the global market, the companies said.    [FULL  STORY]

U.K. insurance company Aviva to sell business in Taiwan for US$1

Aviva had earlier tried to exit from the Taiwan venture back in 2010 and 2012 but could not due to opposition from regulators

Taiwan News 
Date: 2017/10/15
By Juvina Lai, Taiwan News, Staff Writer

TAIPEI (Taiwan News)– After the financial crisis, British insurance

(By Wikimedia Commons)

company Aviva claimed Taiwan has been relatively less profitable and therefore it decided to sell its 49 percent stake in a joint venture with Taiwan’s First Financial Holding.

Although the group itself refused to give any insight on the price it sold its stake for, the head of investor relations at its Taiwanese partner First Financial Holdings, Annie Lee, said Aviva sold its share in the venture First Aviva Life for just US$1 (NT$30.06).

The sale will allow Aviva to withdraw the capital from the joint venture and eventually withdraw from the Taiwan market in a decision made following low returns post financial crisis, as Lee told Reuters.    [FULL  STORY]

Innolux ranked No. 3 among global suppliers of large-sized panels

Focus Taiwan
Date: 2017/10/14
By: Frances Huang 

Taipei, Oct. 14 (CNA) Taiwan-based Innolux Corp. (群創) was the third biggest supplier of large-sized display screens in the world in the second quarter of the year, according to U.S.-based market information advisory firm International Data Corp. (IDC).

In a research report earlier in the week, IDC said Innolux held a 16.8 percent share of the global market for large-sized displays in the April-June period, which was the third biggest share and an increase from 16.1 percent in the same period of last year.

Second-quarter global shipments of large-sized screens totaled 200 million units, up 5.9 percent from a year earlier as major suppliers increased output, with Innolux accounting for 33.6 million units, the IDC data showed.    [FULL  STORY]

Aramco mulling private sale: sources

CASH ADVANCE:The Saudi state wishes to free up resources that could be used to fund its National Transformation Program through a private asset sale, sources said

Taipei Times
Date: Oct 15, 2017
By: Reuters, DUBAI and NEW YORK

Saudi Aramco is considering the sale of a stake to a Chinese investor as plans for its highly anticipated international public offering (IPO) are pushed beyond its target of next year, sources familiar with the matter said on Friday.

The IPO is expected to be the world’s largest stock sale and is a key component of the Saudi government’s economic reform program which aims to diversify the desert kingdom away from its reliance on oil exports.

A private placement of shares in the state oil company to a Chinese investor is being evaluated as a precursor to the international IPO, according to two sources who spoke on condition of anonymity as the information was not public.

They declined to name the investor, or how much of Aramco would be sold.

The move would provide Saudi Arabia with cash to help implement the National Transformation Program (NTP), as the reform package is formally known, one of the sources said.    [FULL  STORY]

Semiconductor sector boosts overall market cap, led by TSMC

The China Post
Date: October 14, 2017
By: Jackson Chang, Tien Yu-pin and Frances Huang

TAIPEI (CNA) – The local semiconductor sector served as a driver to the upturn in the

An man stares at an electronic board showing Taiwan share index in this file photo from Oct. 12, 2017. During the week to Oct. 13, the market cap of the local main board rose about NT$560.46 billion or 1.79 percent from a week earlier to NT$31.94 trillion, while the market cap of the semiconductor sector gained NT$473.5 billion, the data indicated. (CNA)

Taiwan Capitalization Weighted Stock Index on the main board this week, boosting the overall market capitalization by almost 1.8 percent, according to the Taiwan Stock Exchange (TWSE).

Contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the most heavily weighted stock in the local equity market, steamed ahead and led the gains of the semiconductor sector amid optimism toward the company’s outlook due to its lead over its peers in high-end technology development, data compiled by the TWSE showed.

During the week to Oct. 13, the market cap of the local main board rose about NT$560.46 billion or 1.79 percent from a week earlier to NT$31.94 trillion (US$1.06 trillion), while the market cap of the semiconductor sector gained NT$473.5 billion, the data indicated.    [FULL  STORY]

Taiwan not competing with China’s Belt and Road: Lai

Radio Taiwan International
Date: 2017-10-13

Taiwan is not attempting to compete with China’s One Belt One Road Initiative. That’s

Lai told lawmakers on Friday that Taiwan is not competing with China’s Belt and Road. (CNA photo)

the word from Premier William Lai on Friday.

The premier was echoing remarks by President Tsai Ing-wen the previous day regarding the government’s New Southbound policy. The policy seeks to boost Taiwan’s trade and cultural ties with nations in Southeast and South Asia as well as Australia and New Zealand. Beijing’s One Belt One Road Initiative aims to create greater economic cooperation in Eurasia.

President Tsai said the two initiatives do not need to compete but may in fact be complementary. Premier Lai expanded on this, also mentioning the Regional Comprehensive Economic Partnership (RCEP), another China-led trade initiative.
[FULL  STORY]

Apple Maps adds Taiwan

Apple maps transit direction is now available in Taiwan

Taiwan News 
Date: 2017/10/13
By: Juvina Lai, Taiwan News, Staff Writer

TAIPEI (Taiwan News)– After hints that transit support should be made available for

Image Flickr

Taiwan, Apple has finally added Taiwan to its transit directions in its app Maps with the new update.

Apple recently updated its map app and has added the feature of transit direction and data for Taiwan which was not available in the previous version of the app.

The app users can now select routes from public transportation when navigating across the country. Transit options are now available in Taipei, Kaohsiung and other major cities in Taiwan.

The app also provides support for Taiwan Railway and High Speed Rail as well as for subways like the Mass Rapid Transit systems in Taipei and Kaohsiung.
[FULL  STORY]