Business and Finance

Taiwan’s E. Sun Bank gets approval to set up branch in Myanmar

Focus Taiwan
Date: 2016/03/05 21:32:21
By: Liu Te-chan and Lilian Wu

Bangkok, March 5 (CNA) The Central Bank of Myanmar published Saturday a list of a 201603050023t0001second wave of four foreign banks, including Taiwan’s E. Sun Bank, that have been given permission to set up branches in the country.

According to the Central Bank of Myanmar list, the other three banks come from Vietnam, South Korea and India.

With the opening of Myanmar in recent years, many countries have targeted the development of the country and are soliciting opportunities to set up branches in Yangon, the country’s biggest city.

Eleven banks from Taiwan have set up representative offices there.

Myanmar first allowed foreign banks to open branches in 2014, but no Taiwanese banks were given permission at that time.     [FULL  STORY]

Hon Hai fined over Sharp deal

Taiwan News
Date: 2016-03-04
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – The Taiwan Stock Exchange fined Hon Hai Precision Industry Co., Ltd. NT$30,000 (US$915) for being late and incomplete with information about its plans to buy Japan’s Sharp Corporation, reports said Friday.

The takeover has been in the works for years, but came closer to reality last month as the ailing Japanese firm announced it was preferring Hon Hai’s offer over a bid by a Japanese government-backed group. However, the Taiwanese technology giant later said it had found unexpected elements in Sharp’s statements which needed a closer look.

The latest reports have Hon Hai and Sharp inking a deal early next week, possibly Monday. Hon Hai Chairman Terry Gou, Taiwan’s second wealthiest person according to a recent Forbes list, was reportedly already in Japan to sign the deal.     [FULL  STORY]

HTC’s February sales lowest in nearly 11 years

Focus Taiwan
Date: 2016/03/04
By: Esme Jiang and Lilian Wu

Taipei, March 4 (CNA) HTC Corp. (宏達電) on Friday reported February sales

CNA file photo

CNA file photo

of NT$4.2 billion, the lowest for the Taiwanese smartphone maker for any month in nearly 11 years.

Hurt by the lack of an attention-grabbing smartphone model and fewer working days in February due to the long Lunar New Year holiday, sales during the month were down 35 percent from NT$6.48 billion in January and also down nearly 54.5 percent year-on-year.

The company’s NT$10.68 billion in consolidated revenue for the first two months of the year was down 50.3 percent from the same period last year.     [FULL  STORY]

Foxconn near finalizing Sharp deal

WORRIES UNFOUNDED?Liabilities through layoffs or restructurings will be far less than the potential US$2.6 billion that forced the postponement of the acquisition

Taipei Times
Date: Mar 05, 2016
By: Bloomberg

Foxconn Technology Group (富士康) and Sharp Corp are aiming to sign their US$6 billion takeover agreement as early as Monday after deciding the deal will not require major changes, according to people familiar with the matter.

The two sides have been going through a list of potential liabilities and concluded they will be much less than initial concerns that they could exceed ￥300 billion (US$2.6 billion), said the people, who asked not to be identified because the matter is private.

That would pave the way for Foxconn — known as Hon Hai Precision Industry Co (鴻海精密) in Taiwan — to proceed with its proposed deal of paying about ￥500 billion for a majority stake in Sharp, along with additional payments for preferred shares.     [FULL  STORY]

TWSE to hold investment seminars in Southeast Asia markets

Taiwan News
Date: 2016-03-03
By: Central News Agency

Taipei, March 3 (CNA) The Taiwan Stock Exchange (TWSE) said Thursday that it will hold investment seminars in Malaysia, Singapore and Hong Kong between March 7 and March 9 to brief investors about Taiwan’s capital market.

The TWSE, which operates the local main board, said that the exchange is targeting investors in the three markets and that the seminars are expected to help foreign investors stationed in the three markets to gain a better understanding about Taiwan’s stock market and increase their willingness to invest here.

The TWSE said that the upcoming seminars will focus on Taiwanese manufacturers in the global electric car supply chain, as the booming global electric car industry has been highlighted by many institutional investors worldwide.     [FULL  STORY]

Semiconductor sector needs better integration: Tsai

Focus Taiwan
Date: 2016/03/03
By: Sophia Yeh and Kay Liu

Taipei, March 3 (CNA) President-elect Tsai Ing-wen (蔡英文) said Thursday that 201603030028t0001Taiwan’s semiconductor sector must be better integrated to compete in the global market.

The sector is one of the pillars of Taiwan’s economy and has an important role in a plan to create five industrial and innovation hubs in the country, Tsai said during a visit to the Hsinchu Science and Industrial Park.

Tsai was referring to her plan to develop five core industries — the Internet of Things, smart machinery, new energy, bio-technology and defense — all of which she said are reliant on the semiconductor sector.

Although Taiwan has a strong semiconductor industry, it is facing several challenges, including the rise of China’s so-called “red supply chain,” said Tsai, who will take office May 20.     [FULL  STORY]

Electricity rates likely to decline

Taipei Times
Date: Mar 04, 2016
By: Lauly Li / Staff reporter

National electricity rates are likely to decline due to the falling cost of international crude oil which has lowered Taiwan Power Co’s (Taipower, 台電) power generation costs, the Ministry of Economic Affairs said yesterday.

“The average oil price — about US$51 per barrel in October last year — has dropped to US$40, hence there is room for Taipower to cut electricity rates,” Bureau of Energy Director-General Lin Chuan-neng (林全能) told a news conference.

Lin said the scale of the rate cuts would be decided by an electricity pricing review committee on March 15, with the new rates taking effect on April 1 and running through October.    [FULL  STORY]

Taiwan to host Internet startup promotional event

Taiwan News
Date: 2016-03-02
By: Central News Agency

An annual show featuring Internet-based start-ups will be held in Taipei in July, with the aim of matching entrepreneurs and innovators with venture capitalists and angel investors, the organizers said Wednesday.

The IDEAS Show, organized by the Ministry of Economic Affairs and now in its ninth year, has become the most important platform of its kind in Taiwan and has gained the recognition of Asia-Pacific Economic Cooperation (APEC) members.

Over the past eight years, the IDEAS Show, a matchmaking platform for emerging companies that offers related forums and seminars, has incubated more than 226 start-ups and has helped 168 domestic start-ups to attract total combined investment of NT$6.12 billion (US$184.59 million) through cooperation with international Internet startup platforms.

It has also collaborated with APEC members such as China     [FULL  STORY]

Taiwan International Orchid Show to feature rare ‘monkey’ flower

Focus Taiwan
Date: 2016/03/02
By: Chen Cheng-wei and Lauren Hung

Taipei, March 2 (CNA) A display of rare monkey orchids from Peru and

from the website of 2016 Taiwan International Orchid Show

from the website of 2016 Taiwan International Orchid Show

Ecuador will be a major part of this year’s Taiwan International Orchid Show, which will be held March 12-21 in Tainan, the organizers said Wednesday.

In keeping with the year of the Monkey in the Chinese zodiac, the orchids will be displayed at the Specialty Hall at Taiwan Orchid Plantation (TOP) in Tainan, the venue of the show, the Council of Agriculture (COA) said.

The monkey orchid, known scientifically as Dracula simia, grows in the mountainous regions of Ecuador, Colombia and Peru and looks like the grinning face of a very small monkey.     [FULL  STORY]

Chang Hwa to focus on SMEs, overseas branches

BANKING ON GROWTH:The bank aims to increase SME lending by at least 10 percent this year, higher than the 8 percent target for its loan book as a whole

Taipei Times
Date: Mar 03, 2016
By: Crystal Hsu / Staff reporter

State-run Chang Hwa Commercial Bank (CHB, 彰化銀行) aims to increase profits this year by strengthening overseas operations and loans to small and medium-sized enterprises (SMEs), despite economic uncertainty at home and abroad, bank officials said yesterday.

The lender, in which the two largest shareholders, Taishing Financial Holding Co (台新金控) and the Ministry of Finance, are disputing management rights, achieved a record pre-tax income of NT13.75 billion (US$412.05 million) last year, up 10.64 percent from 2014, thanks to rapid growth in earnings contributions from overseas branches, company data showed.

The figures help boost returns on equities to 11.05 percent, and on assets to 0.32 percent, while the banking sector saw a mild decline caused by losses related to yuan-based financial derivatives, CHB chairman Chang Ming-daw (張明道) said.     [FULL  STORY]