Business and Finance

FSC easing rules for banks’ low-risk clients

Taipei Times
Date: Jan 18, 2019
By: Kao Shih-ching  /  Staff reporter

Cash transactions of less than NT$500,000 are to receive less scrutiny and no ID card numbers would be needed for deposits of less than NT$30,000 without a passbook, the Financial Supervisory Commission (FSC) said yesterday, part of efforts to reduce the burden on low-risk clients amid efforts to combat money laundering.

The FTC would announce new guidelines for low-risk clients before next month, since financial institutions are preparing for heavy transaction volumes before the Lunar New Year holiday that starts on Feb. 4, commission Chairman Wellington Koo (顧立雄) said.

Koo made the remarks after he accompanied Premier Su Tseng-chang (蘇貞昌) and Minister of Finance Su Jain-rong (蘇建榮) to the headquarters of state-run Taiwan Cooperative Bank (合庫銀行) in Taipei to learn about its measures to combat money laundering.

Although 90 percent of local banks’ clients pose a low risk of money laundering, bank clerks tend to treat all transactions as suspicious and apply the same measures to everyone, Koo said.    [FULL  STORY]

Taiwan shares rebound but end day below 9,800 point

The China Post
Date: Jan. 17, 201915
By: Frances Huang 

TAIPEI (CNA) — Shares in Taiwan bounced back on Jan. 17 from a session earlier, led by the bellwether electronics sector, but the main board still closed below the 9,800 point mark, dealers said.

While chipmaker Taiwan Semiconductor Manufacturing (TSMC) moved higher, lending support to the broader market, turnover remained thin as many investors appeared reluctant to chase prices ahead of an investor conference scheduled by TSMC later in the day, they said.

The weighted index on the Taiwan Stock Exchange (TWSE) or the Taiex closed up 25.34 points, or 0.26 percent, at 9,789.15, after moving between 9,759.51 and 9,826.25, on turnover of NT$90.86 billion (US$2.95 billion).

The market opened up 9.50 points and soon rose to the day’s high in the early morning session on the back of a higher Wall Street, where the Dow Jones Industrial Average closed up 0.59 percent overnight, dealers said.    [FULL  STORY]

TSMC strikes cautious tone on Q1 after posting record annual profit

Formosa News
Date: 2019/01/17

Today Taiwan Semiconductor Manufacturing Company announced after-tax profits of NT$351.1 billion Taiwan dollars and earnings per share of NT$13.54 for the year 2018. Both figures are new company highs, but TSMC gave a cautious outlook for the first quarter of 2019.

Chief Executive CC Wei said the firm could miss its usual target of 5 to 10 percent growth year-on-year . Analysts expect the sluggish semiconductor market, weak smartphone sales, and the U.S.-China trade war to negatively affect TSMC’s bottom line in the months ahead.   [SOURCE]

New Taiwan airline targets transit passengers between U.S. and Southeast Asia

StarLux Airlines to start flying early next year

Taiwan News
Date: 2019/01/16
By: Matthew Strong, Taiwan News, Staff Writer

StarLux Airlines aims for transit passengers (image courtesy of StarLux Airlines).

TAIPEI (Taiwan News) – StarLux Airlines (星宇航空) will target passengers traveling between the United States and Southeast Asia, as right now too few of them transit in Taiwan, company founder Chang Kuo-wei (張國煒) told the media Wednesday.

Chang set up StarLux, which is expected to start flying early next year, after leaving the Evergreen Group and EVA Air following the death of his father, transportation tycoon Chang Yung-fa (張榮發) in 2016.

In his interview, Chang emphasized that StarLux would fly to every U.S. destination where EVA was present, the Central News Agency reported. EVA currently operates services to Los Angeles, San Francisco, Seattle, Houston, Chicago and New York.

Only 10 percent of passengers transit at Taiwan Taoyuan International Airport, an unfavorable comparison to Hong Kong and Singapore, where up to 30 percent of travelers are in transit, Chang said.    [FULL  STORY]

Formosa Plastics to give year-end bonus of 5.83 months’ salary

Focus Taiwan
Date: 2019/01/16
By: Wei Shu and Frances Huang

Taipei, Jan. 16 (CNA) The Formosa Plastics Group (FPG), one of the leading conglomerates in Taiwan, will hand out year-end bonuses of 5.83 months’ salary to its employees, one of its labor unions said Tuesday.

In addition, each worker will receive a gift of NT$15,000 (US$487) ahead of the Lunar New Year holiday, which starts Feb. 2, the union said.

Wu Chi-chung (吳祈忠), head of the worker’s union of Nan Ya Plastics Corp., said the year-end bonus was decided in an agreement between FPG President Wang Wen-yuan (王文淵) and the workers’ unions of the FPG subsidiaries after more than one hour of discussions on Tuesday.

The year-end bonus plus the cash gift will amount to almost six months’ salary for most employees, he said.    [FULL  STORY]

Solar PV market to grow 7.7%: report

GROWTH TRACK: The global industry is expected to become healthier and more stable in the long run after consolidation last year, researcher TrendForce said

Taipei Times
Date: Jan 17, 2019
By: Lisa Wang  /  Staff reporter

The global solar photovoltaic (PV) market is likely to grow 7.7 percent to a record high again this year, supported by new government incentives and lower solar prices, market researcher TrendForce Corp (集邦科技) said yesterday.

Overall, new grid-connected PV capacity is to climb to 133 gigawatts from 103 gigawatts last year, the Taipei-based researcher said in a report.

The EU would be one of the fastest-growing markets this year, with demand surging more than 50 percent annually, it said.

Emerging countries in Southeast Asia, North Africa, the Middle East and Latin America would also gain steam, rising 50 percent, it said.    [FULL  STORY]

ZEV launches Taiwan’s first Tesla taxi service

ZEV hopes to be carbon neutral by 2021

Taiwan News
Date: 2019/01/15
By: Scott Morgan, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Taiwanese startup Zero-Emission Venture (ZEV) will formally launch Taiwan’s first fully-electric taxi service tomorrow (Jan. 16).

ZEV currently has 20 Tesla S and X model vehicles at the ready, which will be initially used to transport passengers to and from Taoyuan airport, before expanding throughout northern and western Taiwan.

ZEV, formerly known as 0Taxi, believe that Taiwan and the world more broadly is reaching a tipping point where electric vehicles become the norm, and the company hopes to be carbon neutral by 2021 through the use of green energy.

At the launch event in Taipei today, ZEV Founder and CEO Jerry Wang (王日新) said that the company’s fleet will be 100 percent electric, and that they aim to be pioneers of electric taxis in Taiwan.    [FULL  STORY]

III to ban access to internal network using Huawei devices

Focus Taiwan
Date: 2019/01/15
By: Chung Jung-feng and Frances Huang

Taipei, Jan. 15 (CNA) The Institute for Information Industry (III), a government-sponsored high-tech research group, said Tuesday it will prohibit users of devices made by China-based Huawei Technologies Co., such as smartphones and notebook computers, from accessing its internal network.

Speaking to CNA, the III said the ban seeks to improve information security at the institution.

The III is the second institution to announce such a ban after the Industrial Technology Research Institute (ITRI), another government-sponsored research group made public Monday a similar ban that came into effect Tuesday noon.

However, the III did not disclose when its measure would be introduced.    [FULL  STORY]

Nanya plans to halve capital spending

VAGUE OUTLOOK: Nanya Technology is banking on a pickup in the third quarter, hoping that seasonal demand and improving supplies will boost consumption

Taipei Times
Date: Jan 16, 2019
By: Lisa Wang  /  Staff reporter

DRAM chipmaker Nanya Technology Corp (南亞科技) yesterday said it plans to halve capital spending for this year as the industry faces an overcapacity-driven downturn.

Demand took a nosedive last quarter amid growing downside risks from the global economy and the US-China trade dispute, the chipmaker said.

The negative sentiment stalled demand for mobile phones, PCs and servers, it said.

As a result, Nanya Technology saw net profits plunge 38.2 percent in the fourth quarter to NT$7.95 billion (US$257.95 million), compared with NT$12.87 billion in the third quarter of last year.    [FULL  STORY]

New Taipei suffers steepest fall in urban land prices in Taiwan

The China Post
Date: Jan. 15, 2019
By: Yu Hsiang and Frances Huang 

TAIPEI (CNA) — New Taipei saw the steepest fall in urban land prices in the six months from April to September 2018 among the 22 cities and counties in Taiwan, according to data released by the Ministry of the Interior (MOI) on Jan. 15.

The urban land price index in New Taipei, the most populous city in Taiwan, was 99.58 during the period of April 1-Sept. 30, 2018, down 0.42 percent from the period of Oct. 1, 2017- March 31, 2018, according to MOI data.

The index in New Taipei bucked an overall 0.22 percent upturn in urban land prices in Taiwan during the same period that pushed the nationwide index to 100.22, the data showed.

It was the sixth consecutive semi-annual report to show urban land prices around Taiwan fluctuating within 1 percent, indicating stable land prices. The MOI’s urban land price index is based on the median land price of residential and commercial property and industrial zones in a city or a county in Taiwan.    [FULL  STORY]