Bank SinoPac’s net profit rises 25% in third quarter
At an investors’ conference in Taipei, the conglomerate said that Bank SinoPac’s (永豐銀行) net profit increased 25 percent annually in the third quarter to NT$2.85 billion (US$99.1 million). In the first two quarters of this year, the banking unit’s net profit fell 15 percent from a year earlier due to less interest income and investment losses caused by market volatility. Photo: Kelson Wang, Taipei TimesIts net interest income rose 15 percent annually to NT$4.42 billion last quarter, as it focused on loans with higher margins, such as green loans, personal loans and lending to small and medium-sized enterprises (SME). Overall, Bank SinoPac’s cumulative net profit dropped 3.2 percent year-on-year to NT$7.63 billion for the first three quarters, its parent company said. However, SinoPac Financial’s securities arm, SinoPac Securities Co (永豐金證券), saw its net profit jump 72 percent year-on-year to NT$1.01 billion last quarter, as its capital gains and net fee income increased.
Source:Taipei Times
November 18, 2020 15:56 UTC
Fewer firms in need of COVID-19 relief: MOEA
Fewer firms in need of COVID-19 relief: MOEABy Angelica Oung / Staff reporterThe number of manufacturers seeking COVID-19-related government assistance declined sharply in the third quarter thanks to improving exports, Minister of Economic Affairs Wang Mei-Hua (王美花) said yesterday. “We predict that the conference and exhibition industry will continue to be affected by the COVID-19 conditions worldwide,” Wang said. Minister of Economic Affairs Wang Mei-Hua speaks at a meeting of the legislature’s Economics Committee in Taipei yesterday. The ministry has been supporting local businesses affected by the COVID-19 pandemic by subsidizing their wages and operating expenses. Under the terms of the relief package, the ministry would subsidize up to 40 percent of companies’ full-time payroll, with a cap of NT$20,000 per month per employee.
Source:Taipei Times
November 18, 2020 15:56 UTC
TPP urges probe of Executive Yuan
TPP urges probe of Executive YuanFAKE NEWS: Lai Hsiang-ling urged the Control Yuan to probe whether the Executive Yuan hired staffers to create placards or memes in a bid to spread false informationBy Hsieh Chun-lin and Dennis Xie / Staff reporter, with staff writerThe Taiwan People’s Party (TPP) caucus yesterday urged the Control Yuan to investigate whether the Executive Yuan breached administrative neutrality by launching smear campaigns against opposition parties. Members of the Taiwan People’s Party caucus file a case with the Control Yuan yesterday against former Executive Yuan spokesman Ting Yi-ming and his staff, accusing them of breaching administrative neutrality. TPP caucus whip Lai Hsiang-ling (賴香伶) urged the Control Yuan to probe whether the Executive Yuan hired staff to create placards or memes in a bid to spread false information, and whether the office of the Executive Yuan spokesman has been downgraded to a mouthpiece of the government. In response, Executive Yuan Secretary-General Li Meng-yen (李孟諺), who is filling the post vacated by Ting, said that the Executive Yuan has always seen clarifying untrue or misleading information as one of its main responsibilities. In any cases of careless or misleading information, the Executive Yuan would promptly issue corrections and not shy away from apologizing, Li added.
Source:Taipei Times
November 17, 2020 16:07 UTC
Environmental groups demand EPA head resign
Environmental groups demand EPA head resignUNPOPULAR: The agency under Chang Tzi-chin has delayed amendments to air quality standards and reneged on a vow to cut pollution, an activist saidBy Chung Li-hua and Jake Chung / Staff reporter, with staff writerEnvironmental groups yesterday demanded that Environmental Protection Administration (EPA) Minister Chang Tzi-chin (張子敬) step down, saying that the agency’s policies run counter to its mission to protect the environment. Despite the Democratic Progressive Party being in power and holding a legislative majority, it has done nothing to improve the protection of the environment, Taiwan Environmental Protection Union Taitung branch office director Lee Wei-chun (李偉俊) told a news conference at the Legislative Yuan in Taipei. Representatives of the Changhua Environmental Protection Union and other environmental groups hold a news conference at the Legislative Yuan yesterday, demanding that Environmental Protection Administration Minister Chang Tzi-chin resign. Union Changhua County branch executive secretary-general Wu Hui-chun (吳慧君) said that more than 40 environmental groups signed a petition in May calling for Chang to step down, a sign that he is widely unpopular. Yeh suggested that if Su continued to support such an unpopular minister, perhaps the premier should resign instead.
Source:Taipei Times
November 17, 2020 16:07 UTC
KMT launches e-commerce platform
KMT launches e-commerce platformBy Sherry Hsiao / Staff reporterThe Chinese Nationalist Party (KMT) Youth Department yesterday launched a new e-commerce initiative on the party’s Line account. The KMT is the “first political party to set up an e-commerce center” in Taiwan, the party said in a statement. Chinese Nationalist Party (KMT) Chairman Johnny Chiang, center, promotes KMT-themed souvenirs at a news conference in Taipei to launch the party’s e-commerce platform. In addition to clothing and accessories, the Youth Department would design other items for special holidays and events, it said. Every order placed on the platform represents support for the KMT’s ideas and vision, and for young KMT members, he said.
Source:Taipei Times
November 17, 2020 16:07 UTC
F-16 goes missing off the east coast
F-16 goes missing off the east coastMEMORIAL SERVICE: President Tsai spoke at a service at Chihhang Air Base to honor captain Chu Kuan-meng, who died after ejecting from his F-5E on Oct. 29Staff writer, with CNAAn air force F-16 jet went missing off the east coast of Taiwan last night, and search and recovery operations were ongoing as of press time, the Ministry of National Defense said. An air force F-16A jet, number 6672, takes off from Hualien Air Base in Hualien County yesterday afternoon in a photograph taken by an aviation fan. President Tsai Ing-wen speaks at a memorial service for air force captain Chu Kuan-meng at the Chihhang Air Base in Taitung County yesterday. Photo: Huang Ming-tang, Taipei TimesAt the Chihhang base service, Tsai presented a citation to Chu’s widow and thanked the 29-year-old pilot for his dedication and the sacrifices he made to protect the nation. Chu is to be interred at the air force Martyrs’ Shrine in New Taipei City.
Source:Taipei Times
November 17, 2020 16:02 UTC
Quang Viet sees order pickup
Revenue “will start growing again from the second quarter or the third quarter next year,” Quang Viet president Charles Wu (吳朝筆) told investors at a quarterly conference in Taipei. Quang Viet Enterprise Co president Charles Wu poses for a photograph at an investors’ conference in Taipei yesterday. People will be more willing to go out to shop, which is good for Quang Viet’s business, if vaccines become available next year,” Wu said. Overall, Quang Viet’s revenue is expected to expand at a double-digit annual rate next year, but it will not return to pre-pandemic levels until 2022, he said. Principle & Will generates half of its revenue from supplying surgical gowns and surgical sheets, Quang Viet said.
Source:Taipei Times
November 17, 2020 15:56 UTC
Tsai defends RCEP moves, KMT criticizes her ‘failure’
From left, Chinese Nationalist Party (KMT) legislators Wen Yu-hsia, Lai Shyh-bao and Stacey Lee hold a news conference at the Legislative Yuan yesterday. Photo: Chu Pei-hsiung, Taipei TimesMore than 70 percent of the nation’s exports to RCEP nations already face zero customs tax, she said. In a Facebook post, Chiang said that Tsai had pledged that Taiwan would join the agreement under her leadership, but she now says that the RCEP is not important. Tsai’s administration has equated joining the RCEP with identifying with China’s “one country, two systems” principle, Ma said. The DPP is used to blaming China for everything, from deteriorating cross-strait relations to a regional economic partnership, he said.
Source:Taipei Times
November 17, 2020 15:56 UTC
UIS to follow TSMC and establish US subsidiary
By managing costs well, UIS expects its US subsidiary to turn a profit in the first year of operation, company president Benny Chen (陳柏辰) told an investors’ conference in Taipei. UIS is still in talks with TSMC about proceeding with its US fab construction project, Chen said. United Integrated Services Co Ltd president Benny Chen poses for a photograph at the company’s investors’ conference in Taipei yesterday. UIS helps the world’s biggest contract chipmaker build manufacturing facilities, including the chipmaker’s most advanced factories, Fab 14 and Fab 18 in Tainan. Revenue skyrocketed 72 percent to NT$28.81 billion in the January-to-September period from NT$16.74 billion a year earlier.
Source:Taipei Times
November 17, 2020 15:56 UTC
China must not overtake the US
China must not overtake the USBy Huang Tien-lin 黃天麟As expected, the US presidential election had several similarities to Taiwan’s presidential election in 2000. Why would the US presidential election be a historical turning point? Some Taiwanese say that no matter who is elected US president, Washington is unlikely to significantly change its Taiwan policy. The rise of China and the decline of Taiwan also allowed China to move toward the forceful annexation of Taiwan. Today, China has won the support of more than half of the world in the race for global supremacy.
Source:Taipei Times
November 16, 2020 16:06 UTC
Tsai should let DPP vote as they please on US pork
Tsai should let DPP vote as they please on US porkCHRISTMAS PRESENT: With public opinion against the policy, DPP legislators without party constraints might even abolish the executive order, a former physician saidBy Lin Liang-sheng and Kayleigh Madjar / Staff reporter, with staff writerPresident Tsai Ing-wen (蔡英文), as the Democratic Progressive Party (DPP) chairperson, should let party legislators vote as they wish on the issue of importing pork containing ractopamine, the Civil Alliance Against Poisoned Pork said yesterday. Photo: Chien Jung-fong, Taipei TimesChen might not actually support the policy, in which case he should urge the Tsai administration to clean up its own mess, Su added. Chen is bringing ractopamine-laced pork into the nation without considering its effect on domestic pork prices, while insisting that it would not be competitive in the market, alliance spokesman Lee Chien-cheng (李建誠) said. The Tsai administration has changed its position on imports of pork and beef containing ractopamine, now saying it would not have any effect, he said, adding that it might even allow ractopamine to be used domestically. Small and medium-sized swine farms are being forced out of the market, selling pork nearly at cost, yet Chen still only cares about beef noodle soup and steak vendors, Lee added.
Source:Taipei Times
November 16, 2020 15:56 UTC
Ministries urged to boost suicide-prevention help
Ministries urged to boost suicide-prevention helpBy Rachel Lin and William Hetherington / Staff reporter, with staff writerSuicide prevention and the need for more funding and resources for suicide prevention were the focus of discussion yesterday by Democratic Progressive Party (DPP) lawmakers on two Legislative Yuan committees. Public universities should get more money to help tackle the growing problem of student suicides and suicide attempts, two DPP lawmakers on the Education and Culture Committee said. There have been 76 suicide attempts so far this year and 59 last year,” Pan said. The Ministry of Health and Welfare’s suicide-prevention hotline was discussed at the Social Welfare and Environmental Hygiene Committee’s meeting. There are not enough volunteers to staff the hotline, and the health ministry should look into the problem, Su said.
Source:Taipei Times
November 16, 2020 15:56 UTC
Yulon shares rise on news of subsidiary’s bankruptcy
Yulon has been restructuring its Chinese auto business and distribution channels over the past year as it struggles to boost Luxgen sales in China. Dong Feng Yulon Sales, which is 50 percent owned by Yulon, distributes Luxgen vehicles in China, while Dongfeng Yulon Motor Co (東風裕隆汽車), a 50-50 venture between Yulon and Chinese automaker Dongfeng Automobile Co (東風汽車), makes Luxgen vehicles. Yulon, based in Miaoli County’s Sanyi Township (三義), has been in discussions with its Chinese partner about a restructuring of Dongfeng Yulon Motor to stem losses, Yulon told investors in August. “The court has approved that Dong Feng Yulon Sales Co should enter an insolvency procedure, given its financial situation,” Yulon spokesman Steven Lo (羅文邑) told a media briefing at the Taiwan Stock Exchange on Friday. Yulon shares jumped to NT$37.7 yesterday, with turnover surging to 10.62 million shares, three times the average trading volume of 3.1 million shares in the first 10 trading days of this month.
Source:Taipei Times
November 16, 2020 15:56 UTC
TAIEX closes at new high despite unease over RCEP
TAIEX closes at new high despite unease over RCEPTAKING A PROFIT: With November futures contracts scheduled to be settled tomorrow, foreign investors scrambled to buy in the spot market, an analyst saidBy Kao Shih-ching / Staff reporterThe TAIEX yesterday rose 2.1 percent to close at 13,551.83, a record high, despite Taiwan not being included in a regional trade deal signed by 15 Asia-Pacific nations on Sunday. Turnover was NT$234.691 billion (US$8.15 billion), slightly up from last week’s average of NT$225 billion, while foreign institutional investors bought a net NT$22.87 billion of shares, the data showed. Photo: CNAOther Asian markets also advanced after the 15 nations signed the world’s largest regional free-trade agreement, the Regional Comprehensive Economic Partnership (RCEP). Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the most heavily weighted stock in the TAIEX, rose 4.76 percent to close at a new high of NT$484 and a record capitalization of NT$12.55 trillion. “Thanks to TSMC, the TAIEX steamed ahead today,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang (黃國偉) said.
Source:Taipei Times
November 16, 2020 15:56 UTC
RCEP exclusion to have little effect
RCEP exclusion to have little effectBy Crystal Hsu / Staff reporterTaiwan’s exclusion from the Regional Comprehensive Economic Partnership (RCEP) would have little effect on local exporters, because most firms already have a presence in Southeast Asia to take advantage of the favorable tariff terms there, government officials said yesterday. Fifteen Asia-Pacific nations on Sunday signed the free-trade deal to form a trade bloc that accounts for nearly 30 percent of global GDP. Minister of Finance Su Jain-rong (蘇建榮) told a meeting of the legislature’s Finance Committee that tariffs are already exempted on about 70 percent of Taiwanese shipments to RCEP markets. Minister of Finance Su Jain-rong speaks at a meeting of the legislature’s Finance Committee in Taipei yesterday. RCEP members have negotiated trade terms for the past eight years during which time major Taiwanese companies have made inroads in ASEAN markets, giving them access to free trade, Su said.
Source:Taipei Times
November 16, 2020 15:56 UTC