Largan buys back NT$1.4bn of its shares
The number of repurchased shares accounted for half of the shares that the company had planned to acquire on the open market to bolster its share price. Largan shares on Friday closed 0.61 percent lower at NT$2,445 in Taipei trading, having dropped 23.47 percent since the beginning of this year due to weak revenue performance and a fall in profitability. Largan Precision Co’s headquarters are pictured in the Taichung Precision Machinery Science and Technology Innovation Park on June 6 last year. Photo: David Chang, EPA-EFEDuring the buyback period, its stock price rose 21.33 percent, Taiwan Stock Exchange data showed. The firm’s cumulative revenue for the first 11 months dropped 16.79 percent year-on-year to NT$42.46 billion, company data showed.
Source:Taipei Times
December 26, 2021 23:31 UTC
Dutch regulator tells Apple to allow other app payments
Dutch regulator tells Apple to allow other app paymentsBloombergApple Inc was ordered by the Dutch antitrust authority to allow dating apps to use other payment systems or face a fine of up to 50 million euros (US$56.6 million). Apple imposes “unreasonable conditions” by not allowing a free choice for app payments besides Apple’s in-app purchases, the Netherlands Authority for Consumers and Markets said in a news release. Apple charges a commission of as much as 30 percent on some app subscriptions, although the US firm last year reduced the fees for smaller developers. “Some app providers are dependent on Apple’s App Store, and Apple takes advantage of that dependency,” said Martijn Snoep, head of the Dutch authority. “Apple needs to take seriously the interests of app providers too, and set reasonable conditions.”Apple disagrees with the court order and has filed a legal challenge, the company said in an e-mailed statement.
Source:Taipei Times
December 26, 2021 23:29 UTC
Stock markets in Asia chase Wall Street’s gains
Stock markets in Asia chase Wall Street’s gainsLOOKING UP: Omicron could be a ‘short-term disruption’ and might not push the economy off its course, senior market analyst Edward Moya saidAP, BEIJINGAsian stock markets rose on Friday after Wall Street hit a new high as fears of the Omicron variant of SARS-CoV-2 eased. Wall Street’s benchmark S&P 500 index on Thursday rose 0.6 percent in the last US trading session before Christmas. Photo: EPA-EFEInvestor anxiety has mounted as Omicron spread, but moderated after authorities said it might cause less severe illness. Hong Kong’s Hang Seng advanced 0.13 percent to 23,223.76, gaining 0.13 percent from a week earlier, while the Shanghai Composite Index lost 0.69 percent to 3,618.05, posting a weekly decline of 0.39 percent. Seoul’s KOSPI added 0.48 percent to 3,012.43, but dropped 0.18 percent from a week earlier, while Sydney’s S&P/ASX 200 was 0.44 percent higher at 7,420.3, up 1.59 percent on the week.
Source:Taipei Times
December 26, 2021 03:57 UTC
Why Taiwan and Lithuania matter
Why Taiwan and Lithuania matterBy Jerome KeatingBigger is not necessarily better, especially as regards nations. Taiwan and Lithuania are outstanding in this regard. Lithuania has one-third the population of Nicaragua, but it has chosen to stand by Taiwan. This is why Taiwan and Lithuania matter. Taiwan is a mid-sized democratic nation that punches far above its weight in a world of competing economies.
Source:Taipei Times
December 25, 2021 22:01 UTC
Outbreak claims another match in the Premier League
Outbreak claims another match in the Premier LeagueAP, LONDONA COVID-19 outbreak at Everton has forced the postponement of the club’s match against Burnley today, the Premier League said on Friday. It is the third match of the Boxing Day lineup to be postponed as part of a program that still features six games. Defending champions and league leaders Manchester City are to host 2016 winners Leicester City among the six games scheduled to go ahead. “The board reviewed the club’s request today to postpone the match following further injuries to their squad,” the league said in a statement. Tottenham Hotspur manager Antonio Conte described Thursday’s virtual meeting between the Premier League and the bosses of the 20 top-flight teams a waste of time.
Source:Taipei Times
December 25, 2021 21:59 UTC
New-generation combat drone begins flight tests
New-generation combat drone begins flight testsStaff writer, with CNAA combat drone developed by the Chungshan Institute of Science and Technology (NCSIST) is undergoing initial flight tests before it enters combat testing in June, a military source said on Thursday. The second-generation prototype being tested has been upgraded from the first-generation drone, the source said, without elaborating. Photo: Yu Tai-lang, Taipei TimesDeveloped by the institute, the first drone was scheduled to undergo combat testing in June this year. The military has a five-step weapons development process of conceptual design, engineering development, initial testing, combat readiness testing and production. The 1102 AJT took off at 9:20am from Taichung Air Base, where AIDC has its main operations, alongside an AJT prototype, the company said in a statement.
Source:Taipei Times
December 24, 2021 22:23 UTC
Technology is Taiwan’s security guarantee: Tsai
Technology is Taiwan’s security guarantee: TsaiBy Lin Chia-nan / Staff reporter, in Tainan and KaohsiungTechnology is the nation’s security guarantee, President Tsai Ing-wen (蔡英文) said yesterday, expressing the hope to make the world “more reliant on Taiwan.”Tsai made the remarks during visits to the Ministry of Science and Technology’s Cyber Security and Smart Technology R&D Building in Tainan and a planned science park in Kaohsiung’s Ciaotou District (橋頭). The cybersecurity building in Gueiren District (歸仁) houses 14 cybersecurity firms and the southern branch of the ministry’s start-up incubator Taiwan Tech Arena. President Tsai Ing-wen, center, and other guests take part in an event in Kaohsiung yesterday to attract businesses to a new science park in Ciaotou District. Photo: Lee Hui-chou, Taipei Times“The world is watching Taiwan, especially its technology development,” Tsai said, adding that the nation has to speed up innovation. Taiwan’s advanced technology and manufacturing prowess is critical to its survival and security, she said, adding that Taiwanese technology would help the nation create closer links with the world.
Source:Taipei Times
December 24, 2021 22:22 UTC
COVID-19: Canada expands aid to firms as Omicron surges
COVID-19: Canada expands aid to firms as Omicron surgesBloombergCanadian Prime Minister Justin Trudeau’s government is expanding the number of businesses that can use COVID-19 aid programs as the Omicron variant of SARS-CoV-2 fuels a surge in cases and new restrictions in Canada. Our countries have taken very different approaches in the fight against COVID-19,” she said at a news conference. Workers can also receive benefits if they have lost at least half of their income due to COVID-19 public health lockdowns. In October, Freeland shut down the government’s broad-based virus support programs for individuals and businesses, replacing them with new targeted aid for the hardest-hit industries. Last week, the Canadian government set aside C$4.5 billion for higher costs related to COVID-19 in a fiscal update.
Source:Taipei Times
December 24, 2021 03:52 UTC
Citigroup to sell Philippine assets
Citigroup to sell Philippine assets‘RENEWED STRATEGY’: The deal covers the company’s credit card, unsecured lending, investment and deposit businesses, said the buyer, Union Bank of the PhilippinesBloombergUnion Bank of the Philippines is to buy Citigroup Inc’s consumer banking assets in the Southeast Asian country for a cash consideration plus a premium of 45.3 billion pesos (US$905 million). The deal covers the US firm’s local credit card, unsecured lending, deposit and investment businesses, as well as Citicorp Financial Services and Insurance Brokerage Philippines Inc, Citigroup and the Philippine lender said in separate statements yesterday. The sale of the Philippine assets had drawn bids from other financial institutions, including BDO Unibank, Metropolitan Bank & Trust Co and Bank of the Philippine Islands, Bloomberg reported in October. Union Bank was selected following an extensive and competitive auction process, Citigroup said. Union Bank would raise additional capital of as much as 40 billion pesos through a rights offering to help fund the acquisition, it said.
Source:Taipei Times
December 23, 2021 23:26 UTC
New projects to fall 20% in 2022, developer says
New projects to fall 20% in 2022, developer saysBy Crystal Hsu / Staff reporterPresale and new housing projects might decline by 20 percent to NT$1.45 trillion (US$52.18 billion) next year as developers turn conservative after the central bank tightened terms for land financing, Shining Building Business Co (鄉林建設) chairman Lai Cheng-i (賴正鎰) said yesterday. The anticipated retreat would come after presale and new housing projects have this year increased 11 percent to NT$1.83 trillion, rising for a fifth straight year and bucking Lai’s previous forecast of a decline. A survey by Evertrust Rehouse Co (永慶房屋) found that respondents expected housing prices to continue to climb higher and believed that people should buy before properties become even more expensive. PROPERTY FEVERTaichung has also benefited from property fever thanks to its improved transportation system and its central location, he said. Century Development is looking for new plots of land on which to build biotechnology parks, Huang added.
Source:Taipei Times
December 23, 2021 22:09 UTC
Ministry expects US drone deal finalized by March
Ministry expects US drone deal finalized by MarchONGOING: An LOA for 40 M109A6 Paladin self-propelled howitzers is still under discussion due to disagreements on price and specifications, the defense ministry saidBy Jake Chung / Staff writer, with CNAA letter of offer and acceptance (LOA) for US-made Sky Guardian uncrewed drones is expected in March next year, while talks with Washington on a deal for Paladin self-propelled howitzers is ongoing, the Ministry of National Defense said yesterday. Minister of National Defense Chiu Kuo-cheng (邱國正) made the comments at a meeting of the Legislative Yuan’s Foreign Affairs and National Defense Committee. The ministry had not received LOAs for at least four of the arms deals, Chiang said, adding that delivery could be set back by 10 or more months. Lee Shih-Chiang (李世強), head of the Ministry of National Defense’s Department of Strategic Planning, said that the ministry had been able to estimate when it would receive the Sky Guardian LOA because the legislature had approved the drone budget for next year. The ministry received the LOA for the field information communications systems and would move forward with that deal, Lee added.
Source:Taipei Times
December 22, 2021 23:28 UTC
Lithuania makes debut at Taipei food show
Lithuania makes debut at Taipei food show‘NEW FRIEND’: Taiwanese would be eager to buy products from Lithuania, which has been very friendly and supportive of Taiwan, a trade official saidStaff writer, with CNAThe annual international food show Food Taipei opened yesterday, with the first-ever Lithuanian pavilion drawing a lot of attention. People visit the Lithuanian pavilion on the first day of the Food Taipei trade show at the Taipei Nangang Exhibition Center’s Hall 2 yesterday. It is a very friendly nation that supports Taiwan wholeheartedly and TAITRA reciprocated by inviting some of the Lithuanian pavilion participants,” Huang said. “Taiwanese also like to try new things and they support Lithuania, so for sure they will want to taste the country’s food products,” she added. Food Taipei, which runs until Saturday, is showcasing products from 28 countries and 478 businesses, spread out over 1,120 booths at Taipei Nangang Exhibition Center’s Hall 2.
Source:Taipei Times
December 22, 2021 22:00 UTC
CPC Corp signs a deal to explore oil area in Somaliland
CPC Corp signs a deal to explore oil area in SomalilandBy Lisa Wang / Staff reporterCPC Corp, Taiwan (CPC, 中油) yesterday said it had signed an agreement with Genel Energy PLC to secure 49 percent working interest of the SL10B13 block in Somaliland. OPIC Somaliland Corp (OSC) would explore the oilfield and all of OPIC’s capital investment would come from CPC, the Taiwanese firm said. A Genel Energy PLC employee inspects equipment in a promotional photograph. Genel previously held a 100 percent working interest and would continue as the block’s operator. The SL10B13 area is about 150km from a port at Berbera, offering a route to international markets.
Source:Taipei Times
December 21, 2021 23:29 UTC
Erdogan unveils steps to protect lira
Erdogan unveils steps to protect liraFLUCTUATION GUARDS: The Turkish president said that no citizens would need to switch their deposits to foreign currencies over concern about exchange rate effectsBloombergTurkish President Recep Tayyip Erdogan’s government on Monday announced extraordinary measures to bolster the Turkish lira, including the introduction of a new program to protect savings from fluctuations in the local currency. The government would make up for losses incurred by holders of lira deposits should its declines against hard currencies exceed interest rates promised by banks, Erdogan said after chairing a Cabinet meeting in Ankara. In other steps announced by Erdogan, authorities are to offer non-deliverable forwards to help exporters mitigate foreign-exchange risks emanating from the elevated levels of volatility. Turkey can free itself from a reliance on foreign capital flows by abandoning old policies that prioritized higher interest rates and strong inflows, Erdogan said. Since September, the central bank has cut interest rates in the face of soaring consumer prices.
Source:Taipei Times
December 21, 2021 23:29 UTC
Singaporean charged over investment ploy
Taipei prosecutors said evidence showed that GTIC’s operations contravened Taiwan’s business laws, with illegal profits of more than NT$37.2 million (US$1.34 million) made from Taiwanese investors. A profile of GTIC Gold Refinery Co president Victor Soh is displayed on the company’s Web site yesterday. They were charged with contravening the Securities and Exchange Act (證券交易法) and the Banking Act (銀行法). The illegal schemes were based on the promise of high returns for investing in gold and precious metals. According to the company’s Web site, GTIC is an international conglomerate headquartered in Singapore, with major gold, precious metal and petroleum trading businesses.
Source:Taipei Times
December 21, 2021 02:31 UTC